Global cloud revenue reached a new high of nearly $550 billion in 2022, growing by 22.9% compared to the previous year. The Software-as-a-Service (SaaS) Applications sector played a significant role, accounting for 45.1% of the total revenue, more than double that of Infrastructure-as-a-Service (IaaS) in second place. These figures were reported by the latest IDC Tracker research, which collected data from 850 cloud services companies across 49 countries worldwide.
SaaS Applications Lead the Way: Out of the $545.8 billion in cloud revenue, an estimated $246.3 billion came from SaaS Applications, making it the largest contributor to the market. Although both SaaS Applications and IaaS experienced a slight decline in overall market share, there was notable growth in Platform-as-a-Service (PaaS) revenue, indicating a shifting landscape in cloud services.
