Dublin, Sept. 12, 2023 (GLOBE NEWSWIRE) — The “Crypto Asset Management Market Size & Share Analysis – Growth Trends & Forecasts (2023 – 2028)” report has been added to ResearchAndMarkets.com’s offering.
The global Crypto Asset Management Market is poised for substantial growth, with projections indicating a rise from USD 1.10 billion in 2023 to USD 3.10 billion by 2028, showcasing a Compound Annual Growth Rate (CAGR) of 23.03%. This growth trajectory is primarily driven by the evolution of the asset management industry and increasing investments in crypto funds.
Driving Factors: Blockchain Technology and Institutional Investments
The advancement of blockchain technology has significantly boosted interest in cryptocurrencies, spurring demand for reliable investment options within the crypto market. Additionally, the rise of blockchain technology has opened doors to versatile applications across various industries, further fueling the demand for crypto asset management.
Furthermore, institutional investors and wealth managers are increasingly entering the cryptocurrency landscape, alongside growing consumer adoption. This adoption, coupled with developments in cryptocurrencies, digital assets, and blockchain technology, is fostering the demand for crypto asset management platforms.
Technological Enablers: AI/ML and Security Measures
Numerous asset management platforms now leverage Artificial Intelligence (AI) and Machine Learning (ML) programs to tailor portfolios based on user investment goals. These technologies also facilitate efficient management of a wide array of assets. As the crypto industry gains popularity and new digital assets emerge, the demand for such platforms is expected to rise.
However, certain challenges need addressing. A lack of awareness, technical understanding, security concerns, and stringent regulatory landscapes across various countries could hinder the market’s growth potential.
Implications of COVID-19: Shifting Investment Preferences
The disruption caused by the COVID-19 pandemic in traditional investment scenarios has led to increased interest in the digital cryptocurrency space. Amid global economic upheaval, cryptocurrencies have garnered attention due to their deflationary nature, presenting an appealing option to counter economic disruptions. This shift towards cryptocurrencies has propelled the demand for cloud-based crypto asset management platforms and intensified the drive toward digitization.
Market Trends and Segmentation: BFSI Sector and Regional Dominance
The Banking, Financial Services, and Insurance (BFSI) sector is anticipated to hold a significant share of the crypto asset management market. The adoption of blockchain technology in the BFSI domain is expected to drive cryptocurrency investment. The BFSI sector’s foray into crypto transactions and blockchain-driven solutions is further boosting the adoption of asset management platforms.
Regionally, North America is predicted to dominate the market, primarily due to the high adoption of cryptocurrencies in the United States and Canada. These countries’ dominance in Bitcoin and cryptocurrency adoption will significantly influence the global crypto asset management market.
Competitive Landscape: Innovations and Ventures
The competitive landscape of the crypto asset management market is evolving, with several players entering the market and existing ones innovating to enhance their offerings. BlockTower, for instance, launched a venture capital arm with a USD 150 million fund dedicated to decentralized finance (DeFi) and blockchain-infrastructure projects. Additionally, Blockchain.com introduced Blockchain.com Asset Management (BCAM), a regulated investment platform, in collaboration with Altis Partners.
Market Dynamics: Opportunities and Challenges
While the adoption of blockchain technology across industries and the focus on cryptocurrency security are driving the market’s growth, the lack of a centralized regulatory framework and limited technical knowledge and awareness pose challenges.
Major players in the Crypto Asset Management market are
- BitGo, Inc.
- Coinbase, Inc.
- Gemini Trust Company, LLC
- Cipher Technologies Management LP
- Metaco SA
- Amberdata Inc.
- Paxos Trust Company, LLC
- Crypto Finance Group
- ICONOMI Limited
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