Cloud Services Brokerage Market Size, Share, Opportunities, 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 2024 To 2029

  • Published : May 2024
  • Report Code : KSI061614993
  • Pages : 154

The cloud services brokerage market is projected to grow at a CAGR of 16.9% to reach US$29.74 billion in 2029 from US$9.966 billion in 2022.

Cloud services brokerage refers to 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 essential services offered by cloud services brokerage products to their customers, adopting private, public, and hybrid cloud-based services in their operations. Adopting 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 various 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.

Cloud services brokerage market drivers:

  • 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 various advantages such as flexibility, reduced operational and capital expenditure reduction, and quicker access associated with cloud-based services. These cloud services allow customers to increase their productivity and efficiency gradually.

However, the administration and management of these various cloud service models pose a difficulty to enterprises as the sophistication and complexity of cloud-based services, 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 had 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, creating a need for intermediates to handle all the challenges associated with cloud computing and service integration, such as cloud service brokerage platforms.

  • Storage and data storage needs-

Data usage rising worldwide, in 2022, estimates suggest that mobile broadband traffic rates surged to 913 exabytes (eb), which is over double the amount recorded in 2019, which stood at 419 eb. The fixed broadband traffic, in the Americas, has increased from 878 exabytes (eb) in 2021, it increased to 1,005 exabytes (eb) in 2022.

In Asia-Pacific, the monthly mobile broadband traffic average per subscription reached 13.1 GB, the world average being 11.2 GB and more than the Europe region average of 11.4 GB. By 2022, the proportion of traffic attributed to mobile broadband had risen from 3.4 to 4.2 percent. Businesses require more storage, data, and processing power to handle it effectively. Cloud services offer scalable solutions that can grow for more data volumes.

Cloud services brokerage market challenges:

  • 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 restrict their adoption among small enterprises that 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, further limiting the consumption of cloud services brokerage solutions.

Cloud services brokerage market segmentation by cloud type public, private, and hybrid.

Cloud services brokerage market segmentation by cloud type public, private, and hybrid. Public, there are major cloud providers such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP), businesses can choose the right public cloud services according to their needs. Private, greater control and security over their data, with better design, implementation, and management to their needs. Hybrid, it combines elements of both public and private clouds.

North America holds a major share of the cloud services brokerage market

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, North America's cloud service brokerage market is anticipated to expand over the forecast period significantly.

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 are increasing the demand for cloud broker services in the region.

Cloud Services Brokerage Industry Updates:

  • 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 introduce a new cloud service broker platform, Broker Cloud, for all companies working in the banking and financial industry including international brokerage enterprises.
  • January 2023- A Singapore-based telecommunication company, StarHub, announced that it would continue its partnership with NAVER Cloud, a South Korean company, to launch Cloud-X, a new cloud service brokerage solution.
  • 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.

Market Segmentation:

  • 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
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • Germany
      • France
      • UK
      • Spain
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • UAE
      • Israel
      • Others
    • Asia Pacific
      • China
      • Japan
      • India
      • South Korea
      • Indonesia
      • Taiwan
      • Others

Frequently Asked Questions (FAQs)

The cloud services brokerage market is projected to reach a total market size of US$24.404 billion in 2028.
The global cloud services brokerage market is projected to grow at a CAGR of 16.09% over the forecast period.
Cloud Services Brokerage Market was valued at US$8.586 billion in 2021.
The increasing need to prevent technical accidents such as vendor lock-ins and growing cloud adoption across companies is propelling the cloud services brokerage market growth.
North America holds a prominent share of the cloud services brokerage market.

1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base, and Forecast Years Timeline

1.8. Key benefits to the stakeholder

2. RESEARCH METHODOLOGY

2.1. Research Design

2.2. Research Process

3. EXECUTIVE SUMMARY

3.1. Key Findings

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

4.5. Analyst View

5. CLOUD SERVICES BROKERAGE MARKET BY SOLUTION TYPE

5.1. Introduction

5.2. Integration

5.2.1. Market opportunities and trends

5.2.2. Growth prospects

5.2.3. Geographic lucrativeness 

5.3. Aggregation

5.3.1. Market opportunities and trends

5.3.2. Growth prospects

5.3.3. Geographic lucrativeness 

5.4. Customization

5.4.1. Market opportunities and trends

5.4.2. Growth prospects

5.4.3. Geographic lucrativeness 

5.5. Governance

5.5.1. Market opportunities and trends

5.5.2. Growth prospects

5.5.3. Geographic lucrativeness 

6. CLOUD SERVICES BROKERAGE MARKET BY CLOUD TYPE

6.1. Introduction

6.2. Public

6.2.1. Market opportunities and trends

6.2.2. Growth prospects

6.2.3. Geographic lucrativeness 

6.3. Private

6.3.1. Market opportunities and trends

6.3.2. Growth prospects

6.3.3. Geographic lucrativeness 

6.4. Hybrid

6.4.1. Market opportunities and trends

6.4.2. Growth prospects

6.4.3. Geographic lucrativeness 

7. CLOUD SERVICES BROKERAGE MARKET BY BROKER TYPE

7.1. Introduction

7.2. Internal

7.2.1. Market opportunities and trends

7.2.2. Growth prospects

7.2.3. Geographic lucrativeness 

7.3. External

7.3.1. Market opportunities and trends

7.3.2. Growth prospects

7.3.3. Geographic lucrativeness 

8. CLOUD SERVICES BROKERAGE MARKET BY INDUSTRY VERTICAL

8.1. Introduction

8.2. BFSI

8.2.1. Market opportunities and trends

8.2.2. Growth prospects

8.2.3. Geographic lucrativeness 

8.3. Healthcare

8.3.1. Market opportunities and trends

8.3.2. Growth prospects

8.3.3. Geographic lucrativeness 

8.4. Retail

8.4.1. Market opportunities and trends

8.4.2. Growth prospects

8.4.3. Geographic lucrativeness 

8.5. IT and Telecom

8.5.1. Market opportunities and trends

8.5.2. Growth prospects

8.5.3. Geographic lucrativeness 

8.6. Manufacturing

8.6.1. Market opportunities and trends

8.6.2. Growth prospects

8.6.3. Geographic lucrativeness 

8.7. Education

8.7.1. Market opportunities and trends

8.7.2. Growth prospects

8.7.3. Geographic lucrativeness 

8.8. Others

8.8.1. Market opportunities and trends

8.8.2. Growth prospects

8.8.3. Geographic lucrativeness 

9. CLOUD SERVICES BROKERAGE MARKET BY GEOGRAPHY

9.1. Introduction

9.2. North America

9.2.1. By Solution Type

9.2.2. By Cloud Type

9.2.3. By Broker Type

9.2.4. By Industry Vertical

9.2.5. By Country

9.2.5.1. United States

9.2.5.1.1. Market Trends and Opportunities

9.2.5.1.2. Growth Prospects

9.2.5.2. Canada

9.2.5.2.1. Market Trends and Opportunities

9.2.5.2.2. Growth Prospects

9.2.5.3. Mexico

9.2.5.3.1. Market Trends and Opportunities

9.2.5.3.2. Growth Prospects

9.3. South America

9.3.1. By Solution Type

9.3.2. By Cloud Type

9.3.3. By Broker Type

9.3.4. By Industry Vertical

9.3.5. By Country

9.3.5.1. Brazil

9.3.5.1.1. Market Trends and Opportunities

9.3.5.1.2. Growth Prospects

9.3.5.2. Argentina

9.3.5.2.1. Market Trends and Opportunities

9.3.5.2.2. Growth Prospects

9.3.5.3. Others

9.3.5.3.1. Market Trends and Opportunities

9.3.5.3.2. Growth Prospects

9.4. Europe

9.4.1. By Solution Type

9.4.2. By Cloud Type

9.4.3. By Broker Type

9.4.4. By Industry Vertical

9.4.5. By Country

9.4.5.1. Germany

9.4.5.1.1. Market Trends and Opportunities

9.4.5.1.2. Growth Prospects

9.4.5.2. France

9.4.5.2.1. Market Trends and Opportunities

9.4.5.2.2. Growth Prospects

9.4.5.3. UK

9.4.5.3.1. Market Trends and Opportunities

9.4.5.3.2. Growth Prospects

9.4.5.4. Spain

9.4.5.4.1. Market Trends and Opportunities

9.4.5.4.2. Growth Prospects

9.4.5.5. Others

9.4.5.5.1. Market Trends and Opportunities

9.4.5.5.2. Growth Prospects

9.5. Middle East and Africa

9.5.1. By Solution Type

9.5.2. By Cloud Type

9.5.3. By Broker Type

9.5.4. By Industry Vertical

9.5.5. By Country

9.5.5.1. Saudi Arabia

9.5.5.1.1. Market Trends and Opportunities

9.5.5.1.2. Growth Prospects

9.5.5.2. UAE

9.5.5.2.1. Market Trends and Opportunities

9.5.5.2.2. Growth Prospects

9.5.5.3. Israel

9.5.5.3.1. Market Trends and Opportunities

9.5.5.3.2. Growth Prospects  

9.5.5.4. Others

9.5.5.4.1. Market Trends and Opportunities

9.5.5.4.2. Growth Prospects

9.6. Asia Pacific

9.6.1. By Solution Type

9.6.2. By Cloud Type

9.6.3. By Broker Type

9.6.4. By Industry Vertical

9.6.5. By Country

9.6.5.1. China

9.6.5.1.1. Market Trends and Opportunities

9.6.5.1.2. Growth Prospects

9.6.5.2. Japan

9.6.5.2.1. Market Trends and Opportunities

9.6.5.2.2. Growth Prospects

9.6.5.3. India

9.6.5.3.1. Market Trends and Opportunities

9.6.5.3.2. Growth Prospects

9.6.5.4. South Korea

9.6.5.4.1. Market Trends and Opportunities

9.6.5.4.2. Growth Prospects

9.6.5.5. Indonesia

9.6.5.5.1. Market Trends and Opportunities

9.6.5.5.2. Growth Prospects

9.6.5.6. Taiwan

9.6.5.6.1. Market Trends and Opportunities

9.6.5.6.2. Growth Prospects

9.6.5.7. Others

9.6.5.7.1. Market Trends and Opportunities

9.6.5.7.2. Growth Prospects

10. COMPETITIVE ENVIRONMENT AND ANALYSIS

10.1. Major Players and Strategy Analysis

10.2. Market Share Analysis

10.3. Mergers, Acquisition, Agreements, and Collaborations

10.4. Competitive Dashboard

11. COMPANY PROFILES

11.1. IBM

11.2. Microsoft Corporation

11.3. Amazon Web Services

11.4. Oracle

11.5. SAP SE

11.6. Alphabet Inc. (Google)

11.7. Accenture

11.8. Hewlett Packard Enterprise Development LP 

11.9. Alibaba Group

11.10. VMware, Inc.

11.11. Jamcracker, Inc.


IBM

Microsoft Corporation

Amazon Web Services

Oracle

SAP SE

Alphabet Inc. (Google)

Accenture

Hewlett Packard Enterprise Development LP 

Alibaba Group

VMware, Inc.

Jamcracker, Inc.