Global Asset Servicing Market Set For 7.4% Growth, Reaching $1859.64 Billion By 2028

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The global asset servicing market offers vast prospects. Patterns indicate strong growth in recent years, positioned to rise from $1303.24 billion in 2023 to $1397.61 billion in 2024 at a compound annual growth rate CAGR of 7.2%. The prevalent growth can be traced back to the rise of client-centric solutions, market volatility, and economic shifts, coupled with the amplified demand for specialized services and the rapid globalization of markets.

What does the future envision for the asset servicing market?

The asset servicing sector is set to witness robust growth in the next few years. Projections show an escalation to $1859.64 billion in 2028 at a compound annual growth rate CAGR of 7.4%. Adaptation to market volatility, the emergence of more client-centric solutions, enhanced risk management and cybersecurity, along with global economic trends and ESG environmental, social, governance integration, are all catalysts steering this growth in the forecast period. Major trends to watch out for include the transition to digital services, regulatory changes, market expansion, demand for ESG integration, cost efficiency, and operational streamlining.

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What are the key drivers pushing forward the asset servicing market?

A key protagonist in propelling this market growth forward is the increasing retiree population. People aged 65 and over, often require robust asset servicing solutions to manage their assets and support their retirement. For instance, the United States Census Bureau reveals that the number of individuals over the age of 65 will reach 80.8 million by 2040 and 94.7 million by 2060. This demographic shift underscores an upward trajectory for the asset servicing market.

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Who are the leading players within the asset servicing market?

The asset servicing market features a host of major corporations such as JPMorgan Chase & Co., Wells Fargo Asset Management, Citigroup Inc., HSBC Holdings plc, Morgan Stanley Wealth Management, The Goldman Sachs Group Inc., UBS Group AG, PNC Financial Services Group Inc., Charles Schwab Corporation, National Australia Bank Limited, BlackRock Inc., Mellon Investments Corporation, and others. These entities continue to evolve, driving the industry's growth.

What's the future of innovation in the asset servicing market?

Emerging trends reflect innovative product development infused with advanced technologies like autonomous asset management that aims to enhance customer satisfaction and loyalty. Autonomous asset management leverages AI and ML for autonomous decision-making and portfolio management, as embodied by UK-based Arabesque AI’s AutoCIO—a cost-efficient, highly customizable solution dedicated to delivering sustainable investment strategies to clients.

How is the asset servicing market segmented?

The asset servicing market encapsulates multiple segments:

1 By Service: Fund Services, Custody and Accounting, Outsourcing Services, Securities Lending
2 By Enterprise Size: Large Enterprises, Medium and Small Enterprises
3 By End User: Capital Markets, Wealth Management Firms

What’s the regional outlook of the asset servicing market?

North America captured the largest share of the asset servicing market in 2023, closely followed by Western Europe. The report provides a comprehensive analysis of several regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa, reflecting a true global perspective.

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