Covid-19 Impact on Cloud Services Brokerage Market Industry Analysis by Size, Share, Future Scope, Emerging Trends, Sales Revenue, Top Leaders and Regional Forecast to 2024

Cloud Services Brokerage Market

The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Cloud Services Brokerage Market. The growth sectors of the Cloud Services Brokerage Market are identified with precision for a better growth perspective.

Market Research Future (MRFR) reveals in its latest study that the cloud services brokerage (CSB) market 2020 can advance at a rate of 16.4% from 2019 to 2024 (review period). The study also confirms that the market can expand to a size of USD 14.83 billion by 2024. We will provide covid-19 impact analysis with the report, offering an extensive market evaluation post the coronavirus disease outbreak.

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Key Drivers and Top Barriers

The novel coronavirus has compelled a huge number of IT enterprises to take up the work from home model after the imposition of the lockdown across nations. The situation has boosted the demand for cloud services across the world; with digital tool providers such as Zoom and Microsoft observing significant uptick in the deployment across Italy, the US and China due to the SARS-CoV-2 outbreak. As a result, experts believe that the demand for cloud services as well as the expenditure on communications equipment, telecom services and specialized software can boom during these uncertain times. The pandemic has also led to higher spending on those working remotely along with the educators with the surge in the work from home model and online courses trending across the education industry.

With the dearth in on-site IT professionals due to the lockdown, companies are progressively adopting cloud capabilities to maintain, monitor and check their storage and server installations within the data centers. Therefore, the COVID-19 has enhanced the use of cloud services to facilitate disaster-averse and stronger systems that are accessible to the remote workforce while safeguarding the data integrity. In a nutshell, the surge in the deployment of multi-cloud management and hybrid IT can be a major booster in the cloud services brokerage market. Also, following the COVID-19 impact on the IT sector, the increasing requirement for cost-effective and better quality brokerage solutions can benefit the worldwide market.

Most of the leading competitors prefer product development and partnerships to solidify their market position, while catering to the companies across different verticals. To illustrate, in June 2020, Trustology, a Crypto custody solutions provider entered a partnership with GCEX, an OTC broker to develop a secure and reliant liquidity network for digital asset trading, to meet with the demands of their client base that includes high-net-worth professionals, brokers and institutional investors. The partnership is expected to enable the clients to finish various transactions quickly, but with better security.

Segmental Overview

The cloud services brokerage market has been segmented on the basis of service, platform, organization size, deployment model, and vertical.

Based on the service, the global cloud service brokerage market has been segmented into security and compliance, support and maintenance, reporting and analytics, training and consulting, workload management, operations management, and catalog management. Cloud service brokers help in resolving problems associated with the migration of workloads in an organization by offering workload management services. The workload management segment is expected to register a healthy CAGR as it is observed to gain popularity across different organizations.

Based on the platform, the global cloud service brokerage market has been segmented into external brokerage enablement and internal brokerage enablement. External brokerage enablement acts as a management platform for multi-tenant cloud delivery. Hence, the external brokerage enablement segment is anticipated to grow at a rapid pace over the evaluation period.

Based on the organization size, the global cloud service brokerage market has been segmented into small- and medium-sized enterprise (SME) and large enterprise. The large enterprise segment is likely to garner a higher share of the market over the SMEs segment during the forecast period.

Regional Outlook

Regionally, the global cloud service brokerage market has been analyzed across North America, South America, Europe, Asia-Pacific, and the Middle East and Africa.

North America is expected to register an impressive CAGR over the evaluation period. Continuous technical upgradations are likely to benefit the growth of the North American cloud brokerage services market. The US is anticipated to exhibit the highest growth rate in the foreseeable future. In Europe, the surging need for enhancing the performance of enterprises and at the same time, curb down the enterprise cost are escalating the adoption of CBS. This is expected to intensify the growth of the European cloud services brokerage market.

Key Players

MRFR enlisted renowned cloud services brokerage providers. They are; IBM Corporation (US), Arrow Electronics (US), BitTitan (US), Cognizant (US), CloudFX (Singapore), Infosys (India), Wipro (India), DXC Technology (US), NEC Corporation (Japan), ActivePlatform (US), Accenture (Ireland), Fujitsu (Japan), Atos (France), BT (UK), and Capgemini (France).

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