Data from Synergy Research Group shows that global public cloud sales hit $544B in 2022, a record high despite tech layoffs and the current economic downturn.
The firm predicts that the public cloud will maintain its momentum and reach $1T by 2026.
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- John Dinsdale, a chief analyst at Synergy Research, attributes this growth to cloud services, stating that “service growth continues to outpace the infrastructure market.”
- Synergy research expects public cloud sales to double by 2027.
- Currently, the biggest cloud players in the public cloud market are Amazon Web Services (AWS), Microsoft, Google, and Salesforce.
- The cloud market segment experiencing the most growth in 2022 was IaaS and PaaS, with a 29% increase YoY led by AWS, Microsoft, and Google.
- According to Synergy, public cloud providers collectively spent $120B on data center infrastructure in 2022, up 13% YoY. Additionally, the firm predicts that the leading cloud companies will increase their data centers by 50% and will expand the capacity of their data center networks by more than 65%.