This growth was led by SaaS applications, which accounted for almost 45% of total market revenue. This is followed by IaaS with 19.9%, PaaS and SaaS – SIS with 18.4%. PaaS and SaaS in particular – SIS saw the fastest growth year over year.
The top five public cloud providers (Microsoft, Amazon Web Services, Salesforce, Google, and Oracle) collectively account for 40.5% of the market. Microsoft leads with a 16.8% share, followed by Amazon Web Services with a 12.4% share.
Investment in AI is projected to exceed $800 billion in 2024 and grow at a CAGR of 19.5% by 2028, generating revenue growth of up to $1.6 trillion.
Source: Ferra
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