According to Synergy Research Group, in Q2 2022, the global cloud market grew by +29%. Quarterly cloud infrastructure service revenues (including IaaS, PaaS, and hosted private cloud services) were $54.7B, and trailing twelve-month revenues reached $205B.

The strong US Dollar had a significant impact on the numbers. Had exchange rates remained constant over the last year, the growth rate would have been around six percentage points higher.

Amazon leads the pack with almost 34% market share, increasing its #1 position by over a full percentage point. Alphabet also meaningfully increased its market share. Combined, Amazon, Microsoft and Alphabet had a 65% share of the worldwide cloud market in the quarter, up from 61% a year ago.

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