PORTLAND, OR, Aug. 03, 2022 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global Forex Cards Market brought in US$260.34 billion in 2021 and is projected to generate US$1,196.52 billion by 2031, growing at a CAGR of 16.6% from 2022 to 2031. The report offers a comprehensive analysis of changing market dynamics, key segments, value chain, competitive scenario and regional landscape. This research provides valuable guidance to leading players, investors, shareholders and startups in developing strategies for sustainable growth and competitive advantage in the market.
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Report coverage and details:
|Market size in 2021||$260.34 billion|
|Market size in 2031||$1,196.52 billion|
|Number of pages in the report||260|
|segments covered||Type, Industry, End User, and Region.|
|driver||boom in tourism|
|Increase in user acceptance of Forex cards|
|occasions||Increasing demand for cash alternatives among users traveling to other countries|
|limitations||Forex Cards Calculate ATM withdrawal fees while withdrawing money from any ATM abroad|
- The outbreak of the COVID-19 pandemic negatively impacted the growth of the global forex card market due to the implementation of a global lockdown that resulted in travel restrictions.
- The tourism industry was hit hard as people stopped traveling to other countries. This factor reduced the demand for forex prepaid cards, which in turn had a negative impact on the market growth.
- In addition, foreign trade experienced a decline, leading to a decrease in the number of travelers going to other countries for business. Therefore, the demand for forex cards dropped drastically.
- Nonetheless, the post-pandemic tourism industry is witnessing a surge that is expected to have a positive impact on the global forex cards market.
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The study provides detailed segmentation of the global foreign exchange cards market by type, industry, end-user and region. The report details segments and their sub-segments using tables and figures. Market participants and investors can strategize according to the top revenue and fastest growing segments mentioned in the report.
Based on type, the multi-currency forex chart segment held the highest share in 2021, accounting for nearly three quarters of the global forex card market and is expected to continue its leadership during the forecast period. However, the single currency forex charts segment is expected to register the highest CAGR of 20.5% from 2022 to 2031.
Based on industry vertical, the hospitality segment accounted for the highest share in 2021, contributing nearly two-fifths of the global forex cards market and is expected to retain its revenue leadership during the forecast period. However, the consumer staples segment is expected to show the highest CAGR of 18.1% from 2022 to 2031.
Based on end-users, the business segment accounted for the highest share in 2021, holding nearly three quarters of the global market and is expected to continue its leadership position during the forecast period. However, the individuals segment is estimated to grow at the highest CAGR of 18.6% during the forecast period.
Based on region, North America held the largest share in 2021, contributing nearly two-fifths to the total market share. Additionally, the Asia-Pacific region is expected to register the fastest CAGR of 19.5% over the forecast period. The research also analyzes regions such as Europe and LAMEA.
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The leading market players in the global forex card market analyzed in the study include Thomascook.in, Bank of America Corporation, Charles Schwab & Co., Inc., Citigroup Inc., Credit Suisse Group AG, Finnew Solutions Pvt. Ltd., JPMorganChase & Co., Morgan Stanley, Royal Bank of Canada and UBS. The report provides a detailed analysis of these major market players.
These players have applied different strategies like new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and hold dominant shares in different regions. The report is valuable for highlighting business performance, operating segments, product portfolio, and strategic moves made by market players to depict the competitive scenario.
Main benefits for stakeholders
- This report provides a quantitative analysis of the Forex Cards market segments, recent trends, estimates and market share dynamics from 2021 to 2031 to identify the prevailing Forex Cards market opportunities.
- The market research is offered along with information on key drivers, restraints and opportunities.
- An in-depth analysis of the Forex Cards market industry helps determine the prevailing opportunities in the market.
- The key countries in each region are charted according to their revenue contribution to the global Forex Cards market forecast.
- The report includes the analysis of regional and global Forex Cards Market trends, key players, market segments, application areas, and market growth strategies.
Important market segments
- Multi-currency forex card
- Single Currency Forex Card
- industry vertical
- consumer goods
- end user
- By region
- North America
- United Kingdom
- rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- middle East
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“We have also published some syndicated market studies in similar areas that may be of interest to you. Below is the title of the report for reference considering the impact of Covid-19 on this market, which will help you assess the aftermath of the pandemic on the short- and long-term growth trends of this market.”
Allied Market Research (AMR) is a full-service market research and business consulting arm of Allied Analytics LLP, based in Portland, Oregon. Allied Market Research provides global, medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR strives to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market space.
We are in professional business relationships with various companies and this helps us to unearth market data which help us create accurate research data tables and confirm the highest accuracy of our market forecasts. Pawan Kumar, CEO of Allied Market Research, is instrumental in inspiring and encouraging everyone associated with the company to maintain high data quality and help clients succeed in any way possible. All data presented in the reports we publish are extracted through primary interviews with top officials from leading companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable professionals and analysts in the industry.
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