Cloud market share has witnessed tremendous growth in the past years. The cloud computing market is booming exceptionally and covers a vast and complex ecosystem of technologies, services, and products. Given the rise of cloud computing adoption, many public and private cloud solutions compete to get the maximum market share.
Understanding the complex global cloud market is increasingly difficult for consumers and enterprises. If you’re confused about the same, this guide is for you. In this cloud computing article, we will walk you through different types of cloud services, the global cloud infrastructure market leaders, and how the cloud market growth rates remain so far.
Understanding Three Main Types of Cloud Computing Services
Before we explore the leading public cloud solutions and service providers — Amazon AWS, Microsoft Azure, and Google Cloud Platform — you must know the three major types of cloud computing services.
Infrastructure as a Service (IaaS)
As the name suggests, the Infrastructure as a Service cloud type focuses on cloud infrastructure. IaaS gives you on-demand access to computing resources, including but not limited to servers, storage, and networking. The best part about IaaS is that it allows you to scale hardware resources depending on processing and storage needs.
Software as a Service (SaaS)
With the help of Web or API, you can access the provider’s cloud-based software. Unlike other service types, you don’t have to install, upgrade, or manage the software application on a local device. Instead, you can use the provider’s application to store and analyze your data, whereas the provider will handle the upkeep of the application.
Platform as a Service (PaaS)
In PaaS, the cloud computing service type helps access the cloud environment where you can develop, manage, and host applications. Additionally, the consumers can leverage the range of tools through the platform for development and testing. The provider is responsible for the cloud service type’s security, backups, operating system, and underlying infrastructure.
If you’re planning to choose the best cloud services, feel free to contact Inferenz experts. Not only do our experts help enterprises choose the right cloud platform, but we also help them migrate data to the cloud safely.
Cloud Market Share in 2022
The public cloud market that comprises Software as a Service, Infrastructure as a Service, and Platform as a Service showed 29% positive growth in 2021. IDC (International Data Corporation) market research indicates that the three types of services generated $408.6 billion in revenue in the same year. The top 3 cloud computing platforms with the maximum cloud market share include AWS, Azure, and GCP.
Statista report reveals that Amazon Web Services holds the maximum cloud market share with 34% of the world’s SaaS, IaaS, and PaaS cloud spending. In Q1 2022, the largest cloud, AWS cloud, generated $18.5 billion in revenue growth, making it the clear market leader.
Azure is giving tough competition to Amazon Web Services in terms of cloud worldwide market share. The Statista report indicates that Microsoft Azure holds a 21% share in Q3 2022. Microsoft’s cloud service Azure offers Intelligent Cloud services with a tremendous growth rate of 26% to $20.9 billion.
Google Cloud Platform
As of Q3 2022, the GCP market share covers 11% of the worldwide cloud service market. Throughout the past years, the public cloud service platform’s revenue growth has consistently increased by 45%. That puts the platform third in the list of leading cloud service providers, after AWS and Azure. Another report by Canalys reveals that Google cloud services spending exceeds US$50 billion, indicating that GCP cloud is making its way to the top.
These top three cloud providers (AWS, Azure, and GCP) hold 64% of the cloud market share, indicating that enterprises prefer them over other platforms.
Choose The Leading Cloud For Your Business
Cloud offerings have dramatically changed the whole IT market. With the leading cloud providers holding the maximum market share, consumers should have in-depth knowledge of every option available on the market.
Considering the market share, the pricing models of top cloud providers, and the benefits of cloud computing platforms will help you choose the best cloud platform.
If you’re still confused about which cloud service to choose, contact the Inferenz experts. The experienced team can help you understand which provider has the maximum public cloud market share and will expand in 2023 and beyond.
What are the top five cloud platforms?
The market is dominated by five cloud platforms: Amazon Web Services, Azure, Google Cloud Platform, IBM, and Alibaba.
What does the PaaS market look like?
According to the Gartner report 2019, the PaaS market is expected to generate $20 billion. The market will continue to grow with 550 cloud platforms and 360 vendors. However, compared to the IaaS and SaaS markets, PaaS grows less, with only 10 out of 360 vendors offering 10+ services.
Which provider has the largest share of public cloud infrastructure?
The data from Gartner on the worldwide IaaS market shows annual revenues of $32.4 billion. The expected growth was 31.3% from $24.7 billion in 2018. According to the Gartner report, the market is dominated by Amazon Web Services, with a share of 47.8%.