Cloud Services Market Booming, Projected to Reach $2 Trillion by 2032 with AWS and Microsoft Battling for Supremacy
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The global cloud services market is projected to reach $2.19 trillion by 2032, growing at a CAGR of 17.1% from 2023. North America held the largest share in 2022.
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Large enterprises accounted for over half the market share in 2022, while hybrid clouds are expected to see rapid adoption among SMEs. Software as a Service (SaaS) dominated the market.
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The top 3 cloud providers worldwide in 2024 are Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP). AWS saw 13% YoY revenue growth in Q4 2024.
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Microsoft Azure is rapidly gaining ground on AWS, with its revenue growing 30% YoY compared to 13% for AWS, boosted by its focus on AI.
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Asia Pacific is projected to see exponential cloud services growth, driven by manufacturing, healthcare, and other sectors.