Overview
According to Market Research Future, the global cloud service brokerage market has been segmented based on service, platform, organization size, deployment, vertical, and region/country.
The cloud computing activities of a cloud service broker are acquisition and assessment of customers, assessment of the marketplace, and setting up a legal agreement between the cloud technology provider and its customers. Enterprises are able to reduce the operational cost incurred by the enterprise by adopting CSB solutions and services. The major factor boosting market growth is the increasing adoption of hybrid IT and multi-cloud management. The strategic shift of enterprises towards cloud service brokerage due to the increasing need for an agile and performance-oriented solution is also driving the market growth. The increasing adoption of cloud-based services and the rapid digital transformation of organizations in major economies offer lucrative opportunities for cloud service brokerage service providers in the market. The regulatory compliance issues are a matter of concern and act as a restraint to this market.
Segmentation
By service, the global CSB Market has been divided into security and compliance, training and consulting, support and maintenance, workload management, operations management, reporting and analytics, and catalog management. The workload management segment is expected to grow at the highest CAGR during the forecast period. This is because migration of workloads is a challenging task for the organizations, and the cloud service brokers help in addressing this challenge by offering workload management services.
By platform, the global cloud service brokerage market has been divided into internal brokerage enablement and external brokerage enablement. The external brokerage enablement segment is expected to register the higher CAGR as it offers multi-tenant cloud delivery and management platform.
Based on organization size, the market has been segmented into large enterprise and small- and medium-sized enterprise (SME). The large enterprise segment is expected to have a greater market size during the review period. SMEs are expected to register the higher CAGR.
By deployment model, the global cloud service brokerage market has been divided into public cloud, private cloud and hybrid cloud. The hybrid cloud segment is expected to exhibit the higher CAGR during the forecast period.
On the basis of vertical, the global cloud service brokerage market has been divided into IT and telecommunication, banking, financial services, and insurance (BFSI), healthcare and life sciences, government and public sector, retail and consumer goods, energy and utilities, manufacturing, media and entertainment and others. The IT and telecom vertical is expected to be the largest segment and is expected to register the highest CAGR during the forecast period.
By region, the global cloud service brokerage market has been segmented into North America, Europe, Asia-Pacific, Middle East and Africa and South America.
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Regional Insight
The geographical dissection of the CSB market covers South America, Europe, North America, APAC/Asia Pacific and the Middle East and Africa/MEA.
MRFR’s evaluations confirm that North America is the highest revenue generating market, as a result of the increasing adoption of CSB solutions among enterprises in line with the rising use of multi-cloud and hybrid IT management solutions. The regional market is headed by the US, given the country’s lead in the technological world as well as the high prevalence of the cloud technology. Also, the surge in mobile workforce post COVID-19 outbreak along with the mounting demand for disaster security and recovery to prevent high costs related to network downtime can boost the uptake of cloud managed services and ultimately cloud services brokerage solutions in the region.
Europe can be the second biggest gainer in the global market, thanks to the high demand for Software-as-a-Service (SaaS), Platform as a Service (PaaS), Infrastructure-as-a-Service (IaaS), and pay-as-you-go pricing model.
The APAC market is presumed to attain the fastest expansion rate in the ensuing years, mostly due to the escalating number of IT start-ups in India and China. Also, with the accelerated consumption of cloud-based services and solutions, the regional market can demonstrate strong growth over the next few years. The vast investments on the development of the telecom infrastructure and the focus on offering better bandwidth to the consumers also induces growth of the cloud services brokerage market in the region.
Key Drivers and Top Barriers
The novel coronavirus has compelled a huge number of IT enterprises to take up the work from home model after the imposition of the lockdown across nations. The situation has boosted the demand for cloud services across the world; with digital tool providers such as Zoom and Microsoft observing significant uptick in the deployment across Italy, the US and China due to the SARS-CoV-2 outbreak. As a result, experts believe that the demand for cloud services as well as the expenditure on communications equipment, telecom services and specialized software can boom during these uncertain times. The pandemic has also led to higher spending on those working remotely along with the educators with the surge in the work from home model and online courses trending across the education industry.
With the dearth in on-site IT professionals due to the lockdown, companies are progressively adopting cloud capabilities to maintain, monitor and check their storage and server installations within the data centers. Therefore, the COVID-19 has enhanced the use of cloud services to facilitate disaster-averse and stronger systems that are accessible to the remote workforce while safeguarding the data integrity. In a nutshell, the surge in the deployment of multi-cloud management and hybrid IT can be a major booster in the cloud services brokerage market. Also, following the COVID-19 impact on the IT sector, the increasing requirement for cost-effective and better quality brokerage solutions can benefit the worldwide market.
Most of the leading competitors prefer product development and partnerships to solidify their market position, while catering to the companies across different verticals. To illustrate, in June 2020, Trustology, a Crypto custody solutions provider entered a partnership with GCEX, an OTC broker to develop a secure and reliant liquidity network for digital asset trading, to meet with the demands of their client base that includes high-net-worth professionals, brokers and institutional investors. The partnership is expected to enable the clients to finish various transactions quickly, but with better security.
Top Contenders
Some of the top contenders in the cloud services brokerage industry include Atos (France), NEC Corporation (Japan), BT (UK), Infosys (India), Arrow Electronics (US), IBM Corporation (US), ActivePlatform (US), Wipro (India), DXC Technology (US), CloudFX (Singapore), Fujitsu (Japan), Cognizant (US), BitTitan (US), Accenture (Ireland), Capgemini (France), and more.
Some more competitors in the global industry are identified as Progressive Infotech (India), Neostratus Zrt (Hungary), CLOUDREACH (UK), Pax8 (US), Tech Mahindra (India), Proximitum (UK), NTT DATA (Japan), to name a few.
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Cloud Services Brokerage Market Research Report: Information by Technology (Hall Effect, Magneto Resistive, Variable Reluctance), By Application (Automotive, Industrial, Aerospace & Defense, Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast till 2030
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