Cloud Services Brokerage Market To Register 17.3% CAGR By 2025 Owing To Rising Adoption Of Multi-cloud Platforms To Fulfil Needs of Several Clients, Technology Partners & Vendors | Million Insights
The global cloud service brokerage (CSB) market is projected to account for USD 17.2 billion by the end of the forecasted year and expected to grow with 17.3% CAGR over the forecast period, from 2019 to 2025, according to Million Insights.
CSB is a business model that manages IT resources across all cloud models from several vendors to reduce complexity and infrastructure costs. In addition, it helps to reduce complexity by controlling, orchestrating, and integrating multi-cloud locations on a centralized platform.
CSB helps to manage hybrid cloud services as well as cloud solutions integrated at customer premises. This aims to make services more specific and secure for companies. Growing adoption of cloud services for both back-office systems and B2B processes, coordination, and integration of high order is needed. The growing adoption of multi-cloud platforms to fulfil the needs of several clients, technology partners, and vendors is a key factor to drive the growth of the global cloud services brokerage market during the projected period.
Increasing demand for hybrid cloud solutions in large enterprises and rising need to manage a large amount of enterprise data are anticipated to surge CSB market growth during the forecast period. Moreover, the rapid shift of SMEs towards cloud platforms in order to improve data accessibility and reduce operational costs are expected to drive the market growth over the forecast period.
Factor like several initiatives taken by the governments across the globe to promote digital banking technologies and the growing number of digital payment vendors are expected to boost the market growth during the forecast period. Market players are focusing on strategies such as mergers & acquisitions to increase their business across the globe and their service portfolios. However, growing concern about data security and lack of awareness regarding the benefits of CSB are projected to hinder the market growth to some extent.
Further key findings from the report suggest:
In 2018, North America dominated the cloud service brokerage market owing to the presence of a large number of data centers as well as various large IT and cloud service providers.
Asia Pacific is expected to grow with significant CAGR over the forecast period. This growth is attributed to the growing adoption of cloud-based services in SMEs to sustain in the competitive market and to reduce infrastructure cost.
In service segment, cloud vendor management is expected to witness strong growth from 2019 to 2025. These services provide efficient management of multi-cloud platforms for vendors.
Based on platform segment, external brokerage enablement is expected to grow with the significant growth rate over the forecast period. It delivers multi-tenant cloud delivery and management platform that assist application like self-service, cloud fulfilment, delegated administration, and channel enablement for distributors.
Key market players are focusing on mergers and acquisitions to provide more security over multi-cloud platforms and to expand their geographical presence. For example, in 2018, BMC Software, Inc. acquired CorreLog, Inc. to deliver real-time security management to its key customers.
Million Insights has segmented the global cloud services brokerage (CSB) market on the basis of service, deployment model, organization size, platform, end-use industry, and region:
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Browse 101 page research report with TOC on "Global Cloud Service Brokerage (CSB) Market" at: https://www.millioninsights.com/industry-reports/global-cloud-service-brokerage-csb-market
SOURCE: Million Insights