According to Synergy Research Group, fourth-quarter enterprise spending on cloud infrastructure services surpassed $61 billion, a rise of 21 per cent during the same period last year.
However, the increase was substantially dampened by the strong US dollar and a severely restricted Chinese market.
Synergy said that the US Q4 growth rate was 27 per cent, which compares with an average growth rate of 31 per cent in the previous four quarters.
The market tracker explained that the shrink in growth rate was partly to be expected due to the increasingly massive scale of the market, but added there is no doubt the current economic climate also had an adverse impact.
Microsoft saw a strong uptick in its worldwide market share which has now reached 23 per cent, compared to an average 21 per cent in the previous four quarters.
Meanwhile market leader Amazon stayed within its long-standing market share band of 32-34 per cent, while Google’s share stood at 11 per cent, in line with the previous quarter but a percentage point up from a year ago.
Synergy estimates that quarterly cloud infrastructure service revenues (including IaaS, PaaS and hosted private cloud services) were $61.6 billion, with trailing twelve-month revenues reaching $227 billion.
Public IaaS and PaaS services account for the bulk of the market and grew by 22 per cent in Q4.
The dominance of the major cloud providers is even more striking in public cloud, where the top three control 73 per cent of the market.
The cloud market continues to grow strongly worldwide.
Despite the challenging environment, the full-year 2022 worldwide market grew by $47 billion from the previous year, almost matching the $49 billion growth achieved in 2021.
Synergy forecasts that the worldwide cloud market will continue to grow strongly over the coming years.
