PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1372050
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1372050
According to Stratistics MRC, the Global Cloud Services Brokerage Market is accounted for $7.0 billion in 2023 and is expected to reach $23.40 billion by 2030 growing at a CAGR of 18.8% during the forecast period. An IT department and business model known as cloud services brokerage (CSB) offer intermediary services in order to assist enterprises in controlling and integrating their cloud services from various providers. Cloud service selection, integration, modification, migration, security, governance, compliance, and management are among the many services it provides. It acts as a liaison between the business and the cloud service providers, enabling them to take advantage of the benefits of various cloud services while controlling the risks, expenses, and complexity associated with them.
According to the Flexera 2021 State of the Cloud Report, in March 2022, which surveyed 753 global cloud decision-makers and users, organizations are broadly adopting a multi-cloud strategy, with an estimated 92% of businesses adopting a multi-cloud approach.
As a growing number of small enterprises reap the benefits of cloud-based solutions, the use of the cloud among SMEs is rising constantly. Cloud-based solutions help SMEs with a variety of difficulties, including improved IT operations and lower IT expenses. The public cloud has recently gained favour among SMEs. Through the internal enablement model, the market for external cloud brokers, such as telecom providers and SIs, is expanding rapidly in the SMEs group for cloud providers. A better future for the market would be guaranteed by increased cloud adoption in the SME segment with multi-source cloud services.
Financial services, the public sector, healthcare, and telecommunications are only a few of the areas that companies that provide services on the cloud platform work with. Customers' adoption and utilization of solutions and services may be constrained, hence decreasing demand, due to the costs of compliance and other limitations imposed by laws, regulations, and cultural stances that are specific to the industry. In order to comply with these laws, service providers could need to devote a lot of resources to assisting specific clients, which would raise costs and delay sales cycles. The general operation of the business, however, may be affected if organizations are unable to conform to rules or laws or if end users are unable to secure regulatory approvals to use services.
There is an opportunity that deploying server infrastructure in the cloud will tie a customer to a specific service provider. One of the main hurdles to the adoption of cloud services is frequently identified as the worry of vendor lock-ins. Additionally, because switching to a cloud service is challenging, many consumers prefer to stay with their current supplier. Vendors can avoid lock-in with the advent of multi-cloud system management due to a highly standardized cloud environment. End users must make sure that the architecture they have chosen is suitable for heterogeneous clouds in order to prevent vendor lock-in. The data maintained in the cloud can also be readily transferred to another cloud.
The perks of cloud computing and storage services and solutions are not always widely recognized. Consumers and vendors are separated significantly by a lack of awareness. Over time, the variety of cloud infrastructure services has increased, but security, scalability, and interoperability have remained significant obstacles. In an integrated cloud ecosystem, professionals are likewise concerned about the resulting data loss. As a result, many small-scale enterprises are cautious about transferring their data from on-premises to the cloud. Therefore, it is essential to continually track cloud processes in order to reduce risks and improve security features.
To maintain employee well-being and ensure operational efficiency, numerous companies across all industries have adopted the work-from-home model, which has driven demand for cloud-based solutions. The need for CSB solutions will rise as more organizations choose to update their IT infrastructure with cloud-based solutions.
The public cloud segment is estimated to hold the largest share. The concept of "public cloud" describes computing that, depending on demand, shares resources with others outside the company, such as storage, compute, and networking. In the public deployment model, services can be offered at no cost or on a subscription basis. It offers a pay-per-use pricing model, ease of implementation, and helps businesses satisfy their demands for scalability. In order to prevent data loss, the public cloud frequently has built-in redundancies. Replicated files may be maintained by service providers in many data centers to guarantee quick and easy disaster recovery. The vast majority of risks are generally thought to be minimal for data kept on a public cloud platform. Enterprises can, however, use public clouds to dramatically increase the effectiveness of their operations.
The billing and provisioning segment is anticipated to have lucrative growth during the forecast period. Accurately tracking and billing clients for their use of cloud services is part of the billing process in CSB. It often entails monitoring resource usage, calculating expenses, generating bills, and controlling payment processes. Customers can receive a single, finished invoice for all of their cloud services from CSB providers due to the billing solutions they offer that combine usage data from various cloud service providers. This simplifies accounting procedures and gives businesses greater insight into their cloud expenses.
North America commanded the largest market share during the extrapolated period Due to the region's rising adoption of digital business strategies, new technologies, hybrid IT, multi-cloud management, rising security capabilities, and customized pricing for private cloud-based services, North America is maintaining a dominant position in the global market for cloud service brokerage. The nation part of the cloud services brokerage market study additionally lists certain market-impacting factors and domestic market regulation changes that have an impact on current and future developments. Data points such as technical trends, Porter's five forces analysis, case studies, and upstream and downstream value chain analyses are just a few of the indications utilized to anticipate the market environment for certain nations.
Asia Pacific is expected to witness profitable growth over the projection period, owing to Due to the broad adoption of CSB in China, India, Singapore, Australia, and New Zealand, APAC is anticipated to experience the most rapid expansion over the next few years. APAC is made up of nations with a complex ecosystem of start ups, government agencies, SMEs, and large multinational companies that use and create an array of valuable information and communications technology (ICT) solutions. The region's increasing levels of urbanization, advances in technology, and governmental support for the digital economy are key drivers of technological growth. Numerous firms are implementing cloud-based tactics as a consequence of the quick improvements in telecommunications, cloud computing, and IoT. Over the duration of the projected period, the region is anticipated to increase significantly.
Some of the key players in the Cloud Services Brokerage Market IBM Corporation, Oracle Corporation, Auxesis Services & Technologies (P) Ltd., Amazon Web services, Inc. (AWS), Bitfury Group Limited, Microsoft Corporation, Infosys Limited, Tata Consultancy Services Limited, SAP SE, Cognizant, Atos, Accenture, Fujitsu, Capgemini, DXC Technology andArrow Electronics.
In April 2023, Cognizant announced an expansion of its healthcare collaboration with Microsoft to give healthcare payers and providers access to technology solutions, streamlined claims management, and improved interoperability to optimise business operations and deliver better patient and member experiences.
In January 2022, AWS launched Amazon EC2 Hpc6a instances for customers to efficiently run their compute-bound high performance computing (HPC) workloads on AWS with up to 65 percent better price performance over comparable x86-based compute-optimized instances. As their jobs grow more complex, customers have asked for more cores with more compute performance and more memory and network performance to reduce the time to complete jobs.