Research firm: $545.8 billion in revenue from public cloud ‎services globally in 2022‎

A new report published by IDC Market Research revealed that the total revenues of public cloud services globally amounted to about $545.8 billion during the past year 2022.

Public cloud services revenue increased by 22.9% in 2022 compared to the previous year.

According to the “Arab Technology Portal,” the “Software as a Service (SaaS) sector constituted the largest source of revenue for public cloud services, with a rate of more than 45% of total revenues, followed by the “infrastructure as a service, IaaS” sector, with a rate of more than 21%.

Microsoft, Amazon, Sales Force, Google and Oracle came as the top five companies providing cloud services in 2022, and together they account for more than 41% of revenues globally, with a growth rate of 27.3% on an annual basis. Other companies are also active in this sector such as IBM, Alibaba, and others

Microsoft maintained its leadership in the public cloud services market in 2022, with a rate of 16.8%, followed by Amazon, with a rate of 13.5%.

And IDC expected that the growth in the cloud services sector will continue during the current year 2023, noting that basic cloud computing services are growing at a higher rate compared to other sectors due to companies’ reliance on cloud services in order to accelerate their transformation towards digital business, in addition to other factors. Others such as developing artificial intelligence applications

Other institutions specializing in market research, such as Gartner, estimated spending on public cloud services at approximately $500 billion in 2022, expected to grow by 21.7% during 2023, with revenues close to $600 billion.