Amazon Web Services (AWS), the cloud platform of the online retail giant, is currently leading the charge in the cloud infrastructure market.
Estimates released by Synergy Research Group show that AWS held a 30% market share in the global cloud infrastructure market during the fourth quarter of 2024. Microsoft’s Azure platform followed with 21%, while Google Cloud secured a 12% share. These three companies, often referred to as the “Big Three,” collectively control more than 60% of the rapidly expanding cloud market, leaving the remaining competitors with considerably smaller shares.
In the fourth quarter alone, spending on global cloud infrastructure services grew by as much as $17 billion, or 22%, compared to the same period in 2023 which brought the total spending to $91 billion for the final three months of that year. Looking at the entire year of 2024, revenues from cloud infrastructure services reached an impressive $330 billion, reflecting the intense competition within the industry. Despite the market’s substantial size, growth remains robust, with year-over-year expansion even accelerating during 2024.
“We’re witnessing remarkable growth given the market’s already vast size,” stated John Dinsdale, chief analyst at Synergy Research Group, three months ago. “While some market challenges have lessened, the surge is undoubtedly fueled by AI. New AI-focused services and technologies are helping the major cloud providers. Their new capabilities lead to increased demand, which in turn generates higher revenues, and this allows for more investment in underlying technologies, which then creates a virtuous cycle,” he explained regarding the potential for future growth.
