Dublin, Nov. 07, 2024 (GLOBE NEWSWIRE) — The “Custody Services Market Opportunities and Strategies to 2033” report has been added to ResearchAndMarkets.com’s offering.
The global custody services market reached a value of nearly $41.13 billion in 2023, having grown at a compound annual growth rate (CAGR) of 7.5% since 2018. The market is expected to grow from $41.13 billion in 2023 to $63.63 billion in 2028 at a rate of 9.1%. The market is then expected to grow at a CAGR of 9.5% from 2028 and reach $100.09 billion in 2033.
This report describes and explains the custody services market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.
Growth in the historic period resulted from the increase in automation and standardization, increase in income and personal savings, rise in government support, expansion of global trade and strong economic growth in emerging markets. Factors that negatively affected growth in the historic period include rising cyber risks and stringent regulations.
Going forward, the increase in crypto currencies, increasing wealth of high-net-worth individuals, rising demand for alternative investments, rising urbanization and increase in institutional investments will drive the market. Factors that could hinder the growth of the custody services market in the future include risk of loss through custodian error or poor performance.
The custody services market is segmented by services into core custody services, ancillary services, core depository services and other administrative services. The core custody services market was the largest segment of the custody services market segmented by services, accounting for 42.9% or $17.65 billion of the total in 2023. Going forward, the core depository services segment is expected to be the fastest growing segment in the custody services market segmented by services, at a CAGR of 9.2% during 2023-2028.
The custody services market is segmented by type into private equity, fixed income and alternative assets and others. The fixed income market was the largest segment of the custody services market segmented by type, accounting for 67.5% or $27.77 billion of the total in 2023. Going forward, the fixed income segment is expected to be the fastest growing segment in the custody services market segmented by type, at a CAGR of 9.3% during 2023-2028.
North America was the largest region in the custody services market, accounting for 50.4% or $20.74 billion of the total in 2023. It was followed by Western Europe, Asia-Pacific and then the other regions. Going forward, the fastest-growing regions in the custody services market will be Western Europe and Asia-Pacific, where growth will be at CAGRs of 11.4% and 9.5% respectively. These will be followed by North America and Eastern Europe, where the markets are expected to grow at CAGRs of 8.3% and 8.2% respectively.
The global custody services market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up to 46.84% of the total market in 2023. State Street Corporation was the largest competitor with an 8.38% share of the market, followed by Bank of New York Mellon Corporation with 8.07%, JPMorgan Chase & Co. with 5.34%, Royal Bank of Canada with 5.09%, Citigroup Inc. with 4.55%, BNP Paribas with 4.44%, Northern Trust Corporation with 4.39%, UBS Group AG with 2.26%, Pictet Group with 2.22% and HSBC Holdings plc with 2.10%.
The top opportunities in the custody services market segmented by services will arise in the core custody services segment, which will gain $9.57 billion of global annual sales by 2028. The top opportunities in the custody services market segmented by type will arise in the fixed income segment, which will gain $15.51 billion of global annual sales by 2028. The custody services market size will gain the most in the USA at $7.96 billion.
Market-trend-based strategies for the custody services market include implementing robotic process automation (RPA) to automate operations and improve efficiency, strategic partnerships and collaborations among market players, use of blockchain to offer high transparency and security, product innovations with focus on new digital asset custody services and focus on enhancing connectivity and streamlining institutional access.
Player-adopted strategies in the custody services market include focus on enhancing and preserving portfolio values for clients through improving service offerings, strengthening business operations through technological advancements, enhancing and preserving portfolio values for clients through improving service offerings, expanding operational and business presence through strategic acquisitions and enhancing business capabilities through collaborations and partnerships.
To take advantage of the opportunities, the analyst recommends the custody services companies to focus on core depository services segment, focus on implementing robotic process automation, focus on product innovations in custody services, focus on enhancing connectivity and streamlining access, focus on fixed income segment, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, focus on thought leadership and educational content, continue to use B2B promotions and focus on high-net-worth individuals.
Major Market Trends
- Implementing Robotic Process Automation (RPA) to Automate Operations and Improve Efficiency
- Strategic Partnerships and Collaborations Among Market Players
- Use of Blockchain to Offer High Transparency and Security
- Product Innovations With Focus on New Digital Asset Custody Services
- Focus on Enhancing Connectivity and Streamlining Institutional Access
Competitive Landscape and Company Profiles
- State Street Corporation
- Company Overview
- Products and Services
- Business Strategy
- Financial Overview
- The Bank of New York Mellon
- JPMorgan Chase & Co
- Royal Bank of Canada
- Citigroup Inc.
Other Major and Innovative Companies
- BNP Paribas
- Northern Trust Corporation
- UBS Group AG
- Pictet Group
- HSBC Holdings Plc
- Wells Fargo & Company
- Orbis Financial Corporation Ltd
- Morgan Stanley
- The Goldman Sachs Group Inc
- Standard Chartered PLC
- Deutsche Bank a.G.
- Societe Generale S.a.
- Brown Brothers Harriman & Co
- Yes Bank Ltd
- Nuvama Custodial Services Limited (Edelweiss Custodial Services Ltd)
Key Mergers and Acquisitions
- Apex Group Acquired Trustees Executors Limited
- Ripple Acquired Standard Custody and Trust Company
- UniCredit S.P.a Acquired Alpha Bank Group
- Altruist Acquired Shareholders Service Group
- Galaxy Digital Holdings Ltd Acquired GK8
- FNZ Acquired Fondsdepot Bank
- U.S. Bancorp Acquired MUFG Union Bank
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 275 |
| Forecast Period | 2023 – 2033 |
| Estimated Market Value (USD) in 2023 | $41.1 Billion |
| Forecasted Market Value (USD) by 2033 | $100.1 Billion |
| Compound Annual Growth Rate | 9.3% |
| Regions Covered | Global |
Key Topics Covered:
1 Executive Summary
1.1 Custody Services – Market Attractiveness and Macro Economic Landscape
2 Table of Contents
3 List of Tables
4 List of Figures
5 Report Structure
6 Market Characteristics
6.1 General Market Definition
6.2 Summary
6.3 Custody Services Market Definition and Segmentations
6.4 Market Segmentation by Services
6.4.1 Core Custody Services
6.4.2 Ancillary Services
6.4.3 Core Depository Services
6.4.4 Other Administrative Services
6.5 Market Segmentation by Type
6.5.1 Equity
6.5.2 Fixed Income
6.5.3 Alternative Assets and Others
For more information about this report visit https://www.researchandmarkets.com/r/2pdei5
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