As per the report published by Fior Markets, the global cloud services brokerage market size is expected to grow from USD 4.3 billion in 2020 to USD 9.15 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 9.9% during the forecast period.
The cloud services brokerage market is witnessing significant growth in the past years. As businesses across the world shift workloads from on-premises infrastructure to cloud environments for improved operational efficiency and cost savings, cloud migration services have grown in popularity this in turn drives the cloud services brokerage market growth. The overall business may be hampered if organizations are unable to comply with guidelines or regulations, or if end-users are unable to obtain regulatory approvals to use services.
To execute and manage CSB-related initiatives, a cloud service broker provides a package of technology, people, and processes. For their workers, customers, and through their channels, IT businesses and service providers may integrate the private and public cloud environments. As a result, the increased use of hybrid IT and multi-cloud management is a driving force behind the industry’s growth. The IT teams of the organizations are needed to execute the function of enabling the enterprise’s utilization of cloud services. Cloud services brokerage is an IT job and business model in which an enterprise provides value to one or more (public or private) cloud services via three core roles—aggregation, integration, and customized brokerage.
The global cloud services brokerage market is expected to witness significant growth. Vendors can prevent lock-in with the aid of a highly standardized cloud environment thanks to the advent of multi-cloud system management. The market will be propelled forward as a result of this. The factors restraining the market growth are that there is a general misunderstanding about the advantages of cloud computing and storage services and solutions. A large gap exists between customers and suppliers due to a lack of understanding. The internal enablement model is accelerating the opportunity for cloThe public providers in the SME segment, while it also provides a solid market for external cloud brokers such as telecom providers and SIs.
Key players operating in the global cloud services brokerage market include IBM Corporation, HP Enterprise, Accenture Plc., Dell Technologies, DXC Technology, Tech Mahindra Ltd., ComputeNext Inc., Arrow Electronics Inc., Oracle Corporation, and Wipro. To gain a significant market share in the global cloud services brokerage market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. IBM Corporation and HP Enterprise are some of the key manufacturers operating in the cloud services brokerage market.
- For instance, Jan 2018: The DXC Digital Directions series, written by the company’s global technology experts, examines digital prospects for businesses to acquire actionable, data-driven insights, improve customer experiences, boost staff performance, and improve business results.
- In March 2018, IBM Cloud Direct Link, a network service designed to provide secure and fast data transfer between private infrastructure and public cloud, was made available and is currently co-located in Interxion’s Frankfurt and Stockholm facilities.
The integration segment dominated the market and held the largest market share of 28.9% in the year 2020
Based on service type, the global cloud services brokerage market is segmented into governance & control, integration, vendor management, and sourcing, & procurement. The integration segment dominated the market and held the largest market share of 28.9% in the year 2020. Cloud brokers assist businesses in integrating external cloud services with their existing on-premises systems. As a result, cloud brokers assist companies in managing the life cycle of their services and the changes that come with them. Furthermore, they oversee the integration of services from multiple CSPs, resulting in a customer-friendly cloud service bundle.
The public cloud segment dominated the market and held the largest market share of 69.15% in the year 2020
Based on deployment, the global cloud services brokerage market is segmented into private cloud, and public cloud. The public cloud segment dominated the market and held the largest market share of 69.15% in the year 2020. Cloud services are available to the general public. A single renter or a group of tenants may use the services (single instance, application-based split). Under many public cloud implementations, services are not provided from a variety of locations, and the location of the service are the data guaranteed. During the projection period, the Public model dominated the market.
