Cloud Services Brokerage Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Solution Type (Integration, Aggregation, Customization, Governance), By Cloud Type (Public, Private, Hybrid), By Broker Type (Internal, External), By Industry Vertical (BFSI, Healthcare, Retail, IT And Telecom, Manufacturing, Education, Others), And By Geography - Forecasts From 2023 To 2028
- Published : Apr 2023
- Report Code : KSI061614993
- Pages : 154
The cloud services brokerage market is projected to grow at a CAGR of 16.09% to reach US$24.404 billion in 2028 from US$8.586 billion in 2021.
Cloud services brokerage refers to the process of providing value and administering the various cloud-based services and solutions deployed by an enterprise or organization. Service intermediation, service arbitrage, workflow automation, integration, and aggregation are certain fundamental services offered by cloud services brokerage products to their customers adopting private, public, and hybrid cloud-based services in their operations. The adoption of internal and external cloud services brokerage software by an enterprise enables the reduction of ownership costs, and integration of service management, enhances the flexibility of resources, provides unlimited access to cloud network infrastructure, and automates delivery systems in self-service modes. The extensive adoption of cloud services software across a wide range of industry verticals including IT, retail, education, healthcare, telecommunication, BFSI, and other manufacturing sectors is increasing the demand for cloud services brokerage platforms and software. Further, the increasing need to prevent technical accidents such as vendor lock-ins and growing cloud adoption across companies is propelling the growth of the cloud services brokerage market.
The growing adoption of cloud solutions by companies is significantly driving the cloud services brokerage market growth.
The rise in the adoption of cloud-based platforms and services by companies is increasing the need for cloud services brokerage products to administer the deployed cloud-based services. Companies operating in different industrial sectors are increasing the deployment of cloud-based services due to the various advantages such as flexibility, reduction in operational and capital expenditure, and quicker access associated with cloud-based services. These cloud services provide customers the ability to increase their productivity and efficiency gradually, however, the administration and management of these various cloud service models are posing a difficulty to enterprises as the sophistication and complexity of cloud-based services rise such as hybrid and multi-cloud networks. For instance, the State of APIs and Applications report published by Google in 2022 revealed that approximately 48% of enterprises have adopted a hybrid model for their cloud services. It becomes highly challenging for businesses to regularly monitor their dispersed IT services as an increasing number of enterprises subscribe to services from several CSPs to save money which is creating a need for intermediates to handle all the challenges associated with cloud computing and service integration such as cloud service brokerage platforms.
The absence of awareness about cloud-based services among several small enterprises and security problems associated with cloud-based services could restrict the growth of the cloud service brokerage market.
The various concerns associated with cloud-based services regarding security and size compatibility are restricting their adoption among small enterprises which prefer to adopt on-premises services. The various cloud services and network solutions adopted by companies must be administered regularly to enhance network security and prevent data loss which increases the operational expenses of a company. Further, there is a general lack of knowledge among companies operating in various sectors and the presence of various cloud-based services that could assist them in their operations which is further limiting the consumption of cloud services brokerage solutions.
- In March 2023, Waton Securities International, a financial technology company in Hong Kong, and Amazon Web Services, an Amazon subsidiary company providing IT services entered into a partnership to jointly introduced a new cloud service broker platform, Broker Cloud for all companies working in the banking and financial industry including international brokerage enterprises.
- In January 2023, a Singapore-based telecommunication company, StarHub announced that it shall continue its partnership with NAVER Cloud, a South Korean company, to launch Cloud-X, a new cloud service brokerage solution.
- In December 2021, a cloud services broker software was introduced by BeyondTrust, a US-based company providing protected access management services to help its clients reclaim authority over critical cloud infrastructure and enhance risk mitigation related to multi-cloud entitlements.
North America holds a prominent share of the cloud services brokerage market and is expected to witness healthy growth over the forecasted period.
The abundance of cloud-based service vendors and the constant evolution in cloud infrastructure driven by the presence of leading technology companies such as Google, Amazon, and IBM provide a market opportunity for the growth of the cloud services brokerage market in North America. In addition, the increasing adoption of cloud-based services across companies in different sectors of North American countries promotes the installation and application of cloud broker services and applications to ensure the smooth functioning of virtual operations and cloud services in the region. Hence, the cloud service brokerage market in North America is anticipated to significantly expand over the forecast period.
Further, the Asia Pacific region is expected to contribute majorly to the development of the cloud service brokerage market driven by the rising adoption rates of cloud-based services across its BFSI and retail sectors and the advancement in the provision of cloud services and cloud broker solutions by established technology companies in the region such as Accenture Plc, Wipro, Tata Consultancy Services, and Oracle Corporation. In addition, the increase in the number of start-up companies in the corporate sector and the increasing technological advancement fueled by the digitalization of companies is increasing the demand for cloud broker services in the region.
Cloud Services Brokerage Market Scope:
|Market Size Value in 2021||US$8.586 billion|
|Market Size Value in 2028||US$24.404 billion|
|Growth Rate||CAGR of 16.09% from 2021 to 2028|
|Forecast Period||2023 – 2028|
|Forecast Unit (Value)||USD Billion|
|Segments Covered||Solution Type, Cloud Type, Broker Type, Industry Vertical, And Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||IBM, Microsoft Corporation, Amazon Web Services, Oracle, SAP SE, Alphabet Inc. (Google), Accenture, Hewlett Packard Enterprise Development LP, Alibaba Group, VMware, Inc., Jamcracker, Inc.|
|Customization Scope||Free report customization with purchase|
- By Solution Type
- By Cloud Type
- By Broker Type
- By Industry Vertical
- IT and Telecom
- By Geography
- North America
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
Frequently Asked Questions (FAQs)
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.7. Base, and Forecast Years Timeline
2. RESEARCH METHODOLOGY
2.1. Research Data
2.2. Research Design
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. CLOUD SERVICES BROKERAGE MARKET BY SOLUTION TYPE
6. CLOUD SERVICES BROKERAGE MARKET BY CLOUD TYPE
7. CLOUD SERVICES BROKERAGE MARKET BY BROKER TYPE
8. CLOUD SERVICES BROKERAGE MARKET BY INDUSTRY VERTICAL
8.5. IT and Telecom
9. CLOUD SERVICES BROKERAGE MARKET BY GEOGRAPHY
9.2. North America
9.3. South America
9.4.3. United Kingdom
9.5. Middle East And Africa
9.5.1. Saudi Arabia
9.6. Asia Pacific
9.6.4. South Korea
10. COMPETITIVE ENVIRONMENT AND ANALYSIS
10.1. Major Players and Strategy Analysis
10.2. Emerging Players and Market Lucrativeness
10.3. Mergers, Acquisitions, Agreements, and Collaborations
10.4. Vendor Competitiveness Matrix
11. COMPANY PROFILES
11.2. Microsoft Corporation
11.3. Amazon Web Services
11.5. SAP SE
11.6. Alphabet Inc. (Google)
11.8. Hewlett Packard Enterprise Development LP
11.9. Alibaba Group
11.10. VMware, Inc.
11.11. Jamcracker, Inc.
Amazon Web Services
Alphabet Inc. (Google)
Hewlett Packard Enterprise Development LP
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