Total Public Cloud Revenues Jumped 21% in 2022 Surpassing $500 Billion Despite Economic Headwinds
RENO, Nev., Jan. 24, 2023 /PRNewswire/ -- New data from Synergy Research Group shows that across the main public cloud service and infrastructure markets, operator and vendor revenues for 2022 reached $544 billion, having grown by 21% from 2021. The biggest growth was seen in IaaS & PaaS. Annual revenue from these services grew by 29% to reach over $195 billion, despite some major headwinds from the strengthening US dollar and problems in the Chinese market. In the other main service segments, managed private cloud services, enterprise SaaS and CDN added another $229 billion in service revenues, having grown by an average 19% from 2021. In order to support both these and other digital services, public cloud providers spent $120 billion on building, leasing and equipping their data center infrastructure, which was up 13% from the previous year. Across the whole public cloud ecosystem, companies that featured the most prominently were Microsoft, Amazon, Salesforce and Google. Other major players included Adobe, Alibaba, Cisco, Dell, Digital Realty, Huawei, IBM, Inspur, Oracle, SAP and VMware. In aggregate these companies accounted for 60% of all public cloud-related revenues.
While cloud markets are growing strongly in all regions of the world,
Synergy's total addressable market forecast data indicates that public cloud ecosystem revenues are expected to double in size in just four years. Over that same period major cloud providers are expected to increase the number of operational hyperscale data centers by 50% and expand the capacity of data center networks by over 65%.
About Synergy Research Group
Synergy Research Group provides quarterly market share analysis and forecasts for Communications and Cloud related industries. Our data and analysis is provided to clients through Synergy's unique research SaaS platform, SIA™, which enables intuitive access to complex and fast-moving data sets.
Synergy's Competitive Matrix™ and CustomView™ take this research capability one step further, enabling our clients to receive on-going quantitative market research that matches their internal, executive view of the market segments they compete in. Synergy's data analytics and analysis have been widely recognized worldwide for over 20 years and are frequently used by global industry leaders, governments, and financial institutions.
To speak to an analyst or to find out more about how to access Synergy's in-depth market data, please contact Heather Gallo @ [email protected] or at 775-785-3113.
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SOURCE Synergy Research Group
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