Month: September 2024

“Accenture (Dublin), IBM (US), Broadcom (US), Arrow Electronics (US), Fujitsu (Japan), DXC Technology (US), Wipro (India), Eviden (France), AWS (US), Infosys (India), NTT Data (Japan), TCS (India), Tech Mahindra (India), BMC Software (US), Flexera (US), Jamcracker (US), Cloudmore (Sweden), Eshgro (Netherland), OpenText (Canada), Incontinuum (Netherland), Compunnel (US).”

The cloud services brokerage industry is expected to grow at a compound annual growth rate (CAGR) of approximately 18.0%, increasing from USD 11.4 billion in 2024 to USD 26.2 billion by 2029. This expansion is anticipated to be driven by the rising adoption of a wide range of cloud-based services.

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By cloud service model, SaaS to hold largest market size during the forecast period.

SaaS presents software applications through the internet on a usage-based model and eliminates the overhead of supporting the physical IT infrastructure, let alone managing local installations and updates. SaaS models are popular due to the lower IT expenses and financial operation costs and because software services can be customized to various demands. Critical drivers for the SaaS model are cost benefits,  ease of deployment, and suitability for today’s more informal, work-from-home culture, where easy access to tools exists over the internet.  CRM and ERP SaaS applications enable organizations to adapt to changes in forces of demand and control and increase operations efficiencies. The growing digital transformation trend and the convenience of automatic updates further solidify SaaS as a critical component of the CSB market. The cloud service broker provides added value by managing, integrating, or customizing these solutions, which places SaaS as the dominant model. This allows organizations to focus on their core business rather than the mysterious complexities in the many different areas of software management.

By vertical, retail and consumer goods will grow at the highest CAGR during the forecast period.

CSB solutions enable retailers to consolidate and manage several business applications such as supply chain, customer relation management, enterprise resources planning, enhancing inventory flow, increasing operational effectiveness, and coordinating several retailing functions. The shift towards e-commerce, personalized marketing, and omnichannel strategies further fuels demand for CSB solutions, as retailers need seamless integration of cloud services to meet evolving consumer expectations. Moreover, by utilizing such tools as cloud-based analytics and personalization applications, CSB solutions also improve customer experiences, helping retailers understand their customers’ behaviors by analyzing consumer data and providing them with individualized recommendations. This agility enables them to respond quickly to changes in the market, thus remaining competitive through on-demand resource allocation plus handling multiple clouds from one screen. CSB solutions foster change and development, increasing operational effectiveness and enhancing client interactions. This is why the retail and consumer goods industry is currently leading in its CSB implementation.

By organization size, small enterprises will grow at the highest CAGR during the forecast period.

In the cloud services brokerage (CSB) market, small enterprises and startups are anticipated to witness the highest compound annual growth rate (CAGR) during the forecast period. This growth is primarily driven by their need to access advanced technologies and infrastructure that would otherwise be inaccessible due to budget constraints. Cloud solutions provide these businesses with an opportunity to secure affordable and easily scalable resources, which could be insufficient to initially offer yet are highly adequate for rapidly developing a business on a large scale with minimal investments needed for infrastructure. The ability to reduce IT overhead, accelerate business growth, and support innovation and agility are key drivers. Cloud services are in demand more as business awareness expands on the worth of cloud computing for small enterprises, speedy IT management, and the ability to deploy new products or services. Cloud service brokers play a pivotal role by providing tailored, cost-effective solutions that help small businesses optimize their cloud usage and navigate the complexities of cloud management, contributing to substantial growth in this market segment.

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Unique Features in the Cloud Services Brokerage Market

One of the standout features of the cloud services brokerage (CSB) market is the ability to manage multiple cloud environments seamlessly. CSB providers offer tools that enable businesses to integrate and oversee services from different cloud providers, including public, private, and hybrid clouds.

Cloud service brokers act as intermediaries, aggregating services from various cloud providers into a single, cohesive platform. This enables businesses to choose and customize services to fit their specific requirements without needing to negotiate separately with multiple providers.

A key feature of CSB platforms is the ability to provide detailed insights into cloud spending, enabling cost optimization. These platforms help businesses track and manage their usage of cloud resources, providing recommendations to optimize costs, prevent overuse, and manage billing across multiple cloud vendors.

Security and regulatory compliance are significant concerns for businesses using cloud services. CSB platforms often include integrated security and compliance management tools, ensuring that the services meet the required industry standards and regulations.

Cloud service brokers simplify the procurement process by offering a marketplace or catalog of cloud services from various providers. This eases the task of comparing, purchasing, and deploying services. They also offer integration tools to ensure that these cloud services work together seamlessly, reducing the complexity of managing different platforms.

Major Highlights of the Cloud Services Brokerage Market

The cloud services brokerage (CSB) market is experiencing significant growth, with a projected compound annual growth rate (CAGR) of around 18% from 2024 to 2029. This rapid expansion is driven by the increasing adoption of cloud services across various industries.

As more organizations adopt multi-cloud strategies to avoid dependence on a single provider, the role of cloud brokers in managing these complex environments is becoming crucial.

One of the primary drivers of the CSB market is the increasing emphasis on cost optimization. Cloud service brokers help businesses manage their cloud spending more efficiently by providing insights into usage patterns and recommending strategies to reduce unnecessary costs.

Security and compliance concerns are critical in cloud adoption, especially for industries dealing with sensitive data. The CSB market is witnessing heightened demand due to its ability to offer security solutions and ensure compliance with industry regulations.

 Cloud service brokers simplify the often complex process of procuring, integrating, and managing cloud services. They act as intermediaries between businesses and cloud providers, streamlining the selection of cloud solutions and providing a centralized platform for managing multiple vendors.

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Top Companies in the Cloud Services Brokerage Market

Accenture

Accenture—a leading global professional service company, through consultative, technology, and outsourcing services—maintains a strategic and innovative posture within the dynamics of the international world. The company also leverages its deep professional acumen and strategic relationships with top-notch global vendors to deliver innovative solutions to end-user customers. Meanwhile, the organization substantially invests in research and development associated with technological and digital transformations, being ready to realize long-term sustainability. Accenture is a global company serving clients in various industries with over 500,000 employees worldwide and footprints across North America, South America, Europe, Asia Pacific, and the Middle East & Africa. Note in the CSB Market – Within the cloud services brokerage market, Accenture provides solutions for organizations to help them effectively manage their cloud environments. Accenture Cloud Platform allows for effective workload management across on-premises private and public clouds and includes flexible cloud integration options, unified billing analytics, and a centralized management control framework. It also supports leading global providers, including Amazon Web Services, Microsoft Azure, and Cisco Intercloud, ensuring a vendor-neutral approach to effectively managing hybrid cloud environments. This application enables critical capabilities such as management services that are offered as a managed service model of on-premises private cloud integration and automated blueprinting of applications and platforms, all designed to promote business agility, reduce costs, and drive innovation at a time that many enterprises are grappling with the complexities of adopting cloud technologies.

IBM

IBM, headquartered in Armonk, New York, is a global technology and consulting leader known for its innovations in computing and AI, mainly through its Watson platform. IBM offers products and services, such as hardware, software, and cloud-based solutions, and it also supports digital transformation by concentrating on hybrid cloud and AI. The key to this strategy was the 2019 acquisition of Red Hat, which emphasized IBM’s commitment to IT modernization. IBM invests in advanced research of quantum computing for next-generation technology.

IBM Cloud Brokerage provides a unified dashboard for planning, purchasing, and managing cloud services. It offers the advantage of cost and compliance management, visibility into the IT environment, and support for integrating different cloud services into enterprise activities; this is one solution, amongst many, for businesses to remain advanced in cloud strategies, to control performance mechanically, and to keep pace with standards for compliance. At a growing pace, due to the dynamism of technology and varying market conditions, IBM services have taken global into the Americas, Europe, Asia Pacific, the Middle East, and Africa to stimulate innovation.

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“Alten (France), AVL (Austria), HCL (India), Akka Technologies (France), IBM (US), Capgemini (France), TCS (India), Wipro (India), Accenture (Ireland), Happiest Minds (India).”

According to MarketsandMarkets, the global Product Engineering Services market is projected to expand from USD 1,056.2 billion in 2022 to USD 1,510.0 billion by 2027, with a Compound Annual Growth Rate (CAGR) of 7.4% during the forecast period. Key factors fueling the growth of this market include advancements in 3D printing, IoT engineering, and the rising demand for faster time-to-market (TTM).

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KBE segment to hold the highest CAGR during the forecast period

The application of knowledge-based systems technology to manufacturing design and production is known as KBE. Because design is inherently a knowledge-intensive activity, much of the emphasis for KBE is on using knowledge-based technology to support CAD, but knowledge-based techniques (knowledge management) can be applied throughout the product lifecycle. The CAD domain has always been a pioneer in applying software-engineering techniques in knowledge-based systems, such as object orientation and rules. These technologies are combined with CAD and other traditional engineering software tools in knowledge-based engineering. KBE uses advanced software/CAD techniques to model engineering knowledge and apply it to product development more efficiently, consistently, and automatically than the traditional approach. KBE can have a broad scope that includes all aspects of Product Lifecycle Management and Multidisciplinary Design Optimization. Design, analysis (computer-aided engineering – CAE), manufacturing, and support are all part of KBE’s scope. KBE must cover a large multi-disciplinary role related to many computer-aided technologies in this inclusive role. KBE is fundamentally engineering based on knowledge models. Instead of or in addition to traditional programming and database techniques, a knowledge model employs knowledge representation to represent the artifacts of the design process (as well as the process itself).

Process Engineering to record the highest CAGR during the forecast period

Process engineering necessitates the use of numerous tools and methods. Processes must be simulated and modelled using mathematics and computer science, depending on the exact nature of the system. Processes involving phase change and phase equilibria necessitate an examination of the principles and laws of thermodynamics in order to quantify changes in energy and efficiency. Processes that focus on the flow of material and energy as it approaches equilibria, on the other hand, are best analysed using the disciplines of fluid mechanics and transport phenomena. In the presence of fluids or porous and dispersed media, mechanics disciplines must be applied. When applicable, materials engineering principles must also be applied. Manufacturing in the field of process engineering entails carrying out process synthesis steps. Regardless of the specific tools required, process engineering is then formatted using a process flow diagram (PFD), which specifies material flow paths, storage equipment (such as tanks and silos), transformations (such as distillation columns, receiver/head tanks, mixing, separations, pumping, etc.), and flowrates, as well as a list of all pipes and conveyors and their contents, material properties such as density, viscosity, particle-size distribution, flotation, and so on. The process flow diagram is then used to create a piping and instrumentation diagram (P&ID), which depicts the actual process in graphic form. P&IDs are intended to be more complex and precise than PFDs. They represent a less muddled design approach. The P&ID is then used as a design basis for creating the “system operation guide” or “functional design specification,” which describes how the process works. It guides the process through machine operation, design safety, programming, and effective communication between engineers.

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Unique Features in the Product Engineering Services Market

A unique feature of the Product Engineering Services (PES) market is its comprehensive approach to product development. PES providers offer services spanning the entire product lifecycle, from concept design and prototyping to production, testing, and post-launch support.

The Product Engineering Services market stands out for its integration of cutting-edge technologies such as Artificial Intelligence (AI), Internet of Things (IoT), 3D printing, and augmented reality (AR).

PES providers offer a high degree of customization, allowing businesses to tailor product development services according to specific industry needs, whether in automotive, healthcare, aerospace, or consumer electronics.

A significant trend in the Product Engineering Services market is the growing focus on IoT-enabled products. PES providers assist businesses in creating smart, connected devices that can gather and transmit data, enabling real-time monitoring, remote control, and advanced analytics.

One of the standout features in this market is the emphasis on reducing time-to-market (TTM) for new products. PES providers employ agile development methodologies, automation, and rapid prototyping to help companies bring products to market more quickly.

Major Highlights of the Product Engineering Services Market

The Product Engineering Services (PES) market is experiencing steady expansion, with a projected compound annual growth rate (CAGR) of 7.4% from 2022 to 2027. This growth is driven by the increasing demand for innovative, technology-driven products across industries.

A major highlight in the PES market is the growing adoption of Internet of Things (IoT) technologies and connected devices. Businesses are increasingly seeking engineering services to develop smart products that offer real-time data, automation, and remote control features.

One of the key drivers in the PES market is the emphasis on reducing time-to-market for new products. PES providers are helping companies streamline development processes through agile methodologies, rapid prototyping, and automation.

 The PES market is highlighted by its integration of advanced technologies such as Artificial Intelligence (AI), 3D printing, machine learning, and augmented reality (AR). These technologies are revolutionizing the way products are designed, developed, and tested, enabling more intelligent and adaptive solutions.

Sustainability is becoming a key focus in the PES market. Companies are increasingly turning to PES providers to develop eco-friendly products that meet environmental regulations and consumer demand for sustainable solutions.

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Top Companies in the Product Engineering Services Market

Some prominent players across all service types profiled in the Product Engineering Services market study include Alten (France), AVL (Austria), HCL (India), Akka Technologies (France), IBM (US), Capgemini (France), TCS (India), Wipro (India), Accenture (Ireland), Happiest Minds (India).

Alten (France) – A prominent player in the Product Engineering Services market, ALTEN focuses on inorganic growth strategies such as product launches, partnerships, collaborations, and acquisitions. ALTEN offers product engineering services through its India-based subsidiary, Calsoft Labs, which it acquired in 2014. Calsoft Labs had a significant experience in outsourced product development, which was a perfect match to the ALTEN Group’s portfolio of IT consultancy services. ALTEN Group has three business lines, namely, engineering & technology consulting, telecom & multimedia, and technology information systems. It offers engineering services for the entire product development cycle, and its core service offerings are design, pre-feasibility studies, and consulting. The company also has extensive expertise in several sectors of engineering—the strength of materials, structural calculation, and embedded & real-time systems.

ALTEN supports its customers’ growth strategies in the areas of innovation, research and development, and technological information systems. The Group has a presence in 30 countries and has established itself as a global leader in engineering and IT services. It collaborates with key players in aeronautics & space, defense & naval, security, automotive, rail, energy, life sciences, finance, retail, telecommunications, and services. It currently has 42,000 employees all over the world. ALTEN has acquired Method Group in May 2022, This acquisition will result in new projects with ALTEN’s engineering and defense customers for their digital transformation plans in areas such as artificial intelligence, cyber security, connected cars, industry 4.0, IoT, digital twins, and edge computing. ALTEN has partnered with Mobiveil in April 2021, ALTEN partnered with Mobiveil, a pioneer in high-speed silicon IP. This collaboration aimed to accelerate growth while also providing value to customers and companies in the US, Asia Pacific, and Europe by integrating ACL’s semiconductor engineering capabilities into Mobiveil’s high-speed controller IP and value-added services.

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