According to the latest data collected, during the fourth quarter of 2022 companies spent over 61 billion dollars for cloud infrastructure services globally.
While this value shows a $10 billion increase over the same period a year earlier, it also signals a slowdown in the overall growth rate of the market, which was 21%.
According to Synergy Research, this reduction was caused in part by US dollar strength and Chinese market restrictions.
Even focusing on the market alone however, the US growth rate was 27% in the last quarter of 2022, compared to an average of 31% in the previous four quarters.
Source: Synergy Research Group
The market consolidates
Between the largest cloud service providers, Microsoft saw a significant increase in its market share, which reached 23%, while Amazon maintained its position between 32% and 34%.The Google's market share is 11%, an increase of one percentage point over the previous year. Customers of these big three companies add up to make up 66% of the global market, up from 63% a year ago.
Synergy estimates quarterly revenues from cloud infrastructure services were 61.6% billion dollars, with annual revenues reaching $227 billion .
The public cloud industry is even more dominated by the largest vendors, who control 73% of the market . In all regions of the world, the cloud market continues to grow significantly.
Despite the challenging environment, the global cloud market grew by $47 billion in 2022, which is close to the $49 billion growth recorded the previous year. As the economy improves and the foreign exchange market stabilizes, Synergy expects continued growth in the global cloud market in the coming years.