Cloud Services Brokerage Market projected to achieve a CAGR of 16.09% to reach US$ 24.404 billion by 2028

NOIDA, UTTAR PRADESH, INDIA, January 16, 2024 /EINPresswire.com/ -- According to a new study published by Knowledge Sourcing Intelligence, the cloud services brokerage market is projected to grow at a CAGR of 16.09% between 2021 and 2028 to reach US$24.404 billion by 2028.

Companies in various industrial sectors are emphasising on cloud-based services adoption due to benefits such as flexibility, reduced operational and capital expenditures, and faster access associated with cloud-based services. Such increasing adoption of cloud service has contributed to the growth of the cloud service brokerage market. For instance, according to the Google 2022 State of APIs and Applications data, in 2022, approximately 93% of enterprises had adopted the cloud, with 48% using a hybrid cloud for cloud services.

A cloud service brokerage platform operates as an intermediary between cloud service consumers and cloud service providers. It provides a variety of services to assist organizations in effectively navigating and managing their cloud computing resources.

Numerous product launches and collaborations are taking place in the market, accelerating the cloud services brokerage market upward. For instance, in December 2021, BeyondTrust introduced a cloud privilege broker to assist organizations in gaining control of permissions and entitlements across multi-cloud environments and assists organizations in defending against data breaches, malicious attacks, and other risks caused by excessive cloud permissions.

Access sample report or view details: https://www.knowledge-sourcing.com/report/cloud-services-brokerage-market

The cloud services brokerage market, based on a solution type is segmented into four main categories namely integration, aggregation, customization, and governance. In the cloud services brokerage market, integration is extremely useful as it aids in the combination and connection of various cloud services, enabling seamless integration and data exchange across multiple platforms. This allows companies to reap the benefits of various cloud services while maintaining efficient and smooth operations. Owing to its high performance features integration accounts for a major share of the cloud services brokerage market.

The cloud services brokerage market, based on a cloud type is segmented into three main categories namely public, private, and hybrid. Hybrid cloud is regarded as a widely useful and rapidly growing cloud-type model as it combines the advantages of both public and private clouds, allowing businesses to benefit from the scalability and cost-effectiveness of public cloud services while keeping control over sensitive data and critical applications in their private cloud. Hybrid cloud type accounts for a sizable portion of the cloud service brokerage market.

The cloud services brokerage market, based on a broker type is segmented into two main categories namely internal, and external. Enterprises frequently use internal brokers to manage and coordinate cloud services within their organizations. These brokers act as mediators for different business units or departments, assisting in resource allocation, tracking usage, and ensuring compliance across the organization. Internal brokers account for a significant share of the cloud services brokerage market.

The cloud services brokerage market, based on an industry vertical is segmented into seven main categories namely BFSI, healthcare, retail, IT and telecom, manufacturing, education, and others. BFSI (Banking, Financial Services, and Insurance) sector widely adopts cloud service brokerage to secure financial transactions and data management. The BFSI sector is highly regulated and faces several compliance and security challenges thus, cloud service brokerages offer enhanced security measures, data encryption, and regulatory compliance solutions, allowing financial institutions to meet industry standards and requirements while migrating to the cloud which contributed to the cloud service brokerage market growth.

North America is expected to account for a significant portion of the cloud services brokerage market due to the increasing adoption of cloud services, the large number of cloud-based service providers as well as the ongoing development of cloud service platforms in the region. For instance, in February 2023, Akamai Technologies, the cloud company in the United States that powers and protects life online, launched the Akamai cloud platform for cloud computing, security, and content delivery, which brings applications and experiences closer together while pushing threats further away.

The research includes coverage of IBM, Microsoft Corporation, Amazon Web Services, Oracle, SAP SE, Alphabet Inc. Google, Hewlett Packard Enterprise Development LP, Accenture, Alibaba Group, VMware, Inc., and Jamcracker are significant market players in the cloud services brokerage market.

The market analytics report segments the cloud services brokerage market as follows:

• By Solution Type

o Integration
o Aggregation
o Customization
o Governance

• By Cloud Type

o Public
o Private
o Hybrid

• By Broker Type

o Internal
o External

• By Industry Vertical

o BFSI
o Healthcare
o Retail
o IT and Telecom
o Manufacturing
o Education
o Others

• By Geography

o North America

• USA
• Canada
• Mexico

o South America

• Brazil
• Argentina
• Others

o Europe

• Germany
• France
• United Kingdom
• Spain
• Others

o Middle East and Africa

• Saudi Arabia
• UAE
• Israel
• Others

o Asia Pacific

• China
• Japan
• India
• South Korea
• Indonesia
• Taiwan
• Others

Companies Profiled:

• IBM
• Microsoft Corporation
• Amazon Web Services
• Oracle
• SAP SE
• Alphabet Inc. (Google)
• Accenture
• Hewlett Packard Enterprise Development LP
• Alibaba Group
• VMware, Inc.
• Jamcracker, Inc.

Explore More Reports:

• Cloud Security Market: https://www.knowledge-sourcing.com/report/cloud-security-market
• Hybrid Cloud Market: https://www.knowledge-sourcing.com/report/hybrid-cloud-market
• Cloud Database Management Systems Market: https://www.knowledge-sourcing.com/report/cloud-database-management-systems-market

Ankit Mishra
Knowledge Sourcing Intelligence
+1 850-250-1698
[email protected]
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