Despite the global economic situation, Amazon and other cloud service providers did well in Q3 of 2022

It’s been 16 years since the U.S.-based multinational technology company, Amazon, launched its Web Services. These services include giving access to cloud infrastructure platforms to companies, individual users, and even the government.

According to the report released by Synergy Research Group, Amazon holds a whopping 34% of the global cloud market value among other service providers. With this share, the platform was successfully able to become the cloud giant, leaving Microsoft and Google behind. The research shared by the group was based on the Q3 of the ongoing year. Surprisingly, even if the market holdings of the other two two platforms were to be added, the sum still wouldn’t be enough to overcome Amazon’s share.

During the previous quarter, the cloud industry saw a rise in its users, leading to a revenue of $57 billion in just three months and a combined total of $217 billion. Currently, almost eighty percent of the cloud industry is owned by the top eight service providers, with Amazon leading the list.

According to John Dinsdale, chief analyst of the research team, in comparison to the growth observed by the global market in 2021, the ongoing year was able to bring the figure up by 24%. He further added that despite an unstable economy and fluctuating exchange rates, the industry did well, and if the Chinese market would’ve stayed stable, then the cloud industry would’ve gotten itself to greater heights. At the end, John explained that the three giants of the industry are required to share their financial status in US dollars, and with a fluctuating exchange rate, their growth is hammered down. However, they were still able to face this obstacle and manage to increase their market values.

As per the data shared in the report, it can be seen that Amazon is followed by Microsoft with a 21% share in the market during the third quarter, and in the third position, Google made its way with an 11% share. The combined total of the next 20 companies was 9% less than Amazon's share.

Read next: Investments can be worrisome for three out of four Americans
Previous Post Next Post