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Custody Services: Navigating Security in Asset Management
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
JPMorgan Chase & Co., HSBC Holdings plc, Citigroup Inc., Wells Fargo & Company, BNP Paribas, UBS AG, State Bank of India, Groupe Caisse d'Épargne, Deutsche Bank AG, HDFC Bank Ltd., ICICI Bank Ltd., The Bank of New York Mellon Corporation, DBS Bank Ltd., Commerzbank AG, State Street Bank and Trust Company, Northern Trust Corporation, Hang Seng Bank Limited, Kotak Mahindra Bank Limited, Standard Chartered plc, Yes Bank Ltd., Societe Generale Securities Services GmbH, Stock Holding Corporation of India Ltd., Julius Baer Group AG, Brown Shipley & Co. Limited, RBC Investor & Treasury Services, Edelweiss Custodial Services Ltd., Orbis Financial Corporation Ltd., Axis Bank Ltd., Brown Brothers Harriman & Co., Infrastructure Leasing & Financial Services Ltd.
Custody Service Market 2024 Key Insights:
• 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 Role Of Automation And Standardization In Enhancing Efficiency And Reducing Costs In Custody Services
• The Rise Of Digital Asset Custody Platforms In The Custody Services Market
• North America was the largest region in the custody service market in 2023
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