Cloud Service Brokerage Market to Witness a Pronounce Growth During 2019 - 2025

06/mag/2019 10:49:09 Annesa Saha Contatta l'autore

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May 06, 2019: 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.

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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.

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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.

Further key findings from the study suggest that:

  • In 2018, North America captured a significantly high market share, attributed to a large number of data centers along with several large IT and cloud service providers
  • Asia Pacific is expected to witness significant growth from 2019 to 2025, mainly due to growing adoption of cloud services in small and medium enterprises to reduce infrastructure costs and to sustain in a highly competitive environment
  • Cloud vendor management segment is anticipated to witness robust growth over the forecast period owing to benefits of these services that allow efficient management of multi-cloud platforms for numerous vendors
  • External brokerage enablement segment delivers multi-tenant cloud delivery and management platform, which assist applications such asdelegated administration, self-service cloud fulfillment, and channel enablement for distributors, cloud service providers, and resellers. This is expected to drive segment growth over the forecast period
  • Prominent players operating in the cloud service brokerage market focus on mergers and acquisitions to deliver high security over multi-cloud platforms and to enhance their regional presence. For instance, BMC Software, Inc. acquired CorreLog, Inc. in October 2018 to deliver real-time security management to its mainframe customers.

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