Cloud Market Growth Surge
The cloud market experienced a surge in growth during the fourth quarter of 2023, with quarterly revenues for cloud infrastructure services reaching $73.7 billion, according to Synergy Research Group.
Public infrastructure-as-a-service (IaaS) and platform-as-a-service (PaaS) services accounted for the majority of the market, growing by 21% in Q4. The top three cloud providers, dominating 73% of the market, further solidified their positions.
Geographically, the APAC region demonstrated the strongest growth, with India, China, Australia, and Japan all experiencing 20% or higher growth rates. In contrast, the United States remains the largest cloud market, growing by 16% in Q4.
Synergy Research Group anticipated an increase in cloud growth due to improving market conditions and the excitement surrounding generative AI. However, the actual growth surpassed expectations.
Although the cloud market will not return to the growth rates seen prior to 2022, Synergy predicts that growth rates will stabilize, resulting in substantial annual increases in cloud spending. The market is expected to reach $500 billion annually in the near future.
About Synergy Research Group
Synergy Research Group provides quarterly market share analysis and forecasts for the communications and cloud-related industries. Their data and analysis are delivered through their research SaaS platform, SIA™, which offers intuitive access to complex and rapidly changing datasets.
Synergy’s Competitive Matrix™ and CustomView™ provide clients with ongoing quantitative market research tailored to their specific market segments.
With more than 20 years of experience, Synergy’s data analytics and analysis are widely recognized and utilized by global industry leaders, governments, and financial institutions.
Story at a Glance
– Quarterly cloud infrastructure service revenues reached $73.7 billion in Q4 2023.
– Public IaaS and PaaS services grew by 21% during the same period.
– The top three cloud providers accounted for 73% of the market.
– The APAC region experienced the strongest growth, with India, China, Australia, and Japan leading the way.
– The US, grew by 16% in Q4, remaining the largest cloud market.
– Synergy predicts ongoing annual increases in cloud spending.
– Synergy Research expects the market to reach $500 billion soon.
