Custody Services Market Trends Involve Technological Developments In Data Management And Cybersecurity As Per The Business Research Company's Report On The Custody Services Market

Segments covered: By Service – Core Custody Services, Ancillary Services, Core Depository Services, Other Administrative Services; By Type – Equity, Fixed Income, Alternative Assets and Other

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LONDON, Aug. 24, 2021 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the custody services market, custody service companies across the globe are increasingly investing in data management tools such as cloud computing and advanced analytics to provide clients with data seamlessly and efficiently on real-time basis. Cloud computing is the availability of computer tools and applications, such as data storage, servers, databases, networking, and databases over the cloud, rather than maintaining resources on local storage devices (on-site physical storage). Custodian service companies focusing on data management are also investing in becoming global data consolidators of traditional transactions, and information related to trading efficiency and regulatory insight. Companies such as JP Morgan Chase and BNY Mellon are increasingly investing in data management technologies such as cloud computing to serve their clients better.

In 2019, JP Morgan announced that the bank had learned a lot during its transition to using services from outside cloud computing providers such as Amazon Web Services, and will soon go ahead with storing highly confidential data with cloud providers.

The global custody services market size is expected grow from $24.42 billion in 2020 to $26.79 billion in 2021 at a compound annual growth rate (CAGR) of 9.7%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $36.75 billion in 2025 at a CAGR of 8%.

North America was the largest region in the global custody services market, accounting for 51.4% of the total in 2020. 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 the Western Europe and Asia Pacific where growth will be at CAGRs of 11.0% and 9.2% respectively during 2020-2025. These will be followed by Eastern Europe and North America, where the markets are expected to grow at CAGRs of 8.6% and 8.0% respectively.

The Business Research Company’s report titled Custody Services Global Market Report 2021: COVID-19 Growth And Change to 2030 covers major custody services companies, custody services market share by company, custody services manufacturers, custody services market size, and custody services market forecasts. The report also covers the global custody services market and its segments.

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With an increase in technological enhancements, custodial service providers are also increasingly investing in cybersecurity to protect their clients’ assets in a more efficient way. It is well known that custodian banks hold and operate strict confidential customer data, including information about asset owners, asset managers, employed trading strategies, trustees and holdings value information, amongst other sensitive data. Therefore, custody service companies are increasingly investing in cybersecurity to keep potential hackers at bay.

Major custody service providers such as BNY Mellon, JP Morgan Chase and Citigroup keep investing in cybersecurity to protect their client’s assets. In 2019, JP Morgan announced that the company invests around $11 billion each year for various technological development, including cybersecurity.

The global custody services market is highly fragmented, with a large number of small players. The top ten competitors in the market made up to 53.6% of the total market in 2020. Major players in the market include State Street Corporation, The Bank of New York Mellon Corporation, JPMorgan Chase & Co., Northern Trust Corporation and BNP Paribas S.A.

Custody Services Global Market Report 2021: COVID-19 Growth And Change to 2030 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments, and geographies, custody services market trends, custody services market drivers, custody services market restraints, custody services market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.

The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

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