Global public cloud services revenues hit $315bn in first half of 2023

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Global public cloud services revenues have been ticking over to the tune of 19.2% in the first half of 2023 with software as a service (SaaS) representing the lion’s share but platform as a service (PaaS) the biggest growth, according to IDC.

The analyst firm released figures from its Worldwide Semiannual Public Cloud Services Tracker, which showed that public cloud services revenue hit $315.5 billion (£248.1bn) for the first half of 2023.

SaaS was split into two buckets; the first, focused around applications, saw total revenue of $141.2bn, at an uptick of 15.8% year on year. Infrastructure as a service (IaaS) saw first half 2023 revenues of $64.4bn at a growth rate of 16.9%, while PaaS had revenues of $56.8bn at an uptick of 27.7%.

Microsoft retains top spot on the vendor rankings across public cloud services, with IDC assessing the Redmond giant to have 17.1% share in the first half of 2023. Amazon Web Services (AWS) holds 12.9% of the market – remembering its major dominance is primarily of the IaaS market – with Salesforce, Google and Oracle rounding off the top five. IDC noted that the top five vendors capture more than two fifths (41%) of total revenues, with this position being ‘relatively unchanged’ year over year.

Lara Greden, research director for platform as a service at IDC, said the strong market growth for PaaS comes from a ‘large ecosystem of vendors meeting customer needs in the cloud.’

“The fundamentals of cloud technologies and public cloud PaaS providers as strategic partners to enterprises and companies of all sizes are evident as AI pervasiveness strengthens,” said Greden. “Companies continue to accelerate movement to and adoption of the cloud for modernisation and new, intelligent application initiatives based on all types of data streams.”

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