The research analysts forecast the global currency exchange software market to grow at a CAGR of 12.63% during the period 2017-2021.
Currency exchange software is a solution used to exchange currencies and sell and buy e-currencies. It manages every step from sign up to automatic pay-out. The software facilitates the purchase and sale of foreign currency. The software has highly-customizable features and compliance functionality. It features a user-friendly interface that helps simplify transactions, reduce user errors, and minimize risks associated with foreign exchange. The software is implemented by banks and other financial institutions, money-service businesses, hotels, resorts, tourist attractions, and travel agencies.
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Technavio recognizes the following companies as the key players in the global currency exchange software market: Calyx Solutions, Clear View Systems, Digital Currency Systems, MoneyExchangeSoft, and Yodatech.
Other Prominent Vendors in the market are: Barracuda FX, biz4X, CGI Design, Cymonz, FinCode, MEDOC COMPUTERS, Mighty Systems, VINIT SOLUTIONS, and Wallsoft.
The latest trend gaining momentum in the market is Rise in demand for integrated currency exchange software. Vendors in the market are offering integrated and converged software suites. End-users prefer integrated software suites as implementation of different software may lead to integration issues. End-users opt integrated products and software suites from the same vendor because they have better integration ability and support other functions. The rise in network complexity and IT infrastructure has made integration an important buying criterion for end-users.
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According to the report, one of the major drivers for this market is Pricing strategies of vendors. Software vendors are adopting customer-centric pricing strategies, enabled by advances in technology, to thrive in a competitive market environment. Several vendors in the currency exchange software market are focusing on providing value-based pricing models depending on the need of the customer and value perception. The pricing of the software is based on differentiating features of the software solution and the value-added features provided to the customers.
Further, the report states that one of the major factors hindering the growth of this market is High implementation and maintenance cost. The high cost of deploying the on-premises currency exchange software is one of the major challenges in the market for small financial institutions, money service businesses, and travel agencies. The cost of software licensing, system design and customization, implementation, training, and maintenance is considered while determining the price of currency exchange software.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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