New research has revealed that cloud spending continued to grow throughout 2022 in spite of the growing economic pressures affecting companies around the world.
In its latest analysis, Synergy Research Group (opens in new tab) found the cloud market seems to have been less affected than many other sectors as we head into 2023.
It found that Q4 2022 growth in cloud spend stood at 27% in the US market, compared with an average growth rate of 31% in the previous four quarters.
Biggest cloud vendors
While things may be slowing down, the sector is still accelerating at a respectable rate, the report says, with some of the usual suspects continuing to peform strongly.
Amazon Web Services, the long-time holder of the number one position, remained reasonably stable. Over the last five or so years, it has accounted for around 32-34% of the market, and this share remains unchanged as we head into 2023.
Microsoft Azure has experienced the most significant growth over the same period, though, which now occupies 23% of the market (up by around 10% compared with five years ago). Google Cloud continues its slightly less blistering growth, to the point that it now makes up 11% of the shares.
Based on the recent sweep of Q4 earnings announcements, Synergy expects quarterly cloud infrastructure service revenues to exceed $61 billion. While public IaaS and PaaS services account for the majority of the spend, Amazon, Microsoft, and Google all have individual consumers on their mind, too.
In the public cloud sector, Synergy reports that these three companies serve 73% of the market, even in a time when PC shipments suffered.
Moving forward, the research company expects the worldwide cloud market to continue to grow in all regions of the world.