The cloud service brokerage market faces a high degree of competition due to the presence of a large number of players. The growing number of competitors in the market have intensified the competition over the past few years. The top three players showing dominance in the global cloud service brokerage market are Accenture Plc., Capgemini S.A., and Cognizant Technology. Collectively, these companies are estimated to hold a share of 58.2% in the global market by the end of 2017. Offering a wide range of cloud choices, mergers and acquisitions, and enhancing the product portfolio is expected to keep these companies ahead of other players in the coming years.
According to the research report, the global cloud service brokerage market was worth US$3.3 bn in 2015 and is expected to reach US$22.4 bn by the end of 2024. During the forecast period of 2016 and 2024, the global market is expected to progress at a CAGR of 23.6%.
The end users in the global cloud service brokerage market are the telecom and IT, BFSI, retail, healthcare, energy, and government sectors. Of these, the telecom and IT sector is expected to maintain a dominant stance in the global market as it is poised to acquire a share of 26.5% by the end of 2024 in the global market. The growing demand for high-speed internet and the escalating uptake of smartphones, tablets, and other devices is expected to spike the demand for cloud service brokerage in the coming few years.
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In terms of regions, the global market is divided into North America, Europe, the Middle East and Africa, Asia Pacific, and South America. Europe and North America are the most attractive markets in the global cloud service brokerage market. Of the two, North America is estimated to hold a dominant share in the global market reaching a valuation of US$9.8 bn by the end of 2024. This dominance will be supported by the strong presence of established players and soaring adoption of cloud services among the end users.
Widening Penetration of Internet Boosts Demand for Cloud Service Brokerage
The growing adoption of cloud services to store data across various platforms has led to a spike in the demand for cloud service brokers. These brokers help users to choose the right services and provide customizations that suit their requirements. The global cloud service brokerage market is also gaining traction as it provides assistance with integration, deployment, and customization of software and service. The rising adoption of hybrid cloud model is also fueling the demand for cloud service brokers.
In the coming years, the increasing complexity and volumes of data have created a need for an organized storage space and its effective management. This premise has been driving the demand for cloud services in the recent past, in turn augmenting the need for cloud service brokerage. The widening penetration of internet is also estimated to give the global market an adequate fillip in the near future. Advantages of cloud services such as reduced costs and low capital expenditure are expected to accelerate the demand for cloud service brokers during the forecast period.
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Lack of Awareness about Advantages of Cloud Services Hampers Market Growth
Though the market has a bright future, it is being hampered due to the lack of awareness amongst end users. As the market is merely budding, it is being challenged by several roadblocks. The stubborn perception of businesses to operate in traditional ways is expected to hamper the adoption of cloud systems in the coming years. Furthermore, the difficulty in handling end-to-end personalization of services and software is also expected to hamper the growth of the overall marke