According to the latest data from Synergy Research Group, in the third quarter of 2022, enterprises spent more than 57 billion dollars on cloud infrastructure services. Despite two major adverse factors–the historically strong US dollar and the severely restricted Chinese market–this figure still increased by more than 11 billion US dollars compared with the third quarter of last year. This incremental expenditure is equivalent to a year-on-year growth of 24%. If the exchange rate remains unchanged since last year, the growth rate will exceed 30%.

As the market continues to grow strongly, Google’s market share in the third quarter rose month on month, while Amazon and Microsoft’s market share remained relatively unchanged. Compared with a year ago, the market share of these three companies has increased by at least one percentage point. Amazon, Microsoft and Google accounted for 66% of the global market share in the third quarter, up from 61% a year ago. Since the end of 2017, the total revenue of all other cloud service providers has tripled, although their total market share has plummeted from 50% to 34%, because their growth rate is still far lower than that of market leaders.

Based on the data released by most major cloud service providers in the third quarter, Synergy estimates that the revenue of global cloud infrastructure services (including IaaS, PaaS and hosted private cloud services) in the third quarter was $57.5 billion, and the revenue in the past 12 months reached $217 billion. Public IaaS and PaaS services accounted for the majority of the market, increasing by 26% in the third quarter. The leading position of major cloud providers is more obvious in the public cloud field, with the first three controlling 72% of the market. Geographically, the cloud market in all regions of the world continues to grow strongly.

John Dinsdale, chief analyst of Synergy, said: “Although there are two barriers to growth, the global cloud computing market is still 24% higher than last year, which strongly proves the benefits of cloud computing. If the exchange rate remains stable, and if the Chinese market stays on a more normal track, then the growth rate percentage will reach 30%. The three leading cloud computing providers all report their financial status in dollars, so their growth rates are suppressed by the historical strength of their own currencies. However, in the past year, the share of these three companies in the rapidly growing market has increased, which fully proves their strategy and performance. In addition to these three companies, the market share of all other cloud computing providers is decreasing by about 3 percentage points every year, but the revenue still maintains a strong double-digit growth. The key for these companies is to focus on specific market areas, in which they can surpass the three giants.”