Currency Exchange Bureau Software Market 2019
Currency Exchange Bureau software can be customized according to the type of transactions. Its robust functionality helps make transactions easier and more efficient by reducing the risks and errors involved in exchanging or trading foreign currencies. For this reason alone, various reputable banks, financial institutions, money lending or money service businesses, hotels, resorts, tourist attractions as well as information centers and travel agencies use the software to conduct and monitor transactions. Currency Exchange Bureaus are those who help in the trading of different currencies and selling travelers’ cheques.
Since 2018, foreign exchange trading volumes have increased sharply, which has led to the markets becoming less volatile. Investors are eying a steep fall in dollar rates and are thus uncertain about low-priced money, which has, in turn, led to such volatility in the global currency exchange markets. Due to such volatility, end-users of the software, who are mostly investors, are increasingly turning towards integrated and centralized solutions that can be implemented with the help of state-of-the-art software technologies.
Moreover, the rise of electronic trading platforms has resulted in sharp increases in fixed income trading volumes. And due to such high trading volumes, the global currency exchange markets are gradually gaining traction. Such trends present a host of opportunities for giants in the sector to record remarkable growth in the coming years. Also, foreign currencies are traded in the note, coin, and traveler’s cheque form, and all three are bound to grow tremendously during the forecast period.
The global currency exchange bureau software market is segmented into two different categories. The first of which is based on the type of software, and the second, on their application. Based on the kind of software, the global currency exchange bureau software markets are classified as cloud-based solutions and web-based solutions.
Similarly, such software finds applications in small and medium as well as large enterprises. The demand for cloud-based solutions will only increase during the forecast period due to their cost-effectiveness. Cloud-based software solutions can be implemented on a pay-per-use basis, which is one of the significant advantages for enterprises that rely heavily on them for their daily transactions.
Furthermore, this software is readily accessible through platforms like web browsers, which reduces the implementation time. Thus, cloud-based solutions of such software are easy to implement and maintain, cost less, use minimum resources, and have little or no licensing charges.
North America has always been dominant in the global currency exchange bureau software markets, and this trend will continue into the forecast period. The region has a relatively large number of small money transfer enterprises, travel agencies as well as forex fixing companies, which have contributed immensely to the growth of the sector in the region. Besides North America, Europe, the Asia Pacific, the Middle East as well as South America also have a reasonably large share of the markets.
Among these regions, the Asia Pacific has much scope for growth in the sector due to innovations in cloud computing.
Latest Industry News
There have been many developments in recent times in the global currency exchange bureau software markets, which have contributed to their immense growth. For example, in April 2019, Broadway Technology announced the acquisition of Barracuda FX, a key player in the forex management technology sector. The purchase has helped the company to expand its product lines and automate workflows.
On the same lines, in May 2018, 4x labs launched the world’s first online platform for trading banknotes. The platform has helped replace the traditional telephonic trading system with an electronic multi-party request-for-quote (RFQ) system, which streamlines existing processes by eliminating the inefficient ones, thus, providing greater transparency.
Table of Contents –Analysis of Key Points
1 Currency Exchange Bureau Software Market Overview
2 Manufacturers Profiles
3 Global Currency Exchange Bureau Software Market Competition, by Players
4 Global Currency Exchange Bureau Software Market Size by Regions
5 North America Currency Exchange Bureau Software Revenue by Countries
6 Europe Currency Exchange Bureau Software Revenue by Countries
7 Asia-Pacific Currency Exchange Bureau Software Revenue by Countries
8 South America Currency Exchange Bureau Software Revenue by Countries
9 Middle East and Africa Revenue Currency Exchange Bureau Software by Countries
10 Global Currency Exchange Bureau Software Market Segment by Type
11 Global Currency Exchange Bureau Software Market Segment by Application
12 Global Currency Exchange Bureau Software Market Size Forecast (2019-2024)
13 Research Findings and Conclusion
List of Tables and Figures
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