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%.
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.
Based on geographical regions, the report segments the global cloud service brokerage market into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and South America, which are analyzed in terms of revenue generation. North America is further segmented into the U.S., Canada and Rest of North America, while Europe is divided into the U.K., Germany, France, Italy and Rest of Europe. Asia Pacific has been subdivided into Japan, China, India, and Rest of Asia Pacific. MEA has also been further segmented into South Africa, UAE and Rest of MEA, while South America has been subdivided into Brazil, Argentina, and Rest of South America.
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The report also provides an analysis of the factors that drive and restrain the growth of the cloud service brokerage market. It discusses the prevailing market trends, prospective growth opportunities, and major strategies increasing the popularity of the global cloud service brokerage market. It provides market estimates and forecasts for all the segments in terms of revenue. Also provided in the report is the market share of key players. Based on segment revenues, the market share of key players have been estimated. The report also provides industry evolution, value chain analysis, and Porter’s Five Forces Analysis for the global cloud service brokerage market.
Key Players Mentioned in the Report are:
Major business strategies adopted by key players, their SWOT analysis, and competition matrix have also been identified in the research report. The key market players profiled in this study include 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.