The Cloud Services Brokerage is expected to grow from USD 11.4 billion in 2024 to USD 26.2 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 18.0% during the forecast period. A need for optimizing cost efficiency will boost the growth of the cloud services brokerage market during the forecast period.
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Which are the key vendors exploring in the market
Some of the key vendors operating in the cloud services brokerage are – Accenture (Dublin), IBM (US), Broadcom (US), Arrow Electronics (US), Fujitsu (Japan), DXC Technology (US), Wipro (India), Eviden (France), AWS (US), Infosys (India), NTT Data (Japan), TCS (India), Tech Mahindra (India), BMC Software (US), Flexera (US), Jamcracker (US), Cloudmore (Sweden), Eshgro (Netherland), OpenText (Canada), Incontinuum (Netherland), Compunnel (US), Shivaami (India), Bittitan (US), Capegemini (France), Oracle (US), Cignex (US), ActivePlatform (Belarus), CloudFX (Singapore), CloudBolt (US), CloudSME (US), AppDirect (US), Morpheus Data (US), Interworks. Cloud (UK), Racknap (India), Spot (US) and CloudBroker (Switzerland).
SaaS to hold largest market size during the forecast period.
SaaS presents software applications through the internet on a usage-based model and eliminates the overhead of supporting the physical IT infrastructure, let alone managing local installations and updates. SaaS models are popular due to the lower IT expenses and financial operation costs and because software services can be customized to various demands. Critical drivers for the SaaS model are cost benefits, ease of deployment, and suitability for today’s more informal, work-from-home culture, where easy access to tools exists over the internet.
CRM and ERP SaaS applications enable organizations to adapt to changes in forces of demand and control and increase operations efficiencies. The growing digital transformation trend and the convenience of automatic updates further solidify SaaS as a critical component of the CSB market. The cloud service broker provides added value by managing, integrating, or customizing these solutions, which places SaaS as the dominant model. This allows organizations to focus on their core business rather than the mysterious complexities in the many different areas of software management.
Retail and consumer goods will grow at the highest CAGR during the forecast period.
CSB solutions enable retailers to consolidate and manage several business applications such as supply chain, customer relation management, enterprise resources planning, enhancing inventory flow, increasing operational effectiveness, and coordinating several retailing functions. The shift towards e-commerce, personalized marketing, and omnichannel strategies further fuels demand for CSB solutions, as retailers need seamless integration of cloud services to meet evolving consumer expectations.
Moreover, by utilizing such tools as cloud-based analytics and personalization applications, CSB solutions also improve customer experiences, helping retailers understand their customers’ behaviors by analyzing consumer data and providing them with individualized recommendations. This agility enables them to respond quickly to changes in the market, thus remaining competitive through on-demand resource allocation plus handling multiple clouds from one screen. CSB solutions foster change and development, increasing operational effectiveness and enhancing client interactions. This is why the retail and consumer goods industry is currently leading in its CSB implementation.
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Top Trends in Global Cloud Services Brokerage Market
The global Cloud Services Brokerage Market is growing rapidly, and there are a number of key trends that are driving this growth. It is important to note that the cloud computing industry is constantly evolving, and new trends may have emerged since then. Some of the top trends in the global Cloud Services Brokerage Market include:
- In order to avoid vendor lock-in and to take advantage of the distinctive services provided by several cloud service providers, many organisations adopted multi-cloud strategies. Businesses were helped by cloud services brokers to manage various cloud environments efficiently, providing smooth data movement, integration, and optimisation across many platforms.
- Concerns concerning data security and compliance increased along with the adoption of cloud services. Brokers of cloud services were essential in assisting businesses in choosing and implementing reliable security solutions as well as in assuring adherence to rules and laws.
- On-premises systems and cloud-based applications were increasingly in demand for integration services, according to the market for cloud services brokerage. Brokers helped companies create hybrid IT systems and integrate different cloud services with their current infrastructure.
- In order to improve decision-making, automate processes, optimise resource allocation, and provide predictive analytics for greater performance and cost effectiveness, AI and ML are being integrated into cloud services brokerage products.
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