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Although a market in rapid ascension in the last few years, the Covid-19 pandemic has accelerated businesses’ transition and usage of cloud platforms all over the world.
Founder and Editor, The Tech Capital
January 15, 2021 | 11:13 AM GMT
The cloud services brokerage market size is expected to grow from US$ 5.9 billion in 2020 to $12.9 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 16.8% during the forecast period.
The figures, released by MarketsandMarkets in its Cloud Services Brokerage Market report, show a steep increase in the usage of CSB services, which will continue to grow post-COVID-19 as more enterprises across the globe plan to migrate its IT infrastructure to cloud, boost business continuity, and improvise IT operations.
While technology spending in APAC has increased, the setback due to the recent COVID-19 pandemic is imminent, the think-tank said.
“The sudden shutdown of offices, schools, colleges, and physical retail stores has massively disrupted operations; this has led to an increase in the demand for digital workplace tools and services, such as Zoom, Slack, Blackboard, Lynda, Canvas, Google Classroom, AnyMeeting, and Moodle. AWS, Microsoft, and Google host and manage all applications in a public cloud environment,” it reads in the report.
“Increased spend on cloud services by select industries due to COVID-19. Industries such as IT and ITeS, telecom, online retail/commerce, media, and BFSI, are expected to increase spending on cloud-based services to sustain their business. Highly regulated and cash-rich industries, such as BFSI, are also expected to move selective workloads to public cloud environments.”
The leading CSPs/hyper scalers—Microsoft, IBM, and AWS—are expected to increase their CAPEX primarily for data centre expansion to support the increasing workload for their internal and external stakeholders.
The increasing volume of data generation in websites and mobile apps, rising focus on delivering customer-centric applications for driving customer satisfaction, and growing need to control and reduce Capital Expenditure (CAPEX) and Operational Expenditure (OPEX) are a few factors driving the growth of the emerging technologies.
The emerging technologies, such as big data, Artificial Intelligence (AI), and Machine Learning (ML), are gaining traction, which is ultimately leading to the growth of the cloud services brokerage market globally.
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