According to estimates from Allied Market Research, the global crypto asset management market could grow tenfold by 2030.
A recent study published by Allied Market Research claims that by 2030, the global crypto asset management market would garner approximately $9.36 billion. The market research and advisory company says that the total garnered in 202 as $0.67 billion in comparison. To achieve $9.36 billion growth at a CAGR of 30.2% would be required.
The study 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 solution 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,” according to the study.
Allied Market Research adds that cloud-based crypto asset management provides consumers and companies alike with cost-effective solutions that are flexible. “The demand for crypto asset management is expected to remain constant post-pandemic.”
Allied Market Research hits on other points
The report goes on to talk about how the uptick in digitalization in financial organizations and large companies is another important aspect of growth. Additionally, the spike in investments in crypto along with the further simplification of the process is considered when looking at perceived future growth.
One area that is being viewed as holding growth back is the lack of skilled professionals. The study posits that the lack of these professionals and the high implementation cost will continue to hold the market growth back. However, Allied Market Research adds that “contrarily, untapped potential in emerging economies presents new opportunities in the new few years.”
The report takes a look region by region too, with North America holding the highest share as of 2020. The US contributed more than two-fifths of the total worldwide market and “s expected to continue its dominance by 2030.” Despite this, Asia-Pacific is projected to see the biggest CAGR of 33.5% during the same period.
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