PUBLISHER: The Business Research Company | PRODUCT CODE: 1392553
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392553
“Cloud Services Brokerage Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on cloud services brokerage market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for cloud services brokerage? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The cloud services brokerage market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Cloud services brokerage (CSB) refers to an IT role and business model in which a firm or other entity provides value to one or more cloud services (public or private) on behalf of one or more service users. The primary roles of a cloud services broker include aggregation, integration, and customization brokerage. CSB includes the process of controlling how cloud services are used, performed, and delivered while also negotiating contracts between cloud providers and cloud users.
The main service types of cloud services brokerage are integration and support, automation and orchestration, billing and provisioning, migration and customization, and security and compliance. Integration and support cloud services brokerage provides integration and support services. Integration and support provide services such as backup and recovery, resiliency, and security. Internal and external brokerage enablement are two platforms for cloud services brokerage. Small, medium, and large-scale enterprises in banking, financial services and insurance (BFSI), telecommunications, information technology (IT), and information technology-enabled services (ITeS), government and public sector, retail and consumer goods, manufacturing, energy and utilities, media and entertainment, healthcare and life sciences use the cloud services brokerage.
The cloud services brokerage market research report is one of a series of new reports from The Business Research Company that provides cloud services brokerage market statistics, including cloud services brokerage industry global market size, regional shares, competitors with a cloud services brokerage market share, detailed cloud services brokerage market segments, market trends and opportunities, and any further data you may need to thrive in the cloud services brokerage industry. This cloud services brokerage market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The cloud services brokerage market size has grown rapidly in recent years. It will grow from $9. 54 billion in 2023 to $10. 58 billion in 2024 at a compound annual growth rate (CAGR) of 10. 9%. The growth in the historic period can be attributed to rapid adoption of cloud services, complexity in multi-cloud environments, need for seamless integration and interoperability, demand for simplified cloud management, cost optimization and efficiency. .
The cloud services brokerage market size is expected to see rapid growth in the next few years. It will grow to $17. 35 billion in 2028 at a compound annual growth rate (CAGR) of 13. 2%. The growth in the forecast period can be attributed to focus on enhanced customer experience, shift towards self-service and automation, integration of ai and automation, service aggregation and customization trends, emphasis on interoperability and integration. . Major trends in the forecast period include hybrid and multi-cloud adoption, demand for simplified cloud management, rise of digital transformation initiatives, focus on cost optimization and efficienc, adoption of brokerage services for governance. .
The growing demand for hybrid and multi-cloud strategies is expected to propel the cloud service brokerage market. A multi-cloud strategy allows different divisions to choose the optimal computing environment for their purposes. It also allows porting of workloads across cloud service providers (CSPs). Adopting a multi-cloud and hybrid architecture will improve performance, cost savings, and scalability. According to the Flexera 2021 State of the Cloud Report, in March 2022, which surveyed 753 global cloud decision-makers and users, organizations are broadly adopting a multi-cloud strategy, with an estimated 92% of businesses adopting a multi-cloud approach. Therefore, the growing demand for hybrid and multi-cloud strategies will drive the cloud service brokerage market growth.
The growing adoption of cloud-based solutions is expected to propel the growth of the cloud services brokerage market going forward. Cloud-based solutions refer to software, services, and resources that are hosted and delivered over the internet (the cloud) rather than being installed and operated on local, on-premises hardware or servers. Cloud services brokers act as intermediaries that help businesses design, deploy, and manage cloud solutions, ensuring that they are effectively implemented to meet specific needs. For instance, in April 2023, according to G2. com, Inc., a US-based software marketplace company, global end-user spending on public cloud services is projected to grow by approximately 21% to reach around $592 billion in 2023, with over a third of companies (33. 4%) expected to transition from legacy enterprise software to cloud-based tools during the same year. Looking ahead to 2025, a significant 85% of organizations are anticipated to adopt a "cloud-first" approach. Therefore, the growing adoption of cloud-based solutions is expected to propel the growth of the cloud services brokerage market.
Cloud Technological innovations are key trends in gaining popularity in the cloud service brokerage market. Major companies operating in the cloud services brokerage market are focused on providing technologically-advanced solutions to strengthen their market position. These companies are implementing next-generation cloud services brokerage technologies into their services, such as internet of things (IoT), artificial intelligence (AI), microservices architecture, blockchain, virtualization, service-oriented architecture, multi-cloud, and others to enhance a given service by strengthening some specific competence and providing value-added services. For instance, in December 2021, BeyondTrust, a US-based privileged access management company, launched a cloud privilege broker to assist their customers in regaining control of essential cloud infrastructure and improving communication and risk mitigation associated with multi-cloud entitlements.
Strategic partnerships and collaboration are shaping the cloud services brokerage market. Key players operating in the cloud services brokerage market are focusing on partnerships and collaborations to work towards common goals that can be more effectively achieved by combining resources, expertise, or capabilities. For instance, in November 2022, Hewlett-Packard Enterprise (HPE), a US-based information technology company, announced a strategic partnership with VMware, Inc., a US-based cloud computing and virtualization technology company, to drive digital transformation with an integrated hybrid cloud experience. This partnership aims to provide customers with a fully integrated hybrid cloud offering designed to accelerate innovation and data-first modernization. This offering will be designed, managed, and supported by HPE and Vmware, giving customers confidence in deploying an enterprise hybrid cloud.
In March 2021, BoomTown, a US-based real estate platform development company, acquired Brokermint for an undisclosed amount. Through its acquisition of Brokermint, BoomTown has become one of the companies in fully integrated, end-to-end real estate transaction lifecycle solutions. Brokermint is a US-based provider of cloud-based brokerage management software solutions.
Major companies operating in the in the cloud services brokerage market report are Accenture PLC, Capgemini SE, DXC Technology Company, Wipro Limited, The International Business Machines Corporation, International Business Machines Corporation (IBM), VMware Inc., Jamcracker Inc., ActivePlatform LLC, Arrow Electronics Inc., Cloudmore Group AB, iPortalis Ltd., Cognizant Technology Solutions Corporation, InContinuum LLC., Flexera LLC., BitTitan Inc., OpenText Corporation, CloudFX Inc., Proximitum Ltd., Eshgro B. V., NEC Corporation, Amazon. com Inc. (AWS), CloudSME UG, Shivaami Cloud Services Pvt. Ltd., NTT Data Corporation, Infosys Limited, Nephos Technologies Ltd., DoubleHorn LLC, Dell Technologies Inc., Tech Mahindra Limited, RightScale Inc.
North America was the largest region in the cloud services brokerage market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud services brokerage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the cloud services brokerage market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The cloud services brokerage (CSB) market includes revenues earned by entities by providing services that assist organizations of all kinds in utilizing cloud services at a lower cost and risk. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.