Cloud Services Brokerage (CSB) Market size is set to record stellar growth during the coming years, ascribing to the escalating adoption of cloud-based services and technologies across various industrial sectors.
One of the key challenges that is expected to impede the growth statistics of cloud services brokerage market is the alarming security concerns regarding confidential data and dearth of proper knowledge of the cloud brokerages services.
Based on the service type, cloud services brokerage market is characterized by the integration, support and maintenance segment. Cloud brokers help enterprises to integrate out-sourced cloud services with their on-premises internal systems. This would thus help the organizations and enterprises manage their service life cycle and subsequent changes. Moreover, they also manage the incorporation of services between vivid CSPs, thus forming a better cloud service package for the consumer.
Considering the deployment model, public cloud segment is expected to amass potential gains in the years ahead. In this model, various resources are made available to client enterprises over the internet. The services offered over the public deployment models are either free or offered under a subscription model. Meanwhile, it also helps various enterprises meet their demands for scalability and offer pricing strategy and ease of deployment. One of the prominent features offered by public services is that the data stored on these platforms is generally regarded as safe from hazards.
Internal brokerage enablement or Internal CSB would account for massive gains in the overall CSB market over the stipulated time frame. The platform offers unified multi-cloud governance, compliance, security, spend management, license management and support, and overall user experience to employees. Moreover, it offers both centralized resources to private as well as public cloud services’ users.
Large enterprises are expected to hold major share in the overall market through 2027, owing to the better IT infrastructure and more financial resources for pivoting to cloud services platform. Large enterprises have dedicated IT support which makes them ideal to adopt newer technologies in the nascent stage.
The global cloud services brokerage market is diversified into vivid regions including Asia Pacific, Europe, North America, Europe, and rest of the world. Asia Pacific is deemed to emerge as one of the fastest evolving markets globally, subject to the exponential growth of cloud services adoption in almost all forms of business. Besides, by implementing initiatives to build more business confidence across the cloud, local governments are anticipated to play a crucial role in the advancement of cloud integration services market across the region.
Prominent companies functioning in the cloud services brokerage market are IBM, DoubleHorn Communications LLC, Wipro, Arrow Electronics, Jamcracker Inc. (Actua Corporation), DXC Technology, and CloudFX, amongst others. These players have been going nine yards for introducing new innovations in the space. Alongside, they are also engaged in various industrial practices like acquisitions, collaborations, and partnerships, to stand an edge ahead of the rivals.
Quoting an instance, IBM, in partnership with IISc recently introduced the ‘IBM-IISc Hybrid Cloud’ laboratory in the Indian subcontinent to advance research in hybrid cloud technologies.
In parallel to this, Wipro announced partnering with Hewlett Packard and Citrix to accelerate the remote working solutions. Apparently, this is expected to help clients accelerate their digital transformation efforts and work towards developing a resilient enterprise that is operable as a hybrid workplace in the new normal.
Many companies across the world have adopted the work from home practice to safeguard employee well-being and maintain operational efficiency, escalating the demand for cloud based solutions. As more enterprises look toward turning to advance its IT infrastructure with the help of cloud based solutions, the demand for CSB solutions will continue to expand in the near future.
The above information has been provided for the following regions and countries: