World's Fastest-Growing Major Cloud Vendors: #1 Oracle, #2 Google, #3 ServiceNow (2024)

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World's Fastest-Growing Major Cloud Vendors: #1 Oracle, #2 Google, #3 ServiceNow? ›

Google Cloud Platform (GCP)

Compared to AWS vs Azure, GCP is the smallest of the big three cloud providers. That said, it is the fastest growing, with a 54% market share growth rate, The Register reports. The company expects the business to grow 20% in 2024.

Google Cloud Platform (GCP)

Compared to AWS vs Azure, GCP is the smallest of the big three cloud providers. That said, it is the fastest growing, with a 54% market share growth rate, The Register reports. The company expects the business to grow 20% in 2024.

Just one month ago, ServiceNow vaulted to the top of the Cloud Wars Top 10 Growth Chart—you can read all about that in “ServiceNow Leapfrogs Oracle to Become Fastest-Growing Cloud Vendor” — and recently raised its subscription-revenue guidance range for 2023 to a high of $8.64 billion.

And if it can hit the 29% cloud revenue growth rate that I'm predicting, Oracle will become the world's fastest-growing major cloud vendor and earning the #1 spot on my Cloud Wars Growth Chart, a position currently held by Google Cloud (28%).

Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP) are the big three cloud service providers today. Together, they take up 66% of the worldwide cloud infrastructure market, an increase from 63% the previous year, according to Synergy Research Group.

While there is fierce competition among cloud providers, it is clear that Azure reigns supreme as the most in-demand cloud platform. Its robust infrastructure, comprehensive services, and dedication to customer success make it the top choice for businesses worldwide.

Google Cloud is much smaller than AWS but they're growing faster. The new AI technology with modern cloud technology is making the difference. Oracle grew at 25%, almost twice as fast as AWS.

While Amazon has dominated the industry for more than a decade, AWS is growing far more slowly than Microsoft's Azure cloud infrastructure unit. If current trends continue, Azure could be the industry leader by 2026.

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How rapidly is Oracle growing? From fiscal 2020 to fiscal 2024, which ended this May, Oracle's revenue grew at a compound annual growth rate (CAGR) of 8% as its earnings per share increased at a CAGR of 5%. Data source: Oracle.

There are three main types of cloud services: software as a service (SaaS), platform as a service (PaaS), and infrastructure as a service (IaaS).

I think that Oracle will survive 5 years and maybe another 20 because it has huge financial resources, a huge customer base, and still has a lot of smart people working there. On the other hand, I think that unless Oracle undergoes radical changes very quickly, even though it may survive, it will not thrive.

Who has the biggest market share in cloud? AWS has the biggest market share in cloud, with 32% of the market, followed by Microsoft's Azure Cloud and Google Cloud Platform (GCP). Alibaba Cloud is in the top three as well, with 9.5% market share.

12-month revenues between the start of 2021 and 2022 for cloud infrastructure services reached $191 billion. AWS had the largest market share of cloud infrastructure services at 33% in Q1 2022. Microsoft Azure had a market share of 22% in Q1 2022, with Google at 10% and all other companies at 35%.