Increase in adoption of cloud computing among different organizations is the major key factor that drives the growth of the currency exchange software market. In addition, rapid surge in forex trading in the recent time is to supplement the market growth.
However, security concerns related to currency exchange software is anticipated to hamper the market growth. Furthermore, rise in globalization and increase in trade between countries is expected to provide lucrative opportunities for the market.
Enterprises across the globe are adopting currency exchange software to run their operations more efficiently. Rise in globalization and operation of a single company in several countries creates a demand for currency exchange software, which boosts the market growth.
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North America is anticipated to have the highest currency exchange software market share, owing to early adoption of technology and presence of major players dealing in currency exchange software in the region.
In addition, Asia-Pacific is estimated to witness significant growth during the forecast period, owing to emerging economies such as India, Japan, and Australia. Moreover, rise in trade between countries from this region is expected create the demand for these software, which would fuel the market growth.
COVID-19 Scenario Analysis:
- Since the COVID-19 virus outbreak in December 2019, the disease has spread to almost 180+ countries around the globe with the World Health Organization declaring it a public health emergency. The global impacts of the corona virus disease 2019 (COVID-19) are already starting to be felt, and is expected to significantly affect the currency exchange software market in 2020.
- Owing to the COVID -19, all businesses are shut down and international trade is affected between developed countries as countries are now focused on to containing the spread, which is anticipated to hamper the market growth for a short time.
- In addition, cancellation of international flights has affected the tourism industry, as tourists cannot travel to other countries, which directly affects the currency exchange software market.
- Pharmaceutical companies and the healthcare segment is anticipated to support the market growth, as they would need currency exchange software to better manage the transactions. For instance, India on request from the U.S. sent a consignment of $47,572 fortablets of hydroxychloroquine to the U.S., along with nine metric tons of active pharmaceutical ingredient required in the manufacturing of the drug.
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