Cloud Service Brokerage Market Covid-19 Impact, Opportunities, Growth Factors and Key Players 2024

Global Cloud Service Brokerage Market: Snapshot

Cloud service brokers act as the middlemen or the link between cloud service providers and consumers. These are organizations that assist the users with selecting the appropriate services that meet their requirements on a long-term basis. In recent years, the global cloud service brokerage market has been facing soaring demand due to the relentless uptake of cloud services by several industrial verticals. The research report states that the global cloud service brokerage market is expected to be worth US$22.4 bn by the end of 2024 as compared to US$3.3 bn in 2015. Between the forecast years of 2016 and 2024, the global market is expected to progress at a CAGR of 23.6%.

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cloud service brokerage market

Pressing Need to Manage Data Effectively Encourages Uptake of Services Offered by Cloud Service Brokers

Analysts anticipate that the global cloud service brokerage market is likely to grow against the backdrop of the pressing need for better cloud service providers and integrators to achieve cost-effectiveness in business operations. Furthermore, the growing requirements of simplified deployment and troubleshooting are also expected to boost the market’s growth in the coming years. The only roadblock in the development of the global market is the fact that the global market is still in its nascent stage, which means fewer users are aware of the advantages it can offer.

North America to Remain at Forefront as Region Embraces Technological Advancements

On the basis of regions, the global cloud service brokerage market is segmented into North America, South America, the Middle East and Africa, Asia Pacific, and Europe. Of these, North America is expected to dominate the global market in the coming years due to the strong presence of a large number of cloud service brokers and the existing data centers in the region. The rapid adoption of cloud services in the region due to notable advancements in technology is expected to keep North America at the forefront in the global market.

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Europe too is expected to make a significant mark in the global cloud service brokerage market due to increasing awareness about the benefits of deploying cloud services and using cloud service brokers in various organizations. Thus, the demand for cloud services and data centers in the region in expected to create a positive outlook for this regional market.

Telecom and IT Sector becomes Key Contributor to Rising Revenue of Global Market

The various end users of cloud service brokers are sectors such as the healthcare, telecom and IT, retail, government, energy, and BFSI among others, Out of these, the telecom and IT segment was the key contributor to the rising revenue of the global market in 2015. This segment is expected to show steady growth in the coming years due to the accelerated adoption of cloud services. The increasing complexity and volume of data and the need to manage it efficiently are also driving the telecom and IT segment to use services offered by cloud service brokers. In the coming years, the BFSI segment will follow the IT and telecom segment’s lead as the sector will look for ways to minimize costs of data handling.

The key players operating in the global cloud services brokerage market are Capgemini S.A., Jamcracker, Inc., ComputeNext Inc., Accenture plc, Cognizant Technology Solutions Corporation, Nephos Technologies Ltd, NEC Corporation, Green Cloud Technologies, LLC, Appirio, Inc., Blue Wolf Group LLC, Dell Inc., and Cloud Sherpas, Inc. Currently, the market faces a high degree of competition due to the presence of several large players in the market.

Cloud Service Brokerage Market to Rise Remarkably Owing to Increasing Interest for Processed Utilization of Innovation

Cloud service representatives go about as the agents or the connection between cloud service suppliers and customers. These are associations that help the clients with choosing the proper services that meet their prerequisites on a drawn out premise. Lately, the worldwide cloud service brokerage market has been confronting taking off request because of the tenacious take-up of cloud services by a few modern verticals.

Internationally the interest for cloud services has developed massively on the grounds that there is remarkable ascent in the interest for innovation based services. Territories like IT and telecom, banking and funds, medical care, retail, energy, and government area are currently utilizing trend setting innovations at an enormous degree. Along these lines, a cloud service brokerage association helps clients or the clients to pick right services and give customization among different services and programming. Cloud services are profoundly alluring as they aid customization of cloud services, sending, and mix of different cloud services according to the requirement. The developing interest for half breed cloud model has likewise fuelled interest for cloud service brokerage around the world.

Alternately, the absence of mindfulness about advantages of utilizing cloud services may restrict the market’s direction. As the market is in its incipient stage the employments of the cloud services is as yet unclear. Individuals actually really like to work customarily particularly in immature locales, which may remain as a barricade for the market to develop at its maximum capacity. Notwithstanding, augmenting infiltration of web and progressed utilization of innovation will decrease the impact of these restrictions. Low capital use and ease are likewise driving the interest for cloud service brokerage market.

The need to discover new cloud services suppliers and integrators, alongside the requirement for help, investigating, and improved on organization has contributed fundamentally towards the cloud service brokerage market as cloud service brokerage tends to these worries. Coordinating cloud-based arrangements with big business processing foundation is slowly getting mind boggling. This is prompting a developing interest in appropriation of cloud service brokerage for little, medium, and huge undertakings as cloud service brokerage aids the simple acknowledgment of the cloud in ventures with thorough information insurance needs. Notwithstanding, inferable from the beginning condition of the cloud service brokerage market, there is an absence of mindfulness among little and medium measured ventures with respect to the presence and advantages of the market. This is required to prevent the development of the cloud service brokerage market during the estimate time frame.

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