A new report by Million Insights revealed that the global cloud service brokerage (CSB) market is predicted to account for USD 17.2 billion by the end of the year and is expected to grow with 17.3% CAGR by 2025.
CSB is a business model that manages IT resources across all cloud models from several vendors in order to reduce complexity and infrastructure costs by controlling, orchestrating, and integrating multi-cloud locations on a centralized platform.
Hence, the report notes that there is an urgent need to adopt cloud services for back-office systems and B2B processes, coordination, and integration, as it will drive the growth of the global CSB market by 2025.
Moreover, it is predicted that the demand for hybrid cloud solutions in large enterprises will rise and more enterprise data will be needed to manage. Besides, the quick shift of SMEs towards cloud platforms for better data accessibility and fewer operational costs are expected to drive the market growth by 2025.
It was also reported that initiatives taken by governments across the globe to promote digital banking technologies and the growing number of digital payment vendors will boost the market growth.
Yet, there are still some concerns about data security and a lack of general awareness regarding the benefits of CSB.