The Global Public Cloud Services Market Soars to $545.8 Billion in 2022, With Continued Growth Expected

Global public cloud services revenues reached approximately $545.8 billion in 2022, according to a recent report published by market research firm IDC, public cloud services revenues experienced a growth of 22.9% in 2022 compared to the previous year.

The Software-as-a-Service (SaaS) sector accounted for the largest share of public cloud services revenues, surpassing 45% of the total revenues, the Infrastructure-as-a-Service (IaaS) sector followed with a share exceeding 21%.

Microsoft, Amazon, Salesforce, Google, and Oracle emerged as the top five cloud service providers in 2022, collectively capturing over 41% of the global revenues, these companies exhibited a yearly growth rate of 27.3%. Other companies such as IBM, Alibaba, and others also actively operate in this sector.

Microsoft maintained its leadership in the public cloud services market in 2022 with a market share of 16.8%, followed by Amazon with a share of 13.5%. IDC expects the growth in the cloud services sector to continue in 2023, particularly in core cloud computing services, as businesses increasingly rely on cloud services to accelerate their digital transformation, factors like the development of artificial intelligence applications also contribute to this growth.

Other market research firms, such as Gartner, estimated spending on public cloud services to be around $500 billion in 2022, projecting a growth of approximately 21.7% in 2023, with revenues nearing $600 billion.