Technological Advancements Propel Cloud Service Brokerage Market to $17.35 Billion by 2028 at a CAGR of 13.2%

The cloud services brokerage market size has grown rapidly in recent years. It will grow from $9.54 billion in 2023 to $10.58 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. The growth in the historic period can be attributed to rapid adoption of cloud services, complexity in multi-cloud environments, need for seamless integration and interoperability, demand for simplified cloud management, cost optimization and efficiency.

The cloud services brokerage market size is expected to see rapid growth in the next few years. It will grow to $17.35 billion in 2028 at a compound annual growth rate (CAGR) of 13.2%. The growth in the forecast period can be attributed to focus on enhanced customer experience, shift towards self-service and automation, integration of ai and automation, service aggregation and customization trends, emphasis on interoperability and integration. Major trends in the forecast period include hybrid and multi-cloud adoption, demand for simplified cloud management, rise of digital transformation initiatives, focus on cost optimization and efficienc, adoption of brokerage services for governance.

Market Overview -
Cloud services brokerage (CSB) refers to an IT role and business model in which a firm or other entity provides value to one or more cloud services (public or private) on behalf of one or more service users. The primary roles of a cloud services broker include aggregation, integration, and customization brokerage. CSB includes the process of controlling how cloud services are used, performed, and delivered while also negotiating contracts between cloud providers and cloud users.

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Rising Demand For Hybrid And Multi-Cloud Strategies Fuels Cloud Service Brokerage Market
The growing demand for hybrid and multi-cloud strategies is expected to propel the cloud service brokerage market. A multi-cloud strategy allows different divisions to choose the optimal computing environment for their purposes. It also allows porting of workloads across cloud service providers (CSPs). Adopting a multi-cloud and hybrid architecture will improve performance, cost savings, and scalability. According to the Flexera 2021 State of the Cloud Report, in March 2022, which surveyed 753 global cloud decision-makers and users, organizations are broadly adopting a multi-cloud strategy, with an estimated 92% of businesses adopting a multi-cloud approach. Therefore, the growing demand for hybrid and multi-cloud strategies will drive the cloud service brokerage market growth.

Competitive Landscape -
Major companies operating in the cloud services brokerage market report are Capgemini SE, DXC Technology Company, Wipro Limited, The International Business Machines Corporation, International Business Machines Corporation (IBM), VMware Inc., Jamcracker Inc., ActivePlatform LLC, Arrow Electronics Inc., Cloudmore Group AB, iPortalis Ltd., Cognizant Technology Solutions Corporation, InContinuum LLC., Flexera LLC., BitTitan Inc., OpenText Corporation, CloudFX Inc., Proximitum Ltd., Eshgro B. V., NEC Corporation, Amazon. com Inc. (AWS), CloudSME UG, Shivaami Cloud Services Pvt. Ltd., NTT Data Corporation, Infosys Limited, Nephos Technologies Ltd., DoubleHorn LLC, Dell Technologies Inc., Tech Mahindra Limited, RightScale Inc.

Technological Advancements In The Cloud Service Brokerage Market
Cloud Technological innovations are key trends in gaining popularity in the cloud service brokerage market. Major companies operating in the cloud services brokerage market are focused on providing technologically-advanced solutions to strengthen their market position. These companies are implementing next-generation cloud services brokerage technologies into their services, such as internet of things (IoT), artificial intelligence (AI), microservices architecture, blockchain, virtualization, service-oriented architecture, multi-cloud, and others to enhance a given service by strengthening some specific competence and providing value-added services. For instance, in December 2021, BeyondTrust, a US-based privileged access management company, launched a cloud privilege broker to assist their customers in regaining control of essential cloud infrastructure and improving communication and risk mitigation associated with multi-cloud entitlements.

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Key Segments -
The cloud services brokerage market covered in this report is segmented -
1) By Service Type: Integration And Support, Automation And Orchestration, Billing And Provisioning, Migration And Customization, Security And Compliance
2) By Platform Type: Internal Brokerage Enablement, External Brokerage Enablement
3) By Organization Size: Small And Medium-Sized Enterprises (SMEs), Large Enterprises
4) By Verticals: Banking, Financial Services, And Insurance (BFSI), Telecommunications, Information Technology (IT) And Information Technology Enabled Services (ITeS), Government And Public Sector, Retail And Consumer Goods, Manufacturing, Energy And Utilities, Media And Entertainment, Healthcare And Life Sciences

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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