Top 5 cloud vendors hit $47.5Bn in quarterly revenue

Top 5 cloud vendors hit $47.5Bn in quarterly revenue

The cloud computing market saw a continued impressive growth rate in 2021, which brought huge profits to the largest players. According to data presented by Stock Apps, the world's five largest cloud vendors hit $47.5bn in quarterly revenue. This value was 65% generated by Amazon and Microsoft.

Amazon Azure's Quarterly Revenues Jumped by 50% YoY. AWS Up by 32% YoY

Cloud storage is used by billions to store and manage private data. Cloud computing technology is becoming increasingly popular in the business sector due to its ability to access computing power at a fraction of the cost.

The top five cloud vendors in the world are Microsoft, Amazon and IBM. They offer different services and apps to companies for their IT and operations.

Microsoft's third quarter 2021 ended March 31 and its cloud revenues totaled $17.7bn. This position positions the tech giant among cloud vendors. Microsoft's cloud revenue from server products and services grew 26% YoY. This was due to Azure revenue growth of half.

As the world's second-largest cloud vendor, Amazon`s cloud revenues had also been growing for years in a row, reaching an all-time high in the first quarter of 2021. AWS's revenue increased by 32% year-over-year to $13.3bn between January & March.

IBM, Salesforce, and Google Cloud round the top five list, with $6.5bn, $5.8bn, and $4bn in quarterly revenue, respectively.

By 2023, global public cloud revenues will exceed $500B

With annual revenues increasing by more than $55bn, the COVID-19 and shift to remote work and video conference accelerated the move to the cloud. The next years will see even greater growth with revenues reaching a new record.

According to a Statista survey, global public cloud revenues will increase by 25% in 2021 and reach $338 billion. This impressive revenue growth will continue for the next two years with the public cloud market achieving over $500bn in value by 2023.

Software as a service (SaaS), the largest market segment, is expected to reach $251.4bn in the next two-years, up from $190.9bn 2021.

Revenues from Platform as a Service (PaaS), are expected to rise by 67% during this period, reaching $101.1 billion. The fastest growth is expected to be in Infrastructure as a Service (IaaS), which will see revenues rise by 70% to $87.4bn over the next two-years.