With worldwide spend on cloud computing infrastructure forecast to exceed US$1tn in 2024 at a compound annual growth rate of 15.7%, COVID-19 has been a key accelerator of cloud adoption and extension and will continue to drive the conversion.
It is also predicted that the strongest growth in cloud revenues will come from in the ‘as a service’ category including both public (shared) cloud services and dedicated (private) cloud services. The category is forecast to deliver a five-year CAGR of 21.0%, accounting for 60% of all cloud revenues worldwide in 2024.
"Cloud in all its permutations – hardware/software/services/as a service as well as public/private/hybrid/multi/edge – will play ever greater, and even dominant, roles across the IT industry for the foreseeable future," said Richard L. Villars, group vice president, Worldwide Research at IDC.
10. DigitalOcean
Market cap: US$2.62bn
LinkedIn: https://www.linkedin.com/company/digitalocean/
Founded in 2012, DigitalOcean is on a mission to simplify cloud computing for developers, giving back time to spend on creating software that changes the world. The cloud provider offers innovative solutions that cater to the needs of coding beginners to intermediate and advanced.
From micro to large enterprises, DigitalOcean provides critical infrastructure to succeed across multiple complex industries providing products in compute, storage, hosting, networking, managed databases, developer tools, AI and machine learning.
9. ServiceNow
Market cap: US$140.71bn
LinkedIn: https://www.linkedin.com/company/servicenow/
Founded in 2004, ServiceNow is an intelligent platform for digital transformation, cost reduction and driving growth. Describing itself as a system of action rather than a system of record , ServiceNow sits on top of existing data and systems within an organisation to prevent the need to ‘rio and replace’ what is already there.
Ranging from cloud management and security to analytics and Generative AI, ServiceNow’s platform optimises processes, connects data and organisational silos, and accelerates innovation at scale.
8. IBM
Market cap: US$146.35bn
LinkedIn: https://www.linkedin.com/company/ibm/
Founded in 1911, IBM is one of the oldest technology providers, helping clients solve business problems. Today, the company integrates both technology and expertise to provide infrastructure, software and consulting services to drive digital transformation for mission-critical businesses.
IBM Cloud is a hybrid, open, and resilient solution built to optimise risk controls, drive speed, agility and innovation anywhere, as well as improve resiliency, scaleability and regulatory compliance.
7. Alibaba
Market cap: US$183.13bn
LinkedIn: https://www.linkedin.com/company/alibaba-group/
Founded in 1999, Alibaba Group is dedicated to make it easy to do business anywhere by building the future infrastructure of commerce. Innovating for more than two decades, Alibaba Group operates across both national and international commerce, local consumer services, digital media and entertainment, innovation, logistics and cloud.
Alibaba Cloud offers cutting-edge products for complex and dynamic environments. Via its cloud marketplace, Alibaba Group enhances business agility and accelerates digital transformation with its cloud business solutions.
6. Salesforce
Market cap: US$241.15bn
LinkedIn: https://www.linkedin.com/company/salesforce/
Founded in 1999, Salesforce grew quickly in its early years, making its IPO in 2004. Today, Salesforce is one of the largest companies in the world by market cap, ranking among the Top 40. With its solutions, Salesforce builds connections for organisations to drive success and create positive change.
Salesforce’s cloud-based software is designed to help businesses find more prospects, close more deals, and provide amazing customer service. Salesforce offers a complete 360 suite of products to unite sales, service, marketing, commerce, and IT teams with a single, shared platform.
5. Oracle
Market cap: US$306.89bn
LinkedIn: https://www.linkedin.com/company/oracle/
Founded in 1977, Oracle is a global technology and software company dedicated to helping people ‘see data in new ways, discover insights, and unlock endless possibilities’.
Oracle Fusion Cloud Procurement is an integrated source-to-settle suite that automates business processes, enables strategic sourcing, improves supplier relationship management and simplifies buying. As a result, procurement functions can benefit from lower risk, improved savings and great profitability.
4. VMware (Broadcom)
Market cap: US$373.2bn (Broadcom)
LinkedIn: https://www.linkedin.com/company/vmware/
Founded in 1998, VMware is a leading provider of multi-cloud services. In November 2023, the company was acquired by Broadom - a Delaware corporation and global infrastructure technology leader.
VMware Cloud provides a multi-cloud service for all apps in data centre, edge, and public cloud environments. It enables modular, multi-cloud infrastructure, app, and management services to accelerate modernisation and cloud transformation to deliver innovation. VMware Cloud spans 130 countries globally, allowing its applications to be deployed anywhere in the world.
3. AWS
Market cap: US$1.49tn
LinkedIn: https://www.linkedin.com/company/amazon-web-services/
Launched in 2006 by Amazon, AWS is the world’s most comprehensive and broadly adopted cloud computing provider. AWS offers more than 200 fully featured services from its global data centres. From fast-growing startups to largest enterprises and leading government agencies, AWS helps organisations to cut costs, become more agile, and innovate faster.
AWS offers three main types of cloud computing including infrastructure as a service; platform as a service; and software as a service. Each type provides a different level of control, flexibility, and management to meet the needs of the end user.
2. Google
Market cap: US$1.64tn
LinkedIn: https://www.linkedin.com/company/google/
Whilst founded in 1998, Google’s story began in 1995 at Stanford University, working from their dorm rooms, Larry Page and Sergey Brin built a search engine that used links to determine the importance of individual pages on the World Wide Web. They called this search engine Backrub, which was swiftly changed to Google.
Today the company is on a mission to organise the world’s information and make it universally accessible and useful. Part of this includes building products that help create opportunities for everyone, such as its cloud computing solutions.
Google Cloud allows its users to build apps faster, make smart business decisions, and connect people anywhere. With more than 150 products, Google’s cloud platform is built for AI, machine learning, compute, storage, databases, data analytics, networking, developer tools and security.
1. Microsoft
Market cap: US$2.74tn
LinkedIn: https://www.linkedin.com/company/microsoft/
Founded in 1975 by Bill Gates and Paul Allen, Microsoft believes technology can and should be a force for good, contributing meaningful innovation to create a brighter future. The company is driven by its core mission statements to drive innovation, develop trustworthy computing, enhance diversity and inclusion, and have a positive societal impact.
On its next adventure in the world of technology, Microsoft is building AI into its Microsoft Cloud services to help everyone and every organisation achieve more. With Microsoft Cloud organisations can confidently drive their business forward, adapt to disruptions, and embrace change.
Being one of the most trusted and comprehensive cloud offerings, Microsoft Cloud helps organisations reach their full potential with integrated and open cloud platforms that spans six critical areas—security, infrastructure, digital and app innovation, data and AI, business applications, and modern work.
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