Worldwide revenue for the public cloud services market totaled $545,8-billion in 2022, an increase of 22,9% over 2021.
This is according to new data from the International Data Corporation Worldwide Semiannual Public Cloud Services Tracker. Spending with the leading providers of public cloud services further consolidated in 2022 with the combined revenue of the top 5 public cloud service providers – Microsoft, Amazon Web Services, Salesforce, Google, and Oracle – capturing more than 41% of the worldwide total and growing 27,3% year over year.
“Cloud providers are making significant investments in high-performance infrastructure,” says Dave McCarthy, research vice president: cloud and edge infrastructure services. “This serves two purposes. First, it unlocks the next wave of migration for enterprise applications that have previously remained on-premises. Second, it creates the foundation for new AI software that can be quickly deployed at scale. In both cases, these investments are resulting in market growth opportunities.