The latest market report published by Credence Research, Inc. “Cloud Service Brokerage Market: Growth, Future Prospects, and Competitive Analysis, 2019 – 2027” the cloud service brokerage market was valued at US$ 5.03 Bn in 2018 and expected to reach US$ 19.44 Bn by 2027 at a CAGR of 16.4% throughout the forecast period from 2019 to 2027.
Evolving need to manage hybrid IT and reduce security risk will spur revenue growth during the forecast period
Technology disruption, coupled with companies expecting higher returns on investment, has generated demand for cloud infrastructure. Increasing adoption of hybrid IT comes with many challenges, and cloud service brokers have a vital role to play in addressing these challenges. The combination of the benefits offered by cloud broking, including enabling self-service IT across the environment and deployment, integrating, managing and tracking cloud services, and reducing cloud infrastructure costs, among others, is driving the growth of the cloud services brokerage market. In addition, cloud service brokers help companies find the right balance between service-by-service security, enforcement, efficiency and price across multi-cloud services.
By 2020, 90% of organisations will adopt hybrid IT infrastructure management capabilities. Cloud brokerage services include a wide range of capabilities including multi-tenancy, access management, service management and optimization, integrated charging and financial management, policy-driven governance, and compliance. In particular, the lack of standards for managing IaaS, SaaS and PaaS services through a single recording system is fuelling governance concerns. All of this makes it possible for unified consoles not only to integrate and customise cloud services in a self-service environment, but also to keep up with rapidly evolving cloud services brokers. This will strengthen the growth of the cloud services brokerage market.
“Increasing number of startups to bolster the growth in Asia Pacific region”
In 2018, North America was the leading revenue contributor to the global cloud service brokerage market with a market share of more than 35%. North America is anticipated to remain dominant throughout the forecast period trailed by Asia Pacific. This is due to North America being the early adopter of technology, availability of state-of–the-art infrastructure and the presence of major IT & Telecom service providers in the region with significant cloud adoption will bolster the cloud service brokerage market growth in this region.
On the contrary, Asia Pacific region is projected to record significant growth during the forecast period. This growth can be associated with the exponential growth of cloud services adoption among businesses, high investment in research and development, support by government for cloud integration are proliferating the growth in this segment. In addition, an increasing number of IT startups in developing economies such as China and India along with growing demand for cloud-based solutions is further fuelling the market growth.
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• In September 2016, Jamcracker and VADS entered into a partnership agreement to deliver Malaysia’s first cloud exchange and marketplace via cloud service brokerage solutions.
• In October 2015, Accenture announced the acquisition of Cloud Sherpas, a cloud and technology service providers. This acquisition further strengthens Accenture’s position in the market and enhances its product portfolio.
Key Market Movements
• Globally, the cloud service brokerage market is growing at a CAGR of 16.4% for the period from 2019 to 2027.
• Large enterprises segment expected to dominate the cloud service brokerage market with a revenue share of more than 65%. This can be associated with the high demand from large enterprises in order to increase productivity and reduce complexity.
• In addition, SME segment expected to display remarkable growth throughout the forecast period. Owing to, the evolving need to optimally manage and utilize resources as SMEs have limited human resources in contrast to large enterprises.
• North America dominates the cloud service brokerage market in terms of revenue with more than 35% of market share. North America will continue to dominate the global cloud service brokerage market throughout the forecast period. Owing to the rapid adoption of cloud technology and the presence of several vendors among others in the region.
• Asia Pacific region projected to grow at the highest CAGR during the forecast period. Owing to the increasing awareness about cloud-based solutions and its adoption in the region.
List of Companies Covered:
• Capegemini SE
• Accenture Plc
• IBM Corporation
• Cognizant Technology Solutions Corporation
• Atos SE
• Jamcracker, Inc.
• Wipro Ltd.
• Tech Mahindra
• Oracle Corporation
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