Global Foreign Exchange Market Report 2023: Market Size, Key Segments And Regions

The Foreign Exchange Global Market Report 2023 by The Business Research Company, provides foreign exchange market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Foreign Exchange Global Market Report 2023, the market size is expected to grow from$715.09 billion in 2022 to $763.17 billion in 2023 at a compound annual growth rate (CAGR) of 6.41%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global foreign exchange market size is expected to reach $972.12 billion in 2027 at a CAGR of 6.54%.

The surge in international transactions is significantly contributing to the growth of the foreign exchange market going forward. International transactions refer to transactions involving two or more related businesses in which at least one party is a non-resident. Increased global trade and international transactions increase the size and activity of the foreign exchange market.

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The foreign exchange market is segmented:

1) By Counterparty: Reporting Dealers, Other Financial Institutions, Non-Financial Customers

2) By Trade Finance Instruments: Currency Swaps, FX Options

3) By End User: Individuals, Retailers, Corporate Institutes, Government, Other End Users

Product innovation is the key trend gaining popularity in the foreign exchange market. Major companies operating in the foreign exchange market are focusing on launching new innovative foreign exchange platforms. For instance, in April 2020, Innovecture LLC, a US-based technology services and products company, launched TradeVision 2020. TradeVision 2020 is a forex trading system for retail traders. This innovative method is made to give regular traders real-time trading indications that are secure, easy to comprehend, and will help them optimize their profits in the forex market. Traders can trade currency pairs from any location in the world by utilizing the successful and tested trading algorithms offered by the system’s numerous tools. TradeVision 2020 offers sophisticated trading tools built on our own algorithms that are often only accessible to institutional traders.

The foreign exchange market report table of contents includes: