Market Trends of Currency Exchange Software Industry
This section covers the major market trends shaping the Currency Exchange Software Market according to our research experts:
Cloud Segment is Expected to Hold the Major Share
- Cloud-based systems are cost-effective, as they can use the software on a pay-per-use basis. Enterprises have various benefits as the cloud-based software offers advantages, including low maintenance costs, the limited requirement for hardware infrastructure, more accessible and faster implementation of IT solutions, and less dependency on in-house IT personnel with no licensing fees.
- In addition, the technology can be deployed for financial institutions on a cloud infrastructure where the services are accessible online or on mobile and are available through APIs that can be integrated into the existing system. Such instances are expected to drive the market over the forecast period.
- Moreover, enterprises can access data and services through web-based platforms, such as web browsing. The short implementation time also reduces the cost of implementation, thereby improving the return on investment (ROI). Various companies in the market, such as 4xLabs Pte. Ltd focus on software design, architecture and testing, automation of processes with continuous integration, and a deployment system by leveraging the cloud.
- In addition, the growth in cloud traffic across the world is positively impacting the currency exchange software market vendors to offer cloud-based currency exchange software. For instance, according to the data from Cisco Systems, the cloud traffic in North America is expected to reach 6,844 Exabytes per year.
- Market vendors in the region are capitalizing on this opportunity, such as Clear View Systems Ltd., which offers cloud deployment of its currency exchange software to various industries. The company's CXR Cloud Edition is built to scale up or down on demand whether the end-user needs one workstation or has hundreds of users working in multiple branches nationwide or internationally.
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North America is Expected to Hold Major Share
- The region houses many enterprises among small money transfer firms, travel agencies, and forex fixing companies. Also, influence by the adequate and upgraded IT infrastructure availability and dispersion for foreign exchange organizations and money transfer firms is likely to boost the market for the development of currency exchange software in the region.
- Many governments, private financial institutions, credit unions, travel agencies, and corporate businesses in the region are largely adopting currency exchange software, which is expected to drive the demand for currency exchange software in the region.
- In addition, the increasing operations of US-based companies in various foreign countries are driving the demand for currency exchange software to enable them to buy and manage foreign currencies to support their international operations. Such factors further propel the market's growth in the region over the forecast period.
- Market vendors in the region are continuously upgrading and launching new features in their software, which is expected to boost the demand for currency exchange software in various end-user industries. In addition, growing cloud computing among different organizations and growth in forex trading will drive the market over the forecast period.
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