Dublin, Aug. 02, 2024 (GLOBE NEWSWIRE) -- The "Cloud Services Brokerage Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
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.
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.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 154 |
| Forecast Period | 2022 - 2029 |
| Estimated Market Value (USD) in 2022 | $9.97 Billion |
| Forecasted Market Value (USD) by 2029 | $29.74 Billion |
| Compound Annual Growth Rate | 16.9% |
| Regions Covered | Global |
Companies Featured
- IBM
- Microsoft Corporation
- Amazon Web Services
- Oracle
- SAP SE
- Alphabet Inc. (Google)
- Accenture
- Hewlett Packard Enterprise Development LP
- Alibaba Group
- VMware, Inc.
- Jamcracker, Inc.
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
- Europe
- Germany
- France
- UK
- Spain
- Middle East and Africa
- Saudi Arabia
- UAE
- Israel
- Asia Pacific
- China
- Japan
- India
- South Korea
- Indonesia
- Taiwan
For more information about this report visit https://www.researchandmarkets.com/r/5i6zhs
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
