Global Foreign Exchange Market to Reach US$ 1,466 Billion by 2032, Bolstered by Growing International Trading Activities

March 19, 2020 | BFSI

As per the latest report by IMARC Group, titled “Foreign Exchange Market Report by Counterparty (Reporting Dealers, Other Financial Institutions, Non-financial Customers), Type (Currency Swap, Outright Forward and FX Swaps, FX Options), and Region 2024-2032,” the global foreign exchange market reached a value of US$ 805 Billion in 2023. Foreign exchange (forex) refers to the systematic process of converting the currency of a nation into another. It also supports the exchange of various goods and services between multiple countries by utilizing credit instruments such as bills of foreign currency, bank drafts and telephonic transfers. The forex market consists of an electronic network of banks, brokers, institutions and individual traders. Over the years, the foreign exchange market has gained prominence as it facilitates the flow of money derived from international trade.

Global Foreign Exchange Market Trends:

The global foreign exchange market is primarily driven by the confluence of various factors, including rapid urbanization, changing lifestyle patterns and inflating income levels of individuals. Additionally, a significant rise in global tourism has positively influenced the demand for foreign exchange. This is further supported by the numerous benefits of forex, including high liquidity and transactional transparency, minimal trading costs, 24x7 trading opportunities, and vast trading volume. The forex market also attracts international traders by offering various lucrative opportunities and early profits. Moreover, rapid digitization and technological advancements are expected to contribute to market growth. For instance, the advent of multiple internet-based platforms offers convenience during currency exchanges and ensures the delivery of goods and services in a secure and centralized setting. Furthermore, several companies are investing in developing the overall infrastructure to provide improved security solutions for trading, thereby providing traction to the market growth. Looking forward, the market value is anticipated to reach US$ 1,466 Billion by 2032, expanding at a CAGR of 6.92% during 2024-2032.

Market Summary:

  • On the basis of the counterparty, the market has been divided into reporting dealers, other financial institutions and non-financial customers. Amongst these, reporting dealers account for the majority of the overall market share.
  • Based on the type, the market has been categorized into currency swap, outright forward and FX swaps, and FX options. At present, currency swap hold the leading market share.
  • On the geographical front, North America (the United States and Canada) exhibits a clear dominance in the market. Other major regions include Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
  • The competitive landscape of the market has been examined, with some of the key players being Barclays, BNP Paribas, Citibank, Deutsche Bank, Goldman Sachs, HSBC Holdings plc, JPMorgan Chase & Co., The Royal Bank of Scotland, UBS AG, Standard Chartered PLC, State Street Corporation, and XTX Markets Limited.

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Global Foreign Exchange Market to Reach US$ 1,466 Billion by 2032, Bolstered by Growing International Trading Activities
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