High Number of End-Users to Escalate Cloud Services Provider Industry Growth

Cloud Services Provider Industry

The growing number of IT companies that are adopting for cloud services brokerage is expected to cast a positive impact on the global cloud services brokerage (CSB) market, reveals Market Reseach Future (MRFR). MRFR states that the global cloud services brokerage market is likely to expand with a CAGR of 16.4% over the assessment period (2019 to 2024) and touch a substantial valuation of USD 14.83 billion by 2024.

Industry News

August 2019

eXp Realty, a subsidiary of eXp World Holdings, Inc. announced the launch of a new program, eXp Realty Preferred Partners. This program provides eXp Realty agents and their clients, a marketplace for trading home-buying services.

Market Insights

The high rate of adoption of cloud services brokerage across large enterprises and SMEs is expected to surge the market. The increasing number of organizations opting for CSB is likely to promote the market growth. CSB adds value to an enterprise by streamlining the process of aggregation, integration, and customization included in cloud services. The growing need for multi-cloud management is prompting the need for hybrid IT, hence, the adoption of CSB is surging across multiple business verticals. This is anticipated to spur the growth of the global cloud services brokerage market. However, restraints like issues related to regulatory compliance and lack of awareness about CSB can hinder the cloud services brokerage market expansion.

Regional Analysis

The global cloud services brokerage market is projected to register a CAGR of 16.4% during the forecast period from 2019 to 2024 to reach USD 14.83 billion. The geographic analysis of the market has been conducted for North America, Europe, Asia-Pacific, and the rest of the world.

North America is expected to be the dominating region in terms of the adoption of CSB services and platform. For the purpose of analysis, the North American market has been segmented into the US, Canada, and Mexico. The growth of this market can be attributed to the high adoption of cloud technology in the BFSI, telecommunications and IT, and healthcare verticals. The US is the leading country-level market, while Mexico is projected to be the fastest-growing during the forecast period.

The European market has been divided into the UK, Germany, France, and the rest of Europe. In terms of market size, Europe is expected to be the second-largest region. are driving the market growth in Europe. The UK is the leading country-level market with Germany expected to register the highest growth during the forecast period.

Asia-Pacific is anticipated to be the fastest growing market in the global CSB market over the forecast period. The regional market has been segmented into China, Japan, India, and the rest of Asia-Pacific. The rapid economic growth in major countries such as China, Japan, India, pay-as-you-go pricing model of CSBs, rapid adoption of cloud technology and economic stability are the key factors driving the growth of CSB market in the region.

The Middle East & African region is expected to witness a steady growth during the forecast period with the growing adoption of cloud technology in the region. The enterprises from BFSI, telecommunication and IT, and healthcare and life sciences are expected to adopt CSB solutions.

In South America, the market is still in the nascent stage and is expected to grow steadily in the near future.

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