The Custody Service Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Custody Service Global Market Report 2024, The custody service market size has grown strongly in recent years. It will grow from $41.57 billion in 2023 to $45.39 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to globalization of financial markets, rise of institutional investors, regulatory compliance and risk management, increasing complexity of financial instruments, focus on investor protection.
The custody service market size is expected to see strong growth in the next few years. It will grow to $63.06 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to alternative investments and diverse asset classes, global regulatory changes and compliance, evolving risk management practices, integration of environmental, social, and governance (esg) factors, shifts in investor preferences and industry trends. Major trends in the forecast period include tokenization of traditional assets, cross-border custody solutions, insurance coverage expansion, integration with defi ecosystem, scalability and automation.
Automation and standardization are key factors driving the growth of the custody service market. The custody services industry is focusing on using technology to improve efficiency. The automation and standardization of core custody services and operations result in higher visibility, enhanced productivity due to operational efficiency, and cost reductions for customers, they improve quality of service and allow the custodian to react quickly to future needs. Due to the automation and standardization of custody services in the forecast period, the asset-centric model is expected to be augmented by a more data-centric, open platform method where the custodian will have access to a variety of available services. For instance, an automated reporting system provides daily reports of exceptions, securities available for loan, securities on loan, valuation of cash collateral, daily mark-to-market information, and margin calls. Therefore, such automation and standardization features are expected to drive the growth of the custody service market.
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The custody service market covered in this report is segmented –
1) By Service: Core custody services, Ancillary services, Core depository services, Other Administrative Services
2) By Type: Equity, Fixed Income, Alternative Asstes, Other Types
The development of digital asset custody platforms in custody services is gaining traction in the market. Companies in the global custody service market are increasingly focusing on digital asset custody with better security and operational efficiency. For example, in 2022, US based investment banking services company, BNY Mellon launched its Digital Asset Custody platform in the US, which allows clients to hold and transfer bitcoin and ether. The multi-asset platform bridges digital and traditional asset custody. The platform store clients' private keys and provide some bookkeeping on the crypto assets in their portfolios.
The custody service market report table of contents includes:
- Executive Summary
- Custody Service Market Characteristics
- Custody Service Market Trends And Strategies
- Custody Service Market - Macro Economic Scenario
- Global Custody Service Market Size and Growth
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- Global Custody Service Market Competitive Benchmarking
- Global Custody Service Market Competitive Dashboard
- Key Mergers And Acquisitions In Custody Service Market
- Custody Service Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- JPMorgan Chase & Co.
- HSBC Holdings PLC
- Citigroup Inc.
- Wells Fargo & Company
- BNP Paribas
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