New data from Synergy Research Group shows that generative AI (GenAI) has driven half of the cloud market's growth in 2024, $330 billion by year-end. It increased by $60 billion in 2023 and $102 billion in 2022, the year ChatGPT was launched.
AI-driven growth
"How much of that was down to AI? ChatGPT was launched at the end of 2022 and helped to bolster service development through 2023 and then boost more aggressive market growth through 2024. Our assessment is that since ChatGPT was launched, GenAI has been responsible for at least half of the increase in cloud service revenues. That has come from either newly launched GenAI/GPU services or AI-driven improvements to existing cloud services," said John Dinsdale, a chief analyst at Synergy Research Group.
According to data and analysis from Synergy, GenAI has driven half its growth with a combination of new GenAI platform services, GPU as a service, and enhancements of other cloud services.
Global growth
The cloud market continues to grow worldwide, with countries such as Brazil, Spain, Italy, India, and Japan growing at rates above the global average.
Despite the global nature of the market's growth, the US remains the undisputed leader. Its market scale surpasses that of the entire APAC region.
