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Global Cloud Service Brokerage Market: Rising Adoption of Hybrid Cloud Models Triggers Uptake, says TMR

Posted on Apr 20, 2017

The presence of a large number of players is rendering the global cloud service brokerage market highly competitive. Transparency Market Research (TMR) finds that the influx of new players in the market, owing to the rising adoption of cloud computing services by organizations worldwide, is likely to intensify the competition in the near future. 

The top three players, namely Accenture Plc., Cap Gemini S.A., and Cognizant Technology, are estimated to command over 57.0% of the overall market in 2017. “Acquisitions and collaborations are looked upon as viable strategies by the leading players to strengthen their position in the market,” says TMR’s lead analyst. Besides this, companies operating in the global cloud service brokerage market are investing hefty sums in the development of new technologies in order to stay relevant. 

The valuation of the global cloud service brokerage market was US$4.12 bn in 2016 and is anticipated to reach US$22.45 bn by 2024, expanding at a remarkable CAGR of 23.6% therein. 

cloud service brokerage market

Demand for Cloud Service Brokerage to Remain High across Large Enterprises through 2024 

By enterprise size, large enterprises will continue to dominate the market until 2024, representing 56.7% of its value. Large enterprises have a greater geographical outreach, which stimulates the need for advanced technologies to maintain their business globally. On the other hand, small and medium enterprises segment will exhibit a CAGR higher than any other segment during the forecast period, owing to the rise in the availability of low-cost services. 

Geographically, North America will continue to account for the lion’s share in the market until 2024. The increasing adoption of robust information technology structures by businesses and rapid technological advancements are contributing to the growth of the region. The Middle East and Africa is expected to rise at a CAGR of 24.6% during the same period. The growth of the region can be attributed to the growing adoption of cloud services in end-use industries such as the oil and gas, BFSI, and telecommunication. 

Increasing Number of Enterprises Acknowledge Easy Cloud Integration through Cloud Service Brokerage 

The growing adoption of hybrid cloud models across business practices is augmenting the growth of the global cloud service brokerage market. “In an attempt to create multiple cloud data center environment across the business, organizations are improving their IT strategies,” says a TMR analyst. “Cloud service brokerage is gaining importance with the increasing adoption of Platform as a Service (PaaS), Infrastructure as a Service (IaaS), and Software as a Service (SaaS), or a combination of these platforms.” 

The growing emphasis on vendor management is also working in favor of the market. The soaring need to find new cloud services providers, support, and troubleshooting and simplified deployment is triggering the need for simplified solutions. In addition, cloud service brokerage facilitates the easy integration of cloud with organization computing infrastructure, which is otherwise a complex process. The several benefits offered by these models is, therefore, escalating their adoption across different organizations. 

Lack of Awareness and Unwillingness to Shift from Traditional Methods Limit Widespread Adoption 

Despite an array of advantages offered by cloud service brokerage, the lack of awareness regarding these models is acting as a major roadblock to this market. Their adoption rate is directly proportional to the demand for cloud computing services. Businesses that are relying on conventional ways of conducting their operations are hesitant to implement the cloud technology. Moreover, with the existing cloud service brokerage, handling end-to-end personalized solutions is difficult. This is, thereby, keeping the market from realizing its utmost potential. However, continuous improvements in the cloud technology and the rising adoption of cloud services are likely to mitigate the effects of these restraints in the long run. 

The above data is collated from a research report released by TMR, titled “Cloud Service Brokerage Market (Enterprise Size - Small and Medium Enterprises (SMEs) and Large Enterprises; Service - Cloud Service Aggregation, Cloud Service Integration, Cloud Service Customization; Solution - Technology Enablement and Service (Enabler and Provider); By End-use Industry - BFSI, Telecom and IT, Health care, Retail, Government, and Energy) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016-2024.” 

The global cloud service brokerage market is segmented as follows: 

Global Cloud Service Brokerage Market, by Enterprise Size

  • Small and Medium Enterprises (SMEs)
  • Large enterprises 

Global Cloud Service Brokerage Market, by Service

  • Cloud Service Aggregation
  • Cloud Service Integration
  • Cloud Service Customization 

Global Cloud Service Brokerage Market, by Solution

  • Technology Enablement
  • Service
    • Enabler
    • Provider 

Global Cloud Service Brokerage Market, by End-use Industry

  • Cloud Service Aggregation
  • Cloud Service Integration
  • Cloud Service Customization 

Global Cloud Service Brokerage Market, by Geography

  • North America
    • The U.S.
    • Canada
    • Rest of North America 
  • Europe
    • The U.K.
    • France
    • Germany
    • Italy
    • Rest of Europe 
  • Asia Pacific
    • Japan
    • China
    • India
    • Rest of Asia Pacific 
  • Middle East and Africa
    • UAE
    • South Africa
    • Rest of MEA 
  • South America
    • Brazil
    • Argentina
    • Rest of South America

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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

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