Cloud ecosystem skyrockets its market value by billions in 2020

With almost everything now virtual, the Cloud ecosystem has been massively skyrocketing in the market to huge heights. The companies who provide cloud services are becoming more and more profitable.

According to the Synergy Research group, the cloud market which was initially 97$ billion in 2019 had jumped to 129$ billion by 2020. This was an expected outcome as the pandemic had forced many global and local companies to shift their proceedings to virtual ecosystems hence parallelly being dependent upon cloud infrastructure.

The COIVD pandemic has without a doubt accelerated the concept of digital transformation as existing and new businesses are now using new digital ways of making profit. This is a sure win-win situation for the companies that provide cloud services to these businesses.

Despite of the virtual shift, the ‘cloud wars’ between tech giants such as the likes of Amazon, Google and Microsoft etc. continue.

According to a recent analysis (shown above), by Synergy Research Group in 2021, shows that Amazon remains in its prominent position of being a global market leader in cloud services with their Amazon Web Services (AWS) platform while its rivals such as Microsoft with their Azure platform and Google’s Google Cloud Platform (GCP) are catching up.

However, other companies like Alibaba and IBM are still behind yet making a progress nonetheless. According to Synergy, Amazon gained over 12.74$ billion in their last quarter, while Azure catches up by 7.4$ dollars and Google by 3.3$ billion from its previous 2.98$ billion.

Despite of all the success made by these giants, this greatly affects the profits of other companies such as SAP, Oracle, NTT etc. as they fall behind in these ‘cloud wars’. With things still remaining on virtual, its expected that the cloud market share will reach trillions very soon.