Cloud services brokerage (CSB) market is expected to register a CAGR of 15.30% during the forecast period to reach USD 19.6 billion by 2030.
Market Synopsis
The global cloud services brokerage (CSB) market is expected to register a CAGR of 15.30% during the forecast period to reach USD 19.6 billion by 2030.
An increasing number of enterprises are adopting cloud technology. The IT teams of the companies are required to perform the role of enabling the enterprise’s use of cloud services. Cloud services brokerage is an IT role and business model in which an enterprise adds value to one or more (public or private) cloud services via three primary roles—aggregation, integration, and customization brokerage. A cloud service broker offers a package of technology, people, and methodologies to implement and manage CSB-related projects. The IT companies and service providers are able to unify the private and public cloud environment for their employees, customers and through their channels.
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Thus, the increase in the adoption of hybrid IT and multi-cloud management is a factor which drives the growth of this market. Along with this, the need for performance-oriented and cost-effective brokerage solutions is another driving factor for this market. However, the issues related to regulatory compliances are expected to limit market growth during the forecast period. Growing adoption of CSB in the small and medium enterprise (SME) across verticals offers lucrative opportunities to the key providers of CSB in the global market. Furthermore, the lack of awareness regarding CSB services and platforms is expected to be a challenge for the growth of the market.
Segmentation
The global CSB market has been segmented based on service, platform, organization size, deployment, vertical, and region/country.
By service, the global CSB market has been divided into security and compliance, training and consulting, support and maintenance, workload management, operations management, reporting and analytics, and catalog management.
By platform, the global CSB market has been divided into internal brokerage enablement and external brokerage enablement.
Based on organization size, the global CSB market has been divided into small- and medium-sized enterprise (SME) and large enterprise.
By deployment model, the global CSB market has been divided into public cloud, private cloud, and hybrid cloud.
On the basis of vertical, the global CSB market has been divided into IT and telecommunication, banking, financial services, and insurance (BFSI), healthcare and life sciences, government and public sector, retail and consumer goods, energy and utilities, manufacturing, media and entertainment, and others.
The global CSB market has been analyzed for four regions—North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.
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Regional Analysis
The global CSB market is estimated to grow at a CAGR of 16.4% during the forecast period from 2019 to 2024. The geographic analysis of the global CSB market has been conducted for North America, Europe, Asia-Pacific, Middle East and Africa and South America.
North America accounted for the highest market share, owing to the strategic shift of enterprises adopting CSB solutions due to the increasing adoption of hybrid IT and multi-cloud management solutions. The US leads the market in North America as it is the most technologically advanced country and also it has a high adoption of cloud technology. Various initiatives are taken by key players in the form of partnerships with different technology players for product enhancement.
Europe is expected to be the second-largest market during the review period due to the rising need among enterprises to reduce the enterprise cost while maintaining the performance of the enterprise. These platforms and services offer improved agility and performance and manage and deliver multi-cloud services. Asia-Pacific is anticipated to be the fastest growing market in the global CSB market during the forecast period. The rise in the adoption of CSB services among SMEs and the growing adoption of cloud-based solutions are the key drivers for the growth of the market in Asia-Pacific.
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