The year 2022 saw a lot of industries catching up with their regular businesses after the Pandemic. In the cloud industry, too, business is slowly catching pace. Q3 cloud expenditure was $11 Billion higher than in Dec 2021, one of the two worst-affected pandemic years(the other was 2020). For Q3 2022, global cloud expenditure was $57 Billion, and yearly expenditure was around $217 Billion from Q4,2021-Q3,2022.
AWS, Azure, and Google Cloud led the market with 34%, 21%, and 11% market shares, respectively. In aggregate, all three cloud services above have tripled their revenues since late 2017.
Global cloud markets expanded by 24% from last year despite major challenges of post-pandemic recovery and the effects of inflation. John Dinsdale, the Chief Analyst at Synergy Group, stated that if the exchange rates had been stable along with a good Chinese market, the growth could have reached above 30%.