Market Research Future (MRFR) reveals in its latest study that the cloud services brokerage (CSB) market 2020 can advance at a rate of 16.4% from 2019 to 2024 (review period). The study also confirms that the market can expand to a size of USD 14.83 billion by 2024. We will provide covid-19 impact analysis with the report, offering an extensive market evaluation post the coronavirus disease outbreak.
Key Drivers and Top Barriers
The novel coronavirus has compelled a huge number of IT enterprises to take up the work from home model after the imposition of the lockdown across nations. The situation has boosted the demand for cloud services across the world; with digital tool providers such as Zoom and Microsoft observing significant uptick in the deployment across Italy, the US and China due to the SARS-CoV-2 outbreak. As a result, experts believe that the demand for cloud services as well as the expenditure on communications equipment, telecom services and specialized software can boom during these uncertain times. The pandemic has also led to higher spending on those working remotely along with the educators with the surge in the work from home model and online courses trending across the education industry.
With the dearth in on-site IT professionals due to the lockdown, companies are progressively adopting cloud capabilities to maintain, monitor and check their storage and server installations within the data centers. Therefore, the COVID-19 has enhanced the use of cloud services to facilitate disaster-averse and stronger systems that are accessible to the remote workforce while safeguarding the data integrity. In a nutshell, the surge in the deployment of multi-cloud management and hybrid IT can be a major booster in the Cloud Services Brokerage Industry. Also, following the COVID-19 impact on the IT sector, the increasing requirement for cost-effective and better quality brokerage solutions can benefit the worldwide market.
Most of the leading competitors prefer product development and partnerships to solidify their market position, while catering to the companies across different verticals. To illustrate, in June 2020, Trustology, a Crypto custody solutions provider entered a partnership with GCEX, an OTC broker to develop a secure and reliant liquidity network for digital asset trading, to meet with the demands of their client base that includes high-net-worth professionals, brokers and institutional investors. The partnership is expected to enable the clients to finish various transactions quickly, but with better security.
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The Cloud Services Broker Market has been considered for service, platform, organization size, deployment and vertical.
The services-based sections are training and consulting, security and compliance, workload management, support and maintenance, reporting and analytics, catalog management and operations management.
The platforms studied in the report are external brokerage enablement as well as internal brokerage enablement.
The ranges of the organization size covered in the market study include small- and medium-sized enterprise/SME along with large enterprise.
The deployment models examined in the research are private cloud, hybrid cloud and public cloud.
The vertical-dependent market segmentation comprises BFSI/banking, financial services, and insurance, media and entertainment, manufacturing, healthcare and life sciences, energy and utilities, retail and consumer goods, government and public sector, IT and telecommunication, and more.
The geographical dissection of the CSB market covers South America, Europe, North America, APAC/Asia Pacific and the Middle East and Africa/MEA.
MRFR’s evaluations confirm that North America is the highest revenue generating market, as a result of the increasing adoption of CSB solutions among enterprises in line with the rising use of multi-cloud and hybrid IT management solutions. The regional market is headed by the US, given the country’s lead in the technological world as well as the high prevalence of the cloud technology. Also, the surge in mobile workforce post COVID-19 outbreak along with the mounting demand for disaster security and recovery to prevent high costs related to network downtime can boost the uptake of cloud managed services and ultimately cloud services brokerage solutions in the region.
Europe can be the second biggest gainer in the global market, thanks to the high demand for Software-as-a-Service (SaaS), Platform as a Service (PaaS), Infrastructure-as-a-Service (IaaS), and pay-as-you-go pricing model.
The APAC market is presumed to attain the fastest expansion rate in the ensuing years, mostly due to the escalating number of IT start-ups in India and China. Also, with the accelerated consumption of cloud-based services and solutions, the regional market can demonstrate strong growth over the next few years. The vast investments on the development of the telecom infrastructure and the focus on offering better bandwidth to the consumers also induces growth of the cloud services brokerage market in the region.
Some of the top contenders in the cloud services brokerage industry include Atos (France), NEC Corporation (Japan), BT (UK), Infosys (India), Arrow Electronics (US), IBM Corporation (US), ActivePlatform (US), Wipro (India), DXC Technology (US), CloudFX (Singapore), Fujitsu (Japan), Cognizant (US), BitTitan (US), Accenture (Ireland), Capgemini (France), and more.
Some more competitors in the global industry are identified as Progressive Infotech (India), Neostratus Zrt (Hungary), CLOUDREACH (UK), Pax8 (US), Tech Mahindra (India), Proximitum (UK), NTT DATA (Japan), to name a few.
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Cloud Services Brokerage Market Research Report: Information by Technology (Hall Effect, Magneto Resistive, Variable Reluctance), By Application (Automotive, Industrial, Aerospace & Defense, Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast till 2030
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