The "Cloud Services Brokerage Market by Service Type (Integration & Support, Migration & Customization, and Automation & Orchestration), Platform, Deployment Model, Organization Size, Vertical, and Region, - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global CSB market size is expected to grow from USD 5.9 billion in 2020 to USD 12.9 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 16.8% during the forecast period.
COVID-19 has globally changed the dynamics of business operations. Though the COVID-19 outbreak has thrown light on weaknesses in business models across sectors, it has offered several opportunities to CSB vendors to expand their business across enterprises as the adoption of cloud has increased in lockdown caused due to COVID-19. Amidst lockdown, many companies are reducing their IT spending in 2020. They are strategically reconsidering their Capital Expenditure (CAPEX) spending. According to one of the primary respondents, companies are showing a keen interest in investing in CAPEX models if they are persistently needed; otherwise, they are opting for Operating Expenditure (OPEX) models. To achieve these strategies and avoid capital spending in these difficult financial times, organizations are moving to public cloud for backup and CSB.
Migration and customization services to help enterprises in achieving flexibility in business operations
Cloud migration services have gained popularity as enterprises across the globe continue to migrate workloads from on-premises infrastructure to cloud environments for better operational efficiency and cost savings. The demand for cloud services has surged in recent times due to COVID-19, and many enterprises across the regions have shifted enterprise workloads on cloud environment. Therefore, CSB vendors specializing in migration and customization services are in high demand. Cloud brokers offer customization services to the customers as per business needs, which provides better-bundled offerings facilitating higher returns on cloud investments.
Retail and consumer goods vertical to grow at the highest rate during the forecast period
The retail and consumer goods vertical is witnessing a significant transformation due to consumers' rising purchasing power, the availability of digital stores, and enhanced customer experience with the emergence of new-generation offerings for retailers. With the proliferation of the online market, retailers are adopting innovative technologies, such as cloud computing, big data analytics, digital stores, and social media networks. These advancements further invite greater employment in this sector and an increased amount of customer data to exploit. With the advent of eCommerce and online retailers, the retail industry has faced tremendous changes in recent years and has readjusted itself to the new business environment. Shop retailers are adopting more innovative technologies, such as cloud computing and big data analytics, to survive and thrive. Vendors need a comprehensive cloud-computing environment to offer their respective product and service portfolios to customers. Managing the instability and change in demand for various products due to strong competition is a definite challenge. Shop retailers are adopting cloud services brokerage to manage cloud environments, cross-channel shipping options, and inventory to sustain tough competition.
North America to hold the largest market size and Asia Pacific (APAC) to grow at the highest rate during the forecast period
North America is the most mature market in terms of CSB solutions adoption, due to several factors, such as the presence of many enterprises with advanced IT infrastructure, and availability of technical expertise. APAC is expected to offer significant growth opportunities for CSB solutions vendors during the forecast period. Rapid advancements in emerging technologies, IT infrastructure services, and the Internet of Things (IoT) have led many organizations to adopt CSB solutions.
COVID-19: a Catalyst to Accelerate the Adoption of Cloud-Based Solutions and Services
Growing Adoption of Hybrid Cloud and Multi-Cloud Strategies Across Enterprises of Different Industry Verticals
Increased Need to Avoid Vendor Lock-In
Regulatory Compliance Issues
Growing Demand Among SMEs
Proactive Investments by Enterprises in Cloud-Based Models
Lack of Awareness and Security Concerns
For more information about this report visit https://www.researchandmarkets.com/r/qotyng
View source version on businesswire.com: https://www.businesswire.com/news/home/20210126005534/en/
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