According to a new report from Allied Market Research, the cryptocurrency asset-management market will grow to $9.4 billion by 2030, growing by 30% a year, while it was just $670 million in 2020.
By the study, the global crypto asset management market garnered $0.67 billion in 2020 and is expected to garner $9.36 billion by 2030, manifesting a CAGR of 30.2% from 2021 to 2030. Allied Market Research provides a detailed analysis of changing market dynamics, key segments, value chain, regional scenario, top investment pockets, and competitive landscape.
The report suggests that the outbreak of COVID-19 was will be the driving factor behind institutions and banks adopting cloud-based crypto asset management.
“The COVID-19 pandemic has accelerated the adoption of cloud-based crypto asset management solutions among the banks and fintech institutions to secure their systems and to provide customers with scalable, resilient, and agile crypto services. In addition, cloud-based crypto asset management provides individuals and enterprises with enhanced flexibility as well as provide cost-effective solutions for the organizations.” The further adoption of cloud-based crypto asset management solutions among banks and fintech companies will help to “secure their systems and provide customers with scalable, resilient, and agile crypto services,” the study reads.
Increased digitization of financial services, surging investments in crypto, and access to easier ways of purchasing crypto assets will fuel growth throughout the remainder of the decade, Allied Market Research says.
North America has dominated the crypto asset-management market, and that is forecast to remain the case through 2030. However, Allied sees the Asia Pacific region experiencing significant growth due to the presence of large numbers of crypto mining enterprises that are likely to turn to crypto asset-management solutions to help manage their business processes.