Cloud Services Brokerage Market Trends, Industry & Size 2031

Report Description

The Cloud services brokerage market size valued at USD 5.71 billion in 2020 and is estimated to register a substantial CAGR during the forecast period, 2021-2028. The growth of market is attributed to rapid adoption of cloud services among end user industries, and surge in deployment of pay-as-you-go (PAYG) cloud model.

Growing demand for Software-as-a-Service (SaaS), Infrastructure-as-a-Service (IaaS), and Platform-as-a-Service (PaaS) model is expected reduce the billing complexity. Cloud vendors are using acrobatic and modern model for IT procurement by providing several services that can be availed through on-demand basis. Various enterprises regardless of scale are switching their business process on cloud resulting in drastic reduction of infrastructural cost and feasibly access data from anywhere around the globe.

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Furthermore, lack of awareness towards the beneficial use of cloud platforms by small and medium scale enterprises with increasing security issues is estimated to hinder the market growth during the projected period.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing adoption of cloud services among the industries are expected to boost the market in the coming years.
• Increasing demand for SaaS, PaaS, and IaaS to reduce billing complexity is estimated to fuel the market during the forecast period.
• Growing on-demand services by the cloud vendors such as customization and improving access to business information is anticipated to drive the market during the projected period.
• Rapid adoption of cloud solution by enterprises to reduce the infrastructural cost is expected to boost the market during the forecast period.
• Increasing demand for solution due to easy accessibility of data from anywhere in the world cost less time involvement and more efficiency.
• Lack of awareness about the use of cloud brokerage services act as a factor that can hamper the market.
• Increasing concern towards data security possesses a challenge that is projected to hamper the market in coming years.

Scope of Cloud Services Brokerage Market

The report on the cloud services brokerage market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Cloud Services Brokerage Market segment insights

The internal cloud services brokerage segment is expected exhibit high CAGR

Based on the platforms, the market is segregated into internal cloud services brokerage and external cloud service brokerage. The internal cloud services brokerage segment is expected to exhibit high CAGR during the forecast period owing to shortening billing complexity, provides centralized resources to both private and public cloud service user, and offers unified SaaS governance, security, compliance which overall enhances the experience and are user-friendly.

The public segment is estimated to hold key share of the market

On the basis of deployment model, the market is categorized into private, public, and hybrid. The public segment is estimated to hold key share of the market attributed to immense demand for the solution such as PaaS, Software as a Solution (SaaS), and IaaS based services. However the hybrid segment is expected to grow at a rapid pace owing to fast computing, cost efficient, and upgradable in nature.

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The large enterprise segment is estimated to account large share of the market

Based on the enterprise, the market is fragmented into small and medium enterprise (SME) and large enterprise. The large enterprise segment is estimated to account large share of the market in the coming years due to high demand from various enterprises to increase productivity and reduce complexity through multi cloud application adoption. The small scale (SME) segment is expected to grow at steady rate due limited work force comparative to large enterprise.

The IT and telecom segment is anticipated to hold major market share

On the basis of end users, the market in fragmented into BFSI, healthcare, government, manufacturing, retail, IT & telecom, and others. The IT and telecom segment is anticipated to hold major market share during the forecast period owing to surging demand for hybrid IT services globally, reduction in total cost of IT infrastructure, and forecasting analytics are some of the factors driving the segment.

Asia Pacific is estimated to dominate the market

In the terms of regions, the market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is estimated to dominate the market during the projected period due to exponential adoption of cloud services almost in all form of businesses, favorable support and encouragement from local government for cloud integration, and rapid increase in the number of data centers in the world.

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