Cloud computing is outperforming many other technological fields. According to new data, cloud spending will continue to expand until 2022, despite the mounting economic difficulties hitting businesses worldwide.

Synergy Research Group discovered in its most recent review that the cloud industry appears to have been less influenced than many other industries as we approach 2023.

It discovered that Q4 2022 cloud spending growth in the US market was 27%. In contrast, compared to an average growth rate of 31% in the prior four quarters.

Cloud Computing is important

Cloud computing provides organizations with scalable IT solutions that help organizations to meet their business need. It offers them to remain competitive in today’s fast-paced business environment. Organizations need cloud computing for several reasons, including:

1. Cost savings: Cloud computing allows organizations to reduce the cost of IT infrastructure and operations. They can achieve it by eliminating the need to purchase, maintain, and upgrade expensive hardware and software.

1. Scalability: With the cloud, computing organizations can conveniently scale their IT resources up or down as needed to meet changing business demands.

1. Flexibility: With cloud computing, organizations can access their applications and data from anywhere with an internet connection. This will provide employees with greater flexibility to work from anywhere.

1. Disaster Recovery: Cloud computing enables organizations to store their data in multiple locations. Thus providing an effective disaster recovery solution that ensures data availability even in the event of a local outage.

1. Increased Collaboration: It enables organizations to share and collaborate on documents, projects, and other data in real time, improving team collaboration and productivity.

The largest cloud suppliers

While things may be slowing, the sector is still increasing at a fair clip. According to the study, some of the typical suspects performed well.

Amazon Web Services (AWS), the long-time leader, maintained a rather constant position. It has accounted for around 32-34% of the market over the previous five years. Furthermore, their percentage stays stable as we approach 2023.

However, Microsoft Azure has seen the most substantial increase over the same time. Currently, it accounts for 23% of the market (up roughly 10% from five years ago). Google Cloud’s growth rate has slowed marginally, and it currently accounts for 11% of the market.

Moreover, Synergy forecasts quarterly cloud infrastructure service revenues to reach $61 billion based on the current sweep of Q4 results reports. While public IaaS and PaaS services account for most spending, Amazon, Microsoft, and Google are all concerned with individual users.

Synergy says that these three businesses service 73% of the public cloud industry, despite a decline in PC shipments. Furthermore, the research firm anticipates that the global cloud market will continue to rise in all areas of the world.

Looking for cloud services? For IT Company cloud storage and backup solutions visit now.