The Covid-19 pandemic has served as a “blessing in disguise” for the Cloud Computing industry. The value proposition offered by cloud powered services is simply unmatched under the prevailing circumstances.
A recent study published by “Synergy Research Group” on the outlook of cloud spending has revealed a very promising picture for the industry as a whole. In the third quarter of 2020, spending on cloud services has clocked an increase of 33%.
This growth figure in the third quarter has even beaten the 32% growth witnessed in the second quarter of year 2020. Amazon and Microsoft have retained their overall dominance with market shares of 33% and 18% respectively.
Laggards in the industry include Google, Alibaba and Tencent when it comes to market share. Although their growth is outpacing the overall industry growth, their combined market share stands at around 17% as of now.
As a whole, the top ten Cloud Service Providers (CSP) account for nearly 80% of the global market share. In the domain of emerging CSPs are providers like dinCloud, which offer a wide array of highly customized cloud offerings to users.
In revenue terms, the growth was recorded at nearly US $2.5 BN relative to the previous quarter. This has resulted in an uptick in the annual growth rate as well, which came as a welcome surprise for most market analysts too.
A notable mention are Cloud Service Providers like dinCloud that not only have a global footprint of data centers, but also stand out from the competition due to their highly customizable cloud offerings.
When it comes to the public cloud, the situation regarding top cloud providers remains fairly unchanged. In the third quarter of 2020, Infrastructure as a Service (IaaS) and Platform as a Service (PaaS) recorded a growth of nearly 35%.
Synergy Research Group anticipates this positive momentum to continue well into the year 2021, as more and more enterprises turn to the Cloud for their digitalization needs and realignment with the new scenario.