Cloud Services Brokerage Market Worth $12.9 billion by 2025, Growing At a CAGR of 16.8% Report by MarketsandMarkets™

Chicago, Aug. 01, 2023 (GLOBE NEWSWIRE) -- The global Cloud Services Brokerage Market size is expected to grow from 5.9 billion in 2020 to USD 12.9 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 16.8% during the forecast period, according to a new report by MarketsandMarkets™. CSB solutions offer customers with enhanced flexibility, reduced IT costs, and enhance business operations. The presence of many prominent CSB providers has made the market very competitive. Many emerging players providing niche and differentiated offerings for target customers have come to the forefront. The development of cloud native apps will be one of the key factors driving the growth of cloud based services.

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234 - Tables
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Scope of the Report

Cloud migration and customization service segment is expected to grow with the highest CAGR during the forecast. Cloud migration services have gained popularity as enterprises across the globe continue to migrate workloads from on-premises infrastructure to cloud environments for better operational efficiency and cost savings. The demand for cloud services has surged in recent times due to COVID-19, and many enterprises across the regions have shifted enterprise workloads on cloud environment. Therefore, CSB vendors specializing in migration and customization services are in high demand. Cloud brokers offer customization services to the customers as per business needs, which provides better-bundled offerings facilitating higher returns on cloud investments.

The internal brokerage enablement segment by platform type holds the largest market size. It encompasses a group of mainframe and virtualized resources that can only be accessed by organizations or enterprises over a secured enterprise intranet. When the in-house employees or IT staff of an organization utilize the brokerage platforms for dealing with the cloud service needs of the organization, it is termed as internal brokerage. The platforms enabling the in-house employees and IT staff to become brokers are known as internal brokerage enablement platforms. These internal brorkerage enablement platforms empower enterprises to provide a unified multi-cloud governance and management experience to their employees. Enterprises utilize internal brokerage enablement platforms for unified security, policy enforcement, license management, and employee usage monitoring across cloud services.

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Public cloud segment holds the largest market size. The public cloud is defined as computing services offered by third-party providers over the public internet, making them available to anyone who wants to use or purchase them. The public cloud refers to computing that shares resources, such as storage, compute, and networking, with external entities outside the organization depending on the demand. In the public deployment model, various resources, such as applications, storage, virtual servers, and hardware, are available to client enterprises over the internet. The services offered over the public deployment model are either free or offered under a subscription model. It helps organizations meet their demands for scalability, and provides pay per usage pricing strategy and ease of deployment. The public cloud is typically designed with built-in redundancies to prevent data loss. Service providers may store replicated files across several data centers to ensure that disaster recovery is smooth and fast. Data stored on a public cloud platform is generally regarded as safe from most hazards. However, enterprises can utilize public clouds to make their operations significantly more efficient. For instance, enterprises can store non-sensitive content, online document collaboration, and webmail in the public cloud. AWS, Microsoft, IBM, and Google are some of the largest providers of a public cloud.

The adoption of CSB solutions in Small and Medium-sized Enterprises (SMEs) is gaining traction, as these organizations realize the benefits of cloud based services and solutions. An organization having less than 1,000 employees can be termed as an SME. The cloud services brokerage market for SMEs is expected to gain traction as it provides flexibility and scalability along with reduced costs. The implementation of cloud-based technologies is expected to result in increased revenues, desired outcomes, and improved business efficiency for SMEs. However, SMEs face three critical challenges: capital, skills, and scalability. To overcome these issues, SMEs adopt the pay-as-you-go model, which offers flexibility to manage its IT infrastructure according to the requirements. SMEs face intense competition from large enterprises, thus to gain a competitive edge, SMEs are adopting cloud services brokerage, which would enable quick responses, timely decisions, and overall enhanced business productivity. The adoption of cloud services brokerage is further expected to increase in the coming future as more organizations are migrating workloads on the cloud-based environment.

Retail and consumer goods is one of the fastest-growing verticals. The retail and consumer goods vertical is witnessing a significant transformation due to consumers' rising purchasing power, the availability of digital stores, and enhanced customer experience with the emergence of new-generation offerings for retailers. With the proliferation of the online market, retailers are adopting innovative technologies, such as cloud computing, big data analytics, digital stores, and social media networks. These advancements further invite greater employment in this sector and an increased amount of customer data to exploit. With the advent of eCommerce and online retailers, the retail industry has faced tremendous changes in recent years and has readjusted itself to the new business environment. Shop retailers are adopting more innovative technologies, such as cloud computing and big data analytics, to survive and thrive. Vendors need a comprehensive cloud-computing environment to offer their respective product and service portfolios to customers. Managing the instability and change in demand for various products due to strong competition is a definite challenge. Shop retailers are adopting cloud services brokerage to manage cloud environments, cross-channel shipping options, and inventory to sustain tough competition.

APAC is projected to witness the fastest growth rate in the coming years due to the large-scale adoption of CSB in China, India, Singapore, Australia, and New Zealand. APAC consists of countries with a complex ecosystem of startups, government companies, SMEs, and large multinational companies using and developing an array of valuable Information and Communications Technology (ICT) solutions. Major factors for technological advancements in the region are the rising levels of urbanization, technological innovations, and government support for the digital economy. Rapid advancements in telecommunications, cloud computing, and IoT have led several organizations to adopt cloud-based strategies. The region is expected to experience huge growth during the forecast period.  

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Top Trends in Global Cloud Services Brokerage Market

The global Cloud Services Brokerage Market is growing rapidly, and there are a number of key trends that are driving this growth. It is important to note that the cloud computing industry is constantly evolving, and new trends may have emerged since then. Some of the top trends in the global Cloud Services Brokerage Market include:

• In order to avoid vendor lock-in and to take advantage of the distinctive services provided by several cloud service providers, many organisations adopted multi-cloud strategies. Businesses were helped by cloud services brokers to manage various cloud environments efficiently, providing smooth data movement, integration, and optimisation across many platforms.
• Concerns concerning data security and compliance increased along with the adoption of cloud services. Brokers of cloud services were essential in assisting businesses in choosing and implementing reliable security solutions as well as in assuring adherence to rules and laws.
• On-premises systems and cloud-based applications were increasingly in demand for integration services, according to the market for cloud services brokerage. Brokers helped companies create hybrid IT systems and integrate different cloud services with their current infrastructure.
• In order to improve decision-making, automate processes, optimise resource allocation, and provide predictive analytics for greater performance and cost effectiveness, AI and ML are being integrated into cloud services brokerage products.
• Applications could be developed, deployed, and managed more effectively for organisations thanks to containers and microservices design, which were becoming more and more popular. In order to streamline their cloud-native applications, cloud services brokers assisted organisations in implementing container orchestration systems like Kubernetes and Docker Swarm.
• Organisations were looking for more extensive managed services and support from cloud services brokers due to the increasing complexity of cloud environments. To guarantee the efficient operation of cloud infrastructure, these services comprised monitoring, troubleshooting, performance optimisation, and cost management.
• Businesses were increasingly searching for cloud services brokers as the IoT ecosystem grew to help integrate IoT devices and manage the massive volumes of data these devices produced.
• Edge computing, which includes processing data more closely to its source, was becoming more popular. Brokers of cloud services assist companies in integrating edge solutions with their cloud infrastructure and utilising the advantages of edge computing.
• The practise of serverless computing, in which programmers concentrate on writing code rather than managing the supporting infrastructure, was gaining popularity. Brokers of cloud services provided advice on implementing and improving serverless architecture.
• Energy efficiency and environmental sustainability are increasingly important factors for enterprises. Brokers of cloud services assist businesses in selecting green cloud providers and maximising cloud usage to reduce their carbon footprint.

Key Industry Development

Several significant market changes that were influencing the cloud services brokerage business were shaping its expansion and influence. Please keep in mind that the industry is always changing, thus more discoveries and advancements may have occurred since then. Prior to that time, some significant breakthroughs in the industry included:

• In order to diversify their service offerings and increase their market share, larger players have been purchasing smaller brokerage businesses in the cloud services brokerage industry. To give customers more complete solutions, strategic alliances between brokerage companies and cloud service providers were created.
• Brokers of cloud services started supplying more specialised and specialised solutions to cater to the unique requirements of various enterprises and industries. In order to produce customised solutions, this required a deeper comprehension of the needs of the client and the capacity to curate services from various cloud providers.
• The need of security and compliance increased as cloud adoption increased. To assure data protection and regulatory adherence, cloud services brokers were putting an increased emphasis on strong security protocols and compliance frameworks.
• Brokerage of cloud services has begun integrating with other cutting-edge technologies like blockchain, IoT, AI, and ML. Through this connectivity, it was possible to make decisions that were more informed, streamline procedures, and increase customer efficiency.
• Brokers of cloud services have increased the scope of the managed services they offer. These services included everything from cloud deployment and migration to ongoing maintenance, optimisation, and monitoring.
• Significant growth was seen in the demand for hybrid and multi-cloud solutions. Brokers of cloud services were crucial in helping firms manage and optimise their operations across various cloud platforms.
• Cost management became a primary worry for corporations as cloud usage increased. Brokers of cloud services provide solutions for cost optimisation, assisting businesses in keeping costs under control while maximising cloud benefits.
• In order to meet the particular needs of numerous industries, including healthcare, banking, retail, and government, cloud services brokerage firms started creating sector-specific solutions.
• Due to the popularity of edge computing, cloud service providers have expanded their knowledge of edge solutions, assisting businesses in utilising edge capabilities alongside cloud services.
• As the importance of sustainability increased, some cloud services brokerage companies launched "green cloud" campaigns to encourage the usage of cloud services from eco-friendly providers and energy-saving cloud solutions.
• Training and skill development were prioritised in the cloud services brokerage sector to give professionals the knowledge they need to understand the complexity of cloud services and provide customers with value-added services.

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