By 2032, sales of currency exchange bureau software are projected to reach US$ 1.2 billion, growing at a compound annual growth rate of 6.4%. More government support is anticipated to be provided in the upcoming years to encourage market development. In 2022, the industry is projected to generate US$ 654.4 million.
The industry is growing because to the availability of several internet-based platforms that facilitate currency conversion across countries and guarantee the delivery of goods and services in a centralised, safe environment. The availability of currency and outright forward options, along with other technological developments, present a positive picture for the expansion of the currency exchange bureau industry.
As per the analysis, the software segment is anticipated to hold remunerative opportunities for the global currency exchange bureau software market. Various developing countries are making significant developments in their budgets, thereby, offering lucrative opportunities to players in the market.
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Key Takeaways:
- By component, the software segment is expected to record a 6.5% CAGR by 2032
- By enterprise size, the large enterprise segment to expand at a 6.6% growth rate during the forecast period
- The U.S market to garner US$ 432.6 Million and record a 6.1% CAGR from 2022-2032
- Market in China to procure US$ 86.8Million, expanding at a 5.7% growth rate during the assessment period
“Increasing use of currency exchange bureau software by various industry verticals such as travel agencies, BFSI, healthcare, resorts, hotels, and retail is expected to fuel the demand of currency exchange bureau software market over the forecast period” says an analyst at Future Market Insights
Competitive Landscape
Eminent players of the global currency exchange bureau software market include Currenex, OANDA, Currency Exchange International, Merkeleon, and Biz4x among others. Recent key developments among players include:
- In November 2021-OANDA partners with CONVRS to enhance the account opening process and better engage with clients. The partnership will allow prospective traders in the emerging markets to open a demo account directly from a wide range of messaging apps, making the process simpler than ever. The new integration also enables OANDA to converse with prospects and clients through Facebook Messenger, WhatsApp, LINE, Telegram, and SMS in 53 languages.
- In November 2021 – State Street Corporation announced its GlobalLink Division that will combine its Currenex and TradeNeXus into a single platform called GlobalLink FX. Bringing the three businesses together will result in significant benefits for clients including FXConnect Market Monitor, an improved price discovery tool for FXConnect buy-side clients. This enhancement will utilize Currenex streaming price feeds and market data in order to provide clients with a curated view of their liquidity providers, driving better decision-making and execution outcomes.
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More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global currency exchange bureau software market presenting a historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of component (Software, Services) by enterprise size (Small and Medium Enterprise (SMEs), Large enterprises) by Application (Personal, business), and Region (North America, Europe, APAC, Middle East & Africa, and Latin America)
Key Segments Covered in the Currency Exchange Bureau Software Industry Survey
Currency Exchange Bureau Software Market by Component:
- Currency Exchange Bureau Software
- On-Premises
- Cloud
- Currency Exchange Bureau Services
- Managed Services
- Professional Services
Currency Exchange Bureau Software Market by Enterprise Size:
- Currency Exchange Bureau Software for Small and Medium Enterprise (SMEs)
- Currency Exchange Bureau Software for Large Enterprises
Currency Exchange Bureau Software Market by Application:
- Currency Exchange Bureau Software for Personal Applications
- Currency Exchange Bureau Software for Business Applications
Currency Exchange Bureau Software Market by Region:
- North America Currency Exchange Bureau Software Market
- Europe Currency Exchange Bureau Software Market
- APAC Currency Exchange Bureau Software Market
- The Middle East & Africa Currency Exchange Bureau Software Market
- Latin America Currency Exchange Bureau Software Market
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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