The new report by Expert Market Research titled, ‘Global Cloud Services Brokerage Market Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the global cloud services brokerage market, assessing the market based on its segments like platform, deployment model, organisation size, vertical, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 6.1 Billion
- Forecast CAGR (2023-2028): 2%
- Forecast Market Size (2026): USD 15.8 Billion
The public cloud is likely to account for a large portion of the market because it is freely accessible to anyone who wants to buy or use them over the internet. Companies demand it to fulfil their scaling requirements while also delivering a pay-per-use pricing model and ease of setup, therefore the market is likely to develop more during the projection period. The use of hybrid IT and multi-cloud management is a critical part of the rise in cloud services brokerage market revenue, as are increased agility and performance and lower enterprise costs, which will encourage industry expansion. Enterprises may provide several cloud-based services to their partners and consumers from a single point of access, including administration, pricing, and support. Over the projection period, the significant rise in the usage of multi-cloud platforms to meet the needs of diverse clients, vendors, and technology partners is expected to remain a key factor driving the global cloud services brokerage market.
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Industry Definition and Major Segments
A cloud broker is a third-party individual or company that acts as a middleman between cloud computing service buyers and providers. Cloud services brokerage, or CSB, is an IT-based business model in which a company or entity improves the value of one or more cloud services (private or public) on behalf of customers. A cloud services brokerage enabler provides tools and know-how for implementing and managing cloud services brokerage initiatives and a combination of technology, people, and processes.
By platform, the industry is segmented into:
- Internal Brokerage Enablement
- External Brokerage Enablement
By deployment model, the industry is divided into:
- Public
- Private
- Hybrid
On the basis of organisation size, the industry is segmented into:
- Large Enterprises
- Small and Medium Sized Enterprises
By vertical, the industry is categorised into:
- Banking, Financial Services, and Insurance
- IT and Telecom
- Government and Public Sector
- Retail and Consumer Goods
- Manufacturing
- Healthcare and Life Sciences
- Energy and Utilities
- Others
On the basis of region, the industry is divided into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
With the increased acceptance of multi-cloud platforms, companies have a plethora of options. To ensure continuous performance, security, and business agility, businesses are increasingly relying on external expertise to select the finest cloud solutions which is expected to boost market growth. As the technological landscape changes, company operations must adapt to match consumer demands. The increased use of cloud platforms by small and medium enterprises (SMEs) to cut infrastructure costs and improve data accessibility is predicted to drive up demand for cloud service brokerage solutions and services. Rising proactive investments by enterprises in cloud-based models and rising research and development (R&D) activities in the market will create new opportunities for the cloud services brokerage market in the forecast period.
Key Market Players
The major players in the market are IBM Corporation, Oracle, Microsoft Corporation, Accenture PLC, and VMware, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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