Cloud Services Brokerage Market Growing at CAGR of 17.3% | K...| MENAFN.COM

Saturday, 02 July 2022 01:08 GMT

Cloud Services Brokerage Market Growing at CAGR of 17.3% | Key Players Accenture, DoubleHorn, Jamcracker, IBM, RightScale

(MENAFN- GetNews) Cloud Services Brokerage Market Size, Share, Analysis - by Service Type (Catalog Management, Workload Management, Operations Management), Platform (Internal Brokerage, External Brokerage), Deployment Model, Organization Size, Vertical, and Region, Forecast to 2023

The global Cloud Services Brokerage (CSB) market is expected to grow at a Compound Annual Growth Rate (CAGR) of 17.3% during the forecast period (20182023) to reach a market size of USD 15.03 billion by 2023. CSBs help an enterprise achieve cost savings by procuring budget-friendly cloud service packages through combining services of various CSPs. Moreover, brokers provide tools and software to enterprises, which empower companies to track cloud expenditures. These benefits offered by CSBs are expected to spur the demand for these services.

CSB solutions are expected to witnesse major technological changes along with evolving technological advancements. Enterprises are increasingly setting up cloud services with third-party assistance and CSBs are emerging as integrators. The integration role of CSBs allows brokers to link cloud services with on-premises systems, and involves the customization of cloud services to meet the customer's needs.

The workload management segment is expected to grow at the highest rate during the forecast period. A cloud service broker enables organizations to assess which on-premises workloads are cloud ready and also assists the organizations in moving cloud workloads among different CSPs based on price and other associated factors. The migration of workloads seems challenging for organizations, and the brokers help in eliminating the challenge by providing workload management services.

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The external brokerage enablement segment is expected to grow at a higher rate during the forecast period. The segment provides a multi-tenant cloud delivery and management platform to telecom service providers, distributors and Value-Added Resellers, and cloud providers that help in offering various services, enablement of channels, and management of administration activities. The enablement platform also collaborates various cloud service offerings on a common platform. The external brokerage enablement segment is expected to grow in the coming years, due to the number of business benefits and opportunities that it offers to various technology and service providers.

The Small and Medium-sized Enterprises (SMEs) segment is expected to grow at a higher CAGR during the forecast period. SMEs are facing greater resource crunch than larger enterprises and require better methods to solve the complexities of cost optimization of their business processes. Cloud services have become a central part of the business processes in SMEs, due to cost efficiency, ease of use, and the flexibility offered. The CSBs enable SMEs to have a strict control on their cloud needs and service provisioning. This, in turn, is expected to fuel the demand for CSB in the next few years.

Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. The region provides growth opportunities to CSB vendors, due to the increasing investments in advanced technologies, rapid adoption of cloud, and rise in government regulations for data storage.

The CSB plays an important role in the healthcare and life sciences industry vertical. There has been a potential interest of healthcare companies in the adoption of cloud computing technology over the past few years. IT and network security is a growing concern for the healthcare vertical. As a result, the vertical is facing several challenges, such as maintaining the privacy of Electronic Health Record (EHR) and meeting various compliances set by the Healthcare Information Portability and Accountability Act (HIPAA). These requirements are leading the healthcare organizations to reach out cloud service brokers for better platforms and services to cater to their needs.

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The CSB market includes major vendors, such as Accenture (Ireland), DoubleHorn (US), Jamcracker (US), IBM (US), HPE (US), RightScale (US), Dell (US), Wipro (India), Arrow Electronics (US), ActivePlatform (Belarus), Cloudmore (Sweden), InContinuum (Netherlands), DXC Technology (US), Cognizant (US), BitTitan (US), Nephos Technologies (UK), OpenText (Canada), ComputeNext (US), CloudFX (Singapore), Fujitsu (Japan), Tech Mahindra (India), Atos (France), Cloudreach (UK), Neostratus (Hungary), and Proximitum (UK). These players have embraced different strategies to expand their global presence and increase their market shares. New product launches and partnerships/collaborations are some of the significant strategies deployed by the major players to grow further in the CSB market. Several companies, such as Accenture, DoubleHorn, IBM, and HPE, have adopted these strategies to expand their product portfolios.

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