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Foreign Exchange Market to Grow by USD 582 Billion (2025-2029), Driven by Urbanization and Digitalization, Report Highlights AI-Powered Market Evolution – Technavio

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NEW YORK, Jan. 21, 2025 /PRNewswire/ — Report on how AI is driving market transformation – The global foreign exchange market size is estimated to grow by USD 582 billion from 2025-2029, according to Technavio. The market is estimated to grow at a CAGR of 10.6% during the forecast period. Growing urbanization and digitalization is driving market growth, with a trend towards 24×7 trading opportunities for foreign exchange. However, uncertainty of future exchange rates poses a challenge. Key market players include Bank of America Corp., Barclays PLC, BNP Paribas SA, Citigroup Inc., Commonwealth Bank of Australia, DBS Bank Ltd, Deutsche Bank AG, HSBC Holdings Plc, JPMorgan Chase and Co., London Stock Exchange Group plc, NatWest Group plc, Societe Generale SA, Standard Chartered PLC, State Street Corp., The Bank of Nova Scotia, The Goldman Sachs Group Inc., UBS Group AG, and XTX Markets Ltd..

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Foreign Exchange Market Scope

Report Coverage

Details

Base year

2024

Historic period

2019 – 2023

Forecast period

2025-2029

Growth momentum & CAGR

Accelerate at a CAGR of 10.6%

Market growth 2025-2029

USD 582 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

9.3

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

Europe at 47%

Key countries

US, UK, Canada, China, Germany, Switzerland, Japan, India, Brazil, and UAE

Key companies profiled

Bank of America Corp., Barclays PLC, BNP Paribas SA, Citigroup Inc., Commonwealth Bank of Australia, DBS Bank Ltd, Deutsche Bank AG, HSBC Holdings Plc, JPMorgan Chase and Co., London Stock Exchange Group plc, NatWest Group plc, Societe Generale SA, Standard Chartered PLC, State Street Corp., The Bank of Nova Scotia, The Goldman Sachs Group Inc., UBS Group AG, and XTX Markets Ltd.

Market Driver

The Foreign Exchange Market, also known as Forex, is a global market where currencies are bought and sold. It plays a crucial role in the Foreign Securities Market, connecting Financial Institutions with Non-Financial Customers, including Individuals, Retailers, Corporate Institutes, and Multinational Corporations. This market facilitates International Trade by managing currency risks due to Interest Rate Differentials, Monetary Interventions, Speculation, Investment Flows, Balance of Payments, Economic Indicators, Political Developments, and Risk Appetite. Currency Swaps, hedging strategies, and access to Forex services like Currency Exchange, Remittance, and Trading Platforms, have become essential for Corporates, Hedge Funds, Wealth Managers, and other players. Modern technology and the Globalization of businesses have made Forex trading more efficient, with 24-hour operation, Major Currency Pairs, Online Trading Platforms, and Strategic Corporate Activities. Economic events, Financial Crises, Inflationary Pressures, Terrorism Threats, and Geopolitical Risks influence Forex markets, making it a dynamic and complex environment for Individual Investors, Small Businesses, and Major Players alike. 

The foreign exchange market operates continuously, providing traders the flexibility to transact around the clock. This is due to various international time zones and the digital nature of trades conducted through a global network of computers. The New York market closing does not halt foreign exchange trading as other markets remain open. When referring to the USD closing rate, it represents the exchange rate at the New York market’s closing time. Despite New York’s market closure, foreign exchange trading persists worldwide. 

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Market Challenges

The Foreign Exchange Market, also known as Forex, is a global market where Currencies are bought and sold. It plays a crucial role in the Foreign Securities Market, connecting Financial Institutions, Corporate Institutes, and Non-Financial Customers for International Transactions. Challenges include interest rate differentials, monetary interventions, speculation, investment flows, balance of payments, economic indicators, political developments, risk appetite, inflationary pressures, and geopolitical risks. Retail Forex Trading, Currency Swaps, and Remittance Services cater to Individuals, Retailers, and Small Businesses. Modern technology, including Trading Platforms and Electronic Networks, ensures efficiency and accessibility. Monetary policies, regulations, and central banks influence Forex rates, while economic events, financial crises, and strategic corporate activities impact trading volume. Currency Exchange Services, Hedging Strategies, and Advisory Services help manage risk for Corporates, Hedge Funds, Wealth Managers, and Major Currency Pairs. Online Trading Platforms facilitate 24-hour operations for Individual Investors, Global Commerce, International Travel, and Online Shopping.When engaging in foreign trade, the exchange rate risk is an inherent uncertainty. The value of currencies can change between the time a deal is finalized and the payment is received. For instance, if a buyer agrees to pay USD525,935 for a shipment in Euros, which are currently worth USD0.85 each, the seller expects to receive €611,111 in payment. However, if the Euro depreciates to USD0.84, the seller will only receive €605,278, resulting in a USD5,833 loss. Proper hedging strategies can help mitigate this risk.

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Segment Overview

This foreign exchange market report extensively covers market segmentation by

Type 1.1 Reporting dealers1.2 Financial institutions1.3 Non-financial customersTrade Finance Instruments 2.1 Currency swaps2.2 Outright forward and FX swaps2.3 FX optionsGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Reporting dealers- The global foreign exchange market involves financial institutions, known as reporting dealers, who hold risky inventory positions during the maturity period. These dealers provide inter-day liquidity, buying and selling currencies at their posted bids and offering quotes throughout the trading day. They hold foreign exchange stocks and are active in local and global markets, participating in the interdealer market or dealing directly with corporations and financial institutions. Liquidity providers absorb imbalances in the market, earning high returns as compensation. Reporting dealers use private customer information to generate higher-than-expected returns through trading strategies. Despite competition among liquidity providers, the overall price of liquidity is expected to remain stable during the forecast period. Accurate information about future currency exchange rate movements, obtained through tracking order flow, helps buyers make informed decisions. Reporting dealers with comparative advantages from private consumer contacts minimize liquidity risks and drive market growth.

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Research Analysis

The Foreign Exchange Market, also known as Forex or FX, is a global financial market where currencies are traded. It is the largest and most liquid market in the world, with an average daily trading volume exceeding USD6 trillion. Financial institutions, including banks, play a significant role in this market, acting as intermediaries between buyers and sellers. Non-financial customers, such as individuals, retailers, and corporate institutions, also participate in Forex trading to hedge against currency risk or speculate on currency price movements. Currency swaps, where two parties exchange principal in one currency and agree to reverse the transaction at a later date, are common in Forex. Interest rate differentials between currencies, international trade, investment flows, balance of payments, economic indicators, political developments, and speculation are some of the factors influencing currency prices. The IoT insurance market is also starting to use Forex to manage currency risk. Forex involves buying and selling currencies in the interbank network. Currencies, foreign exchange rates, trading volume, and banks are all integral parts of this dynamic market.

Market Research Overview

The Foreign Exchange Market, also known as Forex or FX, is a global financial market where currencies are bought, sold, and exchanged. It functions as a network of financial institutions and deals in the buying, selling, and exchange of currencies for various reasons, including facilitating international trade, investment flows, and tourism. Participants in this market include financial institutions, non-financial customers such as individuals, retailers, and corporate institutes, and non-bank entities like hedge funds and wealth managers. Currency swaps, interest rate differentials, monetary interventions, speculation, economic indicators, political developments, risk appetite, inflationary pressures, and geopolitical risks are some of the factors that influence the foreign exchange market. Modern technology and electronic platforms have made trading more efficient, enabling 24-hour operations and accessible platforms for individual investors, small businesses, and multinational corporations. Major currency pairs like EUR/USD, USD/JPY, and GBP/USD are commonly traded, with online trading platforms offering convenience and accessibility to global commerce, personal finance, and international travel. Monetary policies, regulations, and central banks play a crucial role in managing the foreign exchange market, with inflation, interest rates, GDP growth, investor confidence, and liquidity being essential economic indicators. Strategic corporate activities and hedging strategies are also significant factors in the market, with the interbank network and international transactions facilitating the smooth flow of currencies. Terrorism threats and other geopolitical risks can also impact exchange rates, making the foreign exchange market a dynamic and complex arena for financial activity.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TypeReporting DealersFinancial InstitutionsNon-financial CustomersTrade Finance InstrumentsCurrency SwapsOutright Forward And FX SwapsFX OptionsGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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ST Engineering iDirect and MBSat Partner to Build Next-Generation Sovereign Connectivity Services Across Oman and the Middle East

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2 hours ago

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October 25, 2026

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Intuition ground system selected to support MBSat’s planned 2027 service launch, enabling accelerated deployment, dynamic resource management and scalable service growth

HERNDON, Va., Oct. 25, 2026 /PRNewswire/ — ST Engineering iDirect today announced a strategic partnership with Mohammed Al Barwani Satellite Company (MBSat), part of Mohammed Al Barwani Group, to provide the ground system technology foundation for MBSat’s next-generation satellite gateway and network operations across Oman and the wider Middle East region. Intuition will provide a flexible, software-defined foundation to support sovereign connectivity services, enabling efficient service deployment, dynamic resource management and scalable network operations.

Intuition will deliver a turnkey ground segment solution that accelerates deployment, simplifies operations and gives MBSat the flexibility to scale services as demand grows. The software-defined platform enables dynamic resource management, service automation and seamless integration with existing and future operational systems. The solution also includes Ka-band gateway infrastructure, service provisioning and management capabilities, open API integration frameworks, training and full-lifecycle support. Together, these capabilities will help MBSat launch and operate services efficiently while adapting to evolving market requirements.

The network will leverage capacity from MB Sat-1, a sovereign MicroGEO satellite, with planned service launch in 2027, to support flexible, scalable connectivity services across the region.

The partnership reflects growing investment in sovereign communications infrastructure across the Middle East as operators seek greater control over service delivery, network expansion and long-term technology evolution.

“This partnership represents an important milestone in our efforts to build an advanced satellite communications platform in Oman and the region,” said Ammar Al Rawahi, General Manager, MBSat. “Through our collaboration with ST Engineering iDirect, we are establishing the technical infrastructure required to launch services efficiently, respond to evolving customer needs and expand into new markets, supporting the sustainable long-term growth of our business.”

“We are providing MBSat with a flexible, software-defined ground platform that integrates with its existing operational environment,” said Sridhar Kuppanna, Chief Executive Officer, ST Engineering iDirect. “This enables more efficient service deployment and operations today, with the flexibility to scale, introduce new capabilities and evolve as requirements change.”

About ST Engineering iDirect

ST Engineering iDirect, a subsidiary of ST Engineering, is a global leader in satellite communications, providing technology and solutions that enable its customers to expand their business, differentiate their services and optimize their networks. Through its portfolio of ground infrastructure, intelligent networking and advanced satellite communications solutions, the company supports operators, service providers, governments and enterprises worldwide.

View original content to download multimedia:https://www.prnewswire.com/news-releases/st-engineering-idirect-and-mbsat-partner-to-build-next-generation-sovereign-connectivity-services-across-oman-and-the-middle-east-302918467.html

SOURCE ST Engineering iDirect

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ST Engineering iDirect and MBSat Partner to Build Next-Generation Sovereign Connectivity Services Across Oman and the Middle East

Published

2 hours ago

on

October 25, 2026

By

Intuition ground system selected to support MBSat’s planned 2027 service launch, enabling accelerated deployment, dynamic resource management and scalable service growth

HERNDON, Va., Oct. 25, 2026 /PRNewswire/ — ST Engineering iDirect today announced a strategic partnership with Mohammed Al Barwani Satellite Company (MBSat), part of Mohammed Al Barwani Group, to provide the ground system technology foundation for MBSat’s next-generation satellite gateway and network operations across Oman and the wider Middle East region. Intuition will provide a flexible, software-defined foundation to support sovereign connectivity services, enabling efficient service deployment, dynamic resource management and scalable network operations.

Intuition will deliver a turnkey ground segment solution that accelerates deployment, simplifies operations and gives MBSat the flexibility to scale services as demand grows. The software-defined platform enables dynamic resource management, service automation and seamless integration with existing and future operational systems. The solution also includes Ka-band gateway infrastructure, service provisioning and management capabilities, open API integration frameworks, training and full-lifecycle support. Together, these capabilities will help MBSat launch and operate services efficiently while adapting to evolving market requirements.

The network will leverage capacity from MB Sat-1, a sovereign MicroGEO satellite, with planned service launch in 2027, to support flexible, scalable connectivity services across the region.

The partnership reflects growing investment in sovereign communications infrastructure across the Middle East as operators seek greater control over service delivery, network expansion and long-term technology evolution.

“This partnership represents an important milestone in our efforts to build an advanced satellite communications platform in Oman and the region,” said Ammar Al Rawahi, General Manager, MBSat. “Through our collaboration with ST Engineering iDirect, we are establishing the technical infrastructure required to launch services efficiently, respond to evolving customer needs and expand into new markets, supporting the sustainable long-term growth of our business.”

“We are providing MBSat with a flexible, software-defined ground platform that integrates with its existing operational environment,” said Sridhar Kuppanna, Chief Executive Officer, ST Engineering iDirect. “This enables more efficient service deployment and operations today, with the flexibility to scale, introduce new capabilities and evolve as requirements change.”

About ST Engineering iDirect

ST Engineering iDirect, a subsidiary of ST Engineering, is a global leader in satellite communications, providing technology and solutions that enable its customers to expand their business, differentiate their services and optimize their networks. Through its portfolio of ground infrastructure, intelligent networking and advanced satellite communications solutions, the company supports operators, service providers, governments and enterprises worldwide.

View original content to download multimedia:https://www.prnewswire.com/news-releases/st-engineering-idirect-and-mbsat-partner-to-build-next-generation-sovereign-connectivity-services-across-oman-and-the-middle-east-302918467.html

SOURCE ST Engineering iDirect

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Global Security & Technology Summit Unveils Month-Long Program of Activities Ahead of December Event

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9 hours ago

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October 24, 2026

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RIYADH, Saudi Arabia, Oct. 24, 2026 /PRNewswire/ — The Organizing Committee of the Global Security & Technology Summit (GSTS) held an introductory session today at the Ministry of Interior’s headquarters in Riyadh, bringing together representatives from the government, private, and nonprofit sectors to introduce the program of activities leading up to the summit. The upcoming summit will be held in Riyadh under the patronage of HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, under the supervision of HRH Prince Abdulaziz bin Saud bin Naif bin Abdulaziz Al Saud, Minister of Interior, and organized by the Ministry of Interior in cooperation with Tuwaiq Academy.

During the session, the Organizing Committee presented the comprehensive GSTS program, comprising three key components: GSTS Month, running from November 1 to 30, 2026; the Global Security & Innovation Fair (SAIF), taking place from November 24 to 26, 2026; and the main Summit, scheduled for December 18 to 20, 2026, in Riyadh. Together, these events form an integrated program designed to advance security and technology innovation, strengthen national capabilities, and foster international cooperation.

GSTS Month will feature working groups, boot camps, training programs, knowledge-sharing sessions, and technical workshops across Saudi Arabia’s 13 administrative regions, delivered both in person and remotely in collaboration with specialized entities. The month-long program aims to develop national capabilities, identify emerging talent, enrich knowledge-sharing opportunities, and equip professionals with the knowledge and skills needed to develop innovative solutions to future security and technology challenges.

The main Summit will bring together global leaders, decision-makers, experts, and innovators to explore the future of security and technology, promote the integration of advanced technologies within the security sector, strengthen national capabilities, support innovation, and foster international cooperation, further positioning the Kingdom as a global hub for security and technology.

Showcasing the latest technological breakthroughs and security solutions, the summit will bring together government entities, private sector organizations, academic institutions, and research centers to facilitate knowledge exchange and collaboration across key fields, including cybersecurity, artificial intelligence (AI), the Internet of Things (IoT), smart security solutions, emerging technologies, and crisis management. The program will also feature main sessions, specialized discussions, and interactive exhibitions. Registration is available at gsts.sa.

Advisor to HRH the Minister of Interior and Chairman of the GSTS Organizing Committee, Ahmed Altowayan, stated that the summit builds on Saudi Arabia’s efforts to establish an advanced security and technology ecosystem focused on knowledge and innovation, keeping pace with rapid developments and future challenges.

Mr. Altowayan noted that the summit is a global platform for strengthening cooperation and exchanging expertise, anticipating future developments in security and technology, and developing strategic partnerships and innovative solutions that enhance the efficiency and readiness of security systems.

Vice Chairman of the GSTS Organizing Committee, Eng. Abdulaziz Alhammadi, said that the summit will offer a range of integrated programs and activities focused on enhancing national skills, encouraging innovation, and supporting international cooperation.

He added that GSTS Month will help build national capabilities, discover talent, and develop skills, with SAIF providing a platform for innovators and researchers from around the world to showcase leading technological solutions, while the main Summit will bring together leaders and experts to discuss the future of security and technology and explore new strategic partnership opportunities.

SAIF will take place at the Riyadh International Convention & Exhibition Center, bringing together innovators, researchers, technology talents, and industry experts from around the world to showcase promising innovations and projects across 14 fields of technology and innovation. The fair will provide opportunities to engage with project owners, including students, graduates, and entrepreneurs, and explore the different stages of innovation development through interactive zones, panel discussions on emerging security and innovation trends, and knowledge-sharing workshops led by specialists. Visitor registration is open to participants from within and outside the Kingdom through saifair.sa.

The introductory session also featured contributions from representatives of government, private, and nonprofit sector entities, alongside members of the media. Discussions focused on developing national capabilities in security and technology, strengthening students’ technical expertise, translating scientific research into practical solutions, and supporting Saudi companies in developing security and technology solutions and advancing digital transformation.

Organized by the Ministry of Interior in cooperation with Tuwaiq Academy, GSTS is produced by Tahaluf, with the Ministry of Education serving as Strategic Scientific Partner, Tahakom as Founding Partner, and Elm as Principal Partner.

Registration for participants from within and outside the Kingdom is available at gsts.sa.

Click here to view the media kit. 

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