The quarterly volume of the global cloud market approached $80 billion

Synergy Research Group has released the results of a study of the global cloud market in the second quarter of 2024. Costs reached $79.1 billion, up $14.1 billion, or approximately 22%, from the second quarter of the previous year. Analysts call generative AI one of the main drivers of the industry.

Amazon remains the leader of the global cloud market with a share of about 32% at the end of April–June 2024. However, Microsoft and Google in the top three showed the highest growth rates, and their shares are estimated at 23% and 12%, respectively. Thus, these three companies together control 67% of the market.

Image source: Synergy Research Group

Among tier 2 cloud service providers, Oracle, Huawei, Snowflake and MongoDB showed the most significant year-on-year growth. Moreover, Oracle overtook IBM, finding itself in fifth place (along with Salesforce) in the ranking of the largest players in the industry.

Public IaaS and PaaS services form the bulk of the market: in the second quarter of 2024, costs in these segments rose by 23%. The dominance of the leading cloud service providers is even more pronounced in the public sector, where the top three companies hold 73%.

From a geographical point of view, the demand for cloud services is actively growing in all regions of the world. The USA remains the largest cloud market, and the increase here in the second quarter of this year was recorded at 22%. In Europe, the leading countries are the UK and Germany, while significant growth rates are observed in Ireland, Italy and Spain. The Asia-Pacific region is experiencing the fastest growth, with India, Japan, Australia and South Korea growing by 25% or more year-on-year.