Synergy Research Group has released the results of a study on the global cloud market for the second quarter of 2024. Spending reached $79.1 billion, which is $14.1 billion, or approximately 22%, higher compared to the second quarter of the previous year. One of the main drivers of the industry, according to analysts, is generative AI.

Amazon remains the leader in the global cloud market, with a market share of about 32% for April–June 2024. Meanwhile, Microsoft and Google, which are also in the top three, demonstrated the highest growth rates, with their shares estimated at 23% and 12%, respectively. Together, these three companies control 67% of the market.

Among the second-tier cloud service providers, Oracle, Huawei, Snowflake, and MongoDB showed the most significant year-over-year growth. Notably, Oracle surpassed IBM, securing fifth place (alongside Salesforce) in the ranking of the largest industry players.

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Public IaaS and PaaS services form the bulk of the market: in the second quarter of 2024, spending in these segments increased by 23%. The dominance of leading cloud service providers is even more pronounced in the public sector, where the top three companies hold 73% of the market.

Geographically, demand for cloud services is growing actively in all regions of the world. The U.S. remains the largest cloud market, with a 22% increase recorded in the second quarter of this year. In Europe, the leading countries are the United Kingdom and Germany, while significant growth rates are observed in Ireland, Italy, and Spain. The Asia-Pacific region shows the highest dynamics, with growth in India, Japan, Australia, and South Korea exceeding 25% year-over-year.