Cloud Services Brokerage Market Rising With Growth In New Technology Trends Research By 2025Posted by Mrudula Anil Karmarkar on December 12th, 2023 San Francisco, 12 December 2023: The ReportCloud Service Brokerage MarketSize, Share & Trends Analysis Report By Service, By Deployment Model, By Organization Size, By Platform, By End-use Industry, By Region, And Segment Forecasts, 2020 - 2025 The global cloud services brokerage market size is estimated to reach USD 17.2 billion by 2025, according to a new study by Grand View Research, Inc. It is projected to expand at a CAGR of 17.3% during the forecast period. Cloud Service Brokerage (CSB) is a business model that helps plan and manage IT resources across all cloud models from numerous vendors whilst reducing compliance risk and total IT costs. It helps reduce business complexities through managing, integrating, orchestrating, and controlling multi-cloud environments on a centralized platform. Additionally, enterprises can provide several cloud-based services from a single point of access, including administration, billing, and support, to their partners and customers. The significant rise in adoption of multi-cloud platforms to cater to the needs of various clients, vendors, and technology partners is likely to remain the key factor driving growth of the global cloud services brokerage market over the forecast period. Cloud service brokers help manage services implemented on hybrid clouds and integrate these platforms with the systems and cloud-based applications deployed at consumer’s premises. The aim is to make services more secure and specific to the company. With the increasing use of cloud services for both B2B processes and back-office systems, integration and coordination of a high order is needed. Moreover, the rise of outsourcing of interdependent business processes to multi-cloud vendors makes business processes highly complex. This is likely to result in increased adoption of CSB solutions over the forecast period. Rapid growth in demand for hybrid IT solutions across large enterprises coupled with growing need for storage and effective management of large volumes of enterprise data, is expected to lead the market toward a remarkable growth path over the forecast period. Furthermore, the rapid migration of Small and Medium Enterprises (SMEs) on cloud platforms - to reduce infrastructure costs and improve the ease of data accessibility - is expected to lead to high demand for cloud service brokerage solutions and services. Besides, rapidly increasing numbers of digital payment vendors and rising government initiatives aimed at the promotion of digital banking technologies are likely to foster growth of the cloud service brokerage market over the forecast period. Key market players focus on mergers and acquisitions to expand their service portfolios, customer base, and regional presence. However, the lack of awareness about the benefits of CSB solutions, coupled with the rising concerns related to cybersecurity among consumers, may hinder the growth over the forecast period. Cloud Service Brokerage (CSB) refers to intermediary parties between Cloud Service Providers (CSP) and consumers that help customize and enhance business information in multi-cloud platforms. CSB providers help and support consumers in implementation, orchestration, and integration of applications across multi-cloud platforms and assist them in selecting offerings and services that best fit their business needs. Request sample report of Cloud Services Brokerage Market@https://www.grandviewresearch.com/industry-analysis/cloud-service-brokerage-csb-market/request/rs1 With the rapidly growing adoption of multi-cloud platforms, enterprises are offered numerous choices. Enterprises are increasingly dependent on external expertise for selecting the best cloud solutions to ensure consistent performance and security as well as business agility. This is expected to stimulate market growth over the forecast period. Moreover, with the transforming technology landscape, business processes are continuously evolving to meet consumer demands. Cloud service vendors are adopting a modern and agile business model for IT procurement by offering various services that are accessible and on-demand in nature. These brokers assist consumers in simplifying and leveraging services that can aggregate, customize, and improve access to business information in multi-cloud platforms. Cloud Services Brokerage Market Report Highlights
Several enterprises are migrating their business processes on cloud to reduce the overall infrastructure costs and to increase the ease of accessibility of data from anywhere around the world. Moreover, increasing adoption of Platform-as-a-Service (PaaS) across various enterprises to develop and test applications is, in turn, boosting the demand for CSB solutions. Besides, integrating on-premise business applications with cloud services enhances scalability and flexibility for organizations. However, the complexities involved in managing multiple cloud platforms can hamper the company’s productivity. As a result, companies are demanding services that help them reduce these complexities and streamline business processes. The scenario will thus lead to an increased demand for CSB services over the forecast period. Furthermore, increasing investments for the betterment and deployment of advanced telecom network infrastructure, coupled with rapidly growing numbers of hybrid IT solutions used across enterprises, are expected to fuel the CSB market over the forecast period. Cloud Service Brokerage Market Report Scope
However, lack of awareness regarding the benefits of cloud platforms among Small and Medium Enterprises (SMEs), along with rising security concerns, is anticipated to hamper market growth over the forecast period. Based on services, the global cloud service brokerage market has been segmented into integration, sourcing, and procurement; vendor management; and governance and control. In 2018, cloud integration, sourcing, and procurement segment captured more than 40% market share in terms of revenue. The growth is attributed to the rising demand for integration services across large enterprises to integrate their businesses with clients, third-party vendors, and technology partners, which provides agility, and ease of accessibility to the business. Key market players focus on increasing their service offerings to cater to customer needs and to provide a high level of data security. For instance, in June 2018, Atos SE introduced a new set of cloud security brokerage solutions to provide improved data security across hybrid cloud environments. Furthermore, key companies focus on establishing partnerships that will help increase their service offerings and market presence. Some of the prominent players in the cloud service brokerage market include:
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