Enterprise cloud spending totaled a booming $79 billion during Q2 2024, marking a year-over-year increase of 22 percent. The cloud remains central to the future of digital economy, according to new data from Synergy Research.

The cloud market is by and large defended by AWS, Microsoft Azure and Google Cloud or the ‘Big Three’. Between them they control 67 percent of the market, with AWS leading on 32%. Next comes Microsoft with a 23 percent market share, and Google has 12 percent. AWS and Google inched up slightly during the quarter, while Microsoft dipped a bit, but is still growing quickly overall.

The rest of the public cloud sector is still rather robust, and these three giants make up 73 percent of that space. Cloud technologies are essential for businesses in many different industries as they seek to remain competitive, and as a result the need of scalable secure and flexible cloud solutions is evident.

Oracle and Salesforce tied as problem-five largest cloud providers. The boost in Oracle is indicative of its own increasing influence, although it faces a long row to hoe against the leaders. As Synergy’s chief analyst John Dinsdale reminded, “Amazon is almost three times the size of Google and Google is over four times larger than Oracle … but for all six companies to be achieving such strong growth in commodity cloud services tells you how competitive that market is.”.

The Asia-Pacific (APAC) region experienced the most growth in cloud spending by a regional percentage, growing 25 percent year over year An indication of heavy uptake across various industries for cloud based services. In Europe, the UK & Germany are still leading markets but countries like Ireland, Italy and Spain show up with some of highest growth rate both indicating that mainland cloud adoption is increasing..

With growing enterprise demand for cloud services, AWS, Microsoft, and Google are all ramping up their investments. These companies reported solid financial results for the quarter, with substantial capital expenditure going into cloud infrastructure and artificial intelligence. Such investments are vital to keeping their competitive edge and meeting the needs of a rapidly expanding market.

The cloud computing industry shows no signs of slowing down. While AWS, Microsoft, and Google continue to lead, the evolving market dynamics and the rise of other players like Oracle indicate that the landscape is continuously shifting. As businesses increasingly rely on cloud solutions, the demand for these services will likely keep growing, driving further innovation and competition in the industry.