Although cloud expenditure slows, the sector nevertheless enjoyed a significant increase in 2022.

Compared to many other tech industries, the cloud is doing better.

According to recent data, despite the increasing economic difficulties affecting businesses globally, cloud spending grew throughout 2022.

As we approach 2023, according to Synergy Research Group's most recent estimate, the cloud market appears to have been less negatively impacted than many other industries.

In the US market, it was discovered that Q4 2022 increase in cloud spending remained at 27%, down from an average growth rate of 31% during the preceding four quarters.

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The top spot, which has been held by Amazon Web Services for a while, remains largely steady. It has held a 32–34% market share over the past five years or so, and as we approach 2023, this proportion is stable.

However, Microsoft Azure, which now holds 23% of the market (up by about 10% from five years ago), has seen the most notable growth during the same period. Google Cloud's growth has slowed down a little bit, and it now accounts for 11% of the shares.

Synergy anticipates quarterly cloud infrastructure service revenues to surpass $61 billion based on the recent spate of Q4 results reports. Although the majority of money is spent on public IaaS and PaaS services, Amazon, Microsoft, and Google all have individual customers in mind as well.

Even during a period when PC shipments were down, according to Synergy, these three companies service 73% of the public cloud market.

The research firm forecasts that the global cloud market will expand going forward across all continents.