Market Scope
The growing number of IT companies that are adopting for cloud services brokerage is expected to cast a positive impact on the global cloud services brokerage (CSB) market, reveals Market Reseach Future (MRFR). MRFR states that the global Cloud Services Brokerage Market is likely to expand with a CAGR of 16.4% over the assessment period (2019 to 2024) and touch a substantial valuation of USD 14.83 billion by 2024.
Market Insights
The high rate of adoption of cloud services brokerage across large enterprises and SMEs is expected to surge the market. The increasing number of organizations opting for CSB is likely to promote the market growth. CSB adds value to an enterprise by streamlining the process of aggregation, integration, and customization included in cloud services. The growing need for multi-cloud management is prompting the need for hybrid IT, hence, the adoption of CSB is surging across multiple business verticals. This is anticipated to spur the growth of the global cloud services brokerage market. However, restraints like issues related to regulatory compliance and lack of awareness about CSB can hinder the cloud services brokerage market expansion.
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Key Players
The key players in the global cloud service brokerage market are Arrow Electronics (US), BitTitan (US), CloudFX (Singapore), NEC Corporation (Japan) and Wipro (India), DXC Technology (US), Fujitsu (Japan), IBM Corporation (US), Infosys (India), ActivePlatform (US), Accenture (Ireland), Atos (France), BT (UK), Capgemini (France), and Cognizant (US). The key strategies adopted by most of the players are partnerships, agreements, collaborations, and the launch of services and platforms.
Segmental Overview
The cloud services brokerage market has been segmented on the basis of service, platform, organization size, deployment model, and vertical.
- Based on the service, the global cloud service brokerage market has been segmented into security and compliance, support and maintenance, reporting and analytics, training and consulting, workload management, operations management, and catalog management. Cloud service brokers help in resolving problems associated with the migration of workloads in an organization by offering workload management services. The workload management segment is expected to register a healthy CAGR as it is observed to gain popularity across different organizations.
- Based on the platform, the global cloud service brokerage market has been segmented into external brokerage enablement and internal brokerage enablement. External brokerage enablement acts as a management platform for multi-tenant cloud delivery. Hence, the external brokerage enablement segment is anticipated to grow at a rapid pace over the evaluation period.
- Based on the organization size, the global cloud service brokerage market has been segmented into small- and medium-sized enterprise (SME) and large enterprise. The large enterprise segment is likely to garner a higher share of the market over the SMEs segment during the forecast period.
- Based on the deployment model, the global cloud service brokerage market has been segmented into private cloud, public cloud, and hybrid cloud. The hybrid cloud segment is likely to expand with a healthy CAGR throughout the evaluation period.
- Based on the vertical, the cloud service brokerage market has been segmented into IT and telecommunication, government and public sector, BFSI, healthcare and life sciences, retail and consumer goods, manufacturing, energy and utilities, media and entertainment, and others. The IT and telecom vertical is likely to secure the largest share of the market owing to the growing adoption of cloud services brokerage in the ICT sector.
Regional Analysis
Regionally, the global cloud service brokerage market has been analyzed across North America, South America, Europe, Asia-Pacific, and the Middle East and Africa.
North America is expected to register an impressive CAGR over the evaluation period. Continuous technical upgradations are likely to benefit the growth of the North American cloud brokerage services market. The US is anticipated to exhibit the highest growth rate in the foreseeable future. In Europe, the surging need for enhancing the performance of enterprises and at the same time, curb down the enterprise cost are escalating the adoption of CBS. This is expected to intensify the growth of the European cloud services brokerage market.
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Intended Audience
- Hosting service providers
- Cloud infrastructure and service providers
- Value-added resellers (VARs)
- System Integrators (SIs) and aggregators
- Cloud brokerage enablers
- Government and local authorities
- Technology consultants
- Investors and venture capitalists
- Compliance officers
- Chief financial officers
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