CHICAGO, November 5, 2018 /PRNewswire/ --
According to the new market research report "Crypto Asset Management Market by Platform, Deployment Type (On-premises and Cloud), End-user (Institutions (BFSI, Hedge Funds, Brokerage Firms), and Retail and eCommerce), and Region (North America, Europe, APAC, and RoW) - Global Forecast to 2023", published by MarketsandMarkets™, the global Crypto Asset Management Market size is expected to grow from USD 94 million in 2018 to USD 207 million by 2023, at a Compound Annual Growth Rate (CAGR) of 17.1% during the forecast period.
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The major growth drivers for the market include the need for safeguarding crypto currency assets, the growth in cryptocurrency market, and the proliferation of the blockchain technology.
The cloud deployment type is expected to show a higher growth rate during the forecast period
In the Crypto Asset Management Market by deployment type, the cloud deployment type is expected to show a higher growth rate during the forecast period. The advantages of the cloud deployment type include flexibility, scalability, affordability, operational efficiencies, and the low-cost factor. The overall adoption of cloud-based solutions is in the introductory phase and is expected to increase during the forecast period, due to the wide range of functionalities and core features the solutions provide.
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Among end-users, the institutions segment is expected to gain the highest traction during the forecast period
In the Crypto Asset Management Market by end-user, the institutions segment is expected to grow at the highest CAGR during the forecast period. Cryptocurrency has been widely accepted by institutional clients across the globe. Financial firms are expected to integrate digital currency in their traditional banking system. Cryptocurrencies offer several benefits to institutional clients, and these benefits include higher security, decentralized approach, borderless transaction settlement, and faster payment system. Hence, the adoption of cryptocurrency is expected to gradually increase in the coming years.
North America is expected to hold the largest market size during the forecast period
North America is expected to hold the largest market size in the global Crypto Asset Management Market. Institutions in this region are adopting crypto asset management solution and services to manage and secure their cryptocurrencies and digital assets. Cryptocurrency has been prevailing over the last few years, owing to the advancements in the blockchain technology. The US is home to several blockchain projects and platform providers, heavy cryptocurrency trading, and crypto fund. Large financial institutions in the US are leveraging the capabilities of the blockchain technology to launch their own digital currencies.
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Key players in the global Crypto Asset Management Market include Altairian Capital (UK), BitGo (US), Coinbase (US), Crypto Finance AG (Switzerland), Digital Asset Custody Company (US), Exodus Movement, Gemini (US), ICONOMI (Slovenia), itBit (US), Koine Finance (UK), Ledger (France), Metaco SA (Switzerland), Vo1t (UK), and Xapo (US).
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