New data from Synergy Research shows that enterprise cloud infrastructure service spending in the third quarter of 2021 exceeded the $45 billion mark, a year-on-year increase of 37%. Amazon, Microsoft and Google continue to attract more than half of global cloud spending, accounting for 33%, 20% and 10% of the market respectively in the third quarter. As the growth rate is higher than the overall market, their revenue share in the global market continues to rise. However, despite the triumph of the Big Three, other cloud providers continue to show strong growth in cloud revenue. The top ten cloud providers after these three achieved a year-on-year growth of 28% in revenue, and the subsequent small and medium-sized cloud providers’ revenue increased by 25% year-on-year.

Based on the third-quarter data released by most major cloud providers, Synergy estimates that cloud infrastructure service revenue (including IaaS, PaaS, and managed private cloud services) for the quarter reached 45.4 billion U.S. dollars, and the total revenue in the past 12 months reached 164 billion Dollar. Public IaaS and PaaS services accounted for the majority of the market, which increased by 39% in the third quarter. The dominant position of major cloud providers is more obvious in public clouds, with the top three controlling 70% of the market. Geographically, the cloud market continues to grow strongly in all regions of the world.

Synergy Chief Analyst John Dinsdale: “Given its scale, expanding global reach, and impressive revenue growth rate, it is understandable that Amazon, Microsoft, and Google have received the most attention due to their cloud activities. However, it cannot be ignored that other cloud providers also generated US$17 billion in revenue during the quarter, which is an increase of 27% over the same period last year. By any standard, a US$17 billion market is growing at this rate, for many services providers and their suppliers are very attractive. Obviously, there are challenges hidden behind the top three companies, so smaller cloud companies are not going to compete head-on with them. If you can locate the right applications and Customer groups, the cloud computing market can provide them with extensive and exciting growth opportunities.”