Cloud Services Brokerage Market size is poised to grow with a lucrative CAGR from 2023 to 2032, owing to rapid digitalization and rising cloud adoption. The COVID-19 pandemic represented a fundamental transformation in operating models among global organizations. Most businesses adopted the work-from-home model, requiring secure access to centralized cloud systems that run software and sensitive information workloads.
The requirement for resilient cloud infrastructure as part of the digital transformation strategy will boost the reliance on cloud service brokers. A cloud broker refers to a key entity that acts as an intermediary between cloud providers and customers to address issues and conduct negotiations to increase customer satisfaction and drive service provider profits.
Prominent factors shaping the cloud services brokerage market trends include the rise in internet penetration and the mounting number of online shoppers. Based on statistics from Digital Corporation, in 2022, 79% of Americans were registered as online shoppers, while 51% of them purchased something using mobile phones. These factors will accelerate the development of cloud-based platforms and in turn, augment the popularity of cloud service broker architecture.
Despite the growth trajectory, security concerns regarding confidential data and the lack of awareness or technical expertise of cloud brokerage services may create roadblocks to industry expansion to some extent.
The integration service segment is expected to account for a considerable share of the cloud services brokerage (CSB) market by 2032, attributed to the presence of multi-cloud brokers that provide out-of-the-box integrations to address cloud-related service management challenges and enable DevOps teams to seamlessly work with different applications. The integration of outsourced cloud services with on-premises internal systems can also help organizations and enterprises manage the service life cycle and other changes, thereby forming an enhanced cloud service package.
In terms of application, the cloud services brokerage market size from the BFSI segment will amass considerable profits over the forecast period, on account of the rise of digital banking. The coronavirus pandemic supercharged digital banking, with multiple forward-thinking banks investing in digital platforms to address the competitive challenges. Despite the gradual return to in-person banking, digital channels remain robust as banks seek to cater to changing customer requirements.
The Asia Pacific cloud services brokerage industry is slated to will gain remarkable momentum through 2032, driven by high emphasis on the digital economy. For example, India vies to become a digital economy, boosting the reliance on cloud computing to technologically transform the economy and make it more inclusive and resilient. The region is also set to overtake the rest of the world in digitalization and IoT adoption. These trends will influence organizations to rely on cloud-based strategies and consequently spur the development of CSB services.
Prominent participants operating across the cloud services brokerage market include CloudFX, DXC Technology, Jamcracker Inc. (Actua Corporation), Arrow Electronics, Wipro Limited, DoubleHorn Communications LLC, and IBM. These firms are adopting service expansion strategies to increase their customer base and regional footprint in the global market.
For instance, in December 2022, DXC Technology unveiled DXC Assure Broking, a global digital broking platform, and announced an early adopter, Lockton. Under the deal, this independent insurance brokerage intended to use DXC’s cloud platform to support its UK retail business and boost its footprint across geographies and sectors, thus gaining an edge over rivals in the industry.
Automation has become a key to assisting businesses to combat rising inflation since there has been a greater demand to enhance productivity worldwide. Microsoft, for example, witnessed inflation-busting growth, mainly driven by cloud adoption. Cloud computing through the Azure public cloud served as the largest contributor to the company’s revenue over recent years. Factors such as these will escalate the use of cloud brokerage services to add value to customers and providers of cloud computing services.
This cloud services brokerage (CSB) market research report includes in-depth coverage of the industry with estimates & forecast in terms of USD from 2018 to 2032 for the following segments:
Market, By Service Type
Market, By Platform
Market, By Organization Size
Market, By Deployment
Market, By Application
The above information has been provided for the following regions and countries: