Microsoft Azure maintains second place in the cloud infrastructure services market, with 25% market share as of Q3 2023. Following several consecutive quarters of slowing year-on-year growth, Azure saw an uptick in the second half of last year as the impact of the AI surge became palpable.

Google Cloud, the number three player in the global IaaS and PaaS sectors, secured a market share of 10% towards the end of 2023 with similar commitments to AI that we’re seeing across the cloud provider board. Although growth at Google Cloud hit 24% year-on-year in Q3, according to Canalys, performance was lower than expectations as the cloud provider struggled more than its peers with the delayed impact of enterprise’ IT cost-cutting measures.