The global cloud industry grew by nearly a third year over year, and Amazon increased its lead in the market, according to a July 28 report from Synergy Research Group.
The cloud market was up 29 percent in the second quarter of 2022 compared to a year earlier, the report found. Amazon's worldwide market share increased a full percentage point to nearly 34 percent, while Google also saw growth in the quarter.
"As evidenced by [last] week's earnings calls, global cloud providers are certainly not immune from the impact of ongoing shifts in exchange rates," John Dinsdale, chief analyst at Synergy Research Group, said in a company news release. "However, the fact remains that the underlying growth in cloud usage continues to grow at truly impressive rates."
Microsoft remains the No. 2 global cloud provider, followed by Google, Alibaba and IBM spinoff Kyndryl, according to the report.
Mr. Dinsdale said Synergy Research Group is forecasting strong growth in the cloud industry as companies launch new hyperscale data centers and increase spending on data center hardware and software.