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Home Technology Infrastructure & Platforms Cloud, Virtualization, Operating Environments and Middleware

Cloud ecosystem hits $427 billion in the first half of 2024

FutureCIO Editors by FutureCIO Editors
December 10, 2024
Image by Gerd Altmann from Pixabay

Image by Gerd Altmann from Pixabay

Operator and vendor revenues across cloud service and infrastructure markets reached $427 billion for the first half of 2024 and grew 23% from the same time in 2023, according to new data from Synergy Research Group.

John Dinsdale

“Cloud markets were already growing strongly, and AI has now supercharged some of that growth. We see this, particularly in the rollout of new and expanded hyperscale data centres,” said John Dinsdale, a chief analyst at Synergy Research Group.

Changing the structure of supply

Dinsdale underscored how the market is changing the structure of the supply side of the industry, saying that “over the last ten years, ODMs have continued to eat up server market share, and now we see Nvidia’s explosive growth, which is largely fueled by sales to hyperscalers, either directly or indirectly. In the first half, revenues from Nvidia’s data centre business unit far surpassed the combined revenues of Dell and HPE in data centres.”

Growth across regions

The research also found that cloud markets are experiencing robust growth worldwide, with the United States leading the pack. In the first half of 2024, it accounted for 44% of all cloud service revenues, 53% of hyperscale data centre capacity, and 47% of the market for cloud data centre hardware and software.

US companies continue to dominate all service and infrastructure markets, with Chinese companies following closely behind. The US companies account for the majority of cloud service revenues and hyperscale data center capacity, while Chinese companies contribute significantly to the market's growth.

Related:  New AI-powered business models to strengthen customer value
Tags: cloud service and infrastructuredigital transformationSynergy Research Group
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