The cloud computing industry continued its impressive growth in 2021, bringing huge profits for the market’s largest players.

According to data presented by StockApps.com, the world’s five largest cloud vendors hit $47,5-billion in quarterly revenue. Microsoft and Amazon generated 65% of that value.

Today, billions of people use cloud storage to manage and store private data. However, its ability to provide access to computing power that would otherwise be extremely expensive has made cloud computing technology widespread in the business sector.

Microsoft, Amazon, IBM, Salesforce, and Google represent the world’s top five cloud vendors, offering companies with different services, apps, and other resources for their IT and operations.

As of its third fiscal quarter 2021, ending 31 March, Microsoft generated cloud revenues of $17,7-billion worldwide, positioning the tech giant as the leader among cloud vendors. Statistics show Microsoft’s server products and cloud services revenue increased 26% YoY, driven by Azure revenue growth of 50%.

As the world’s second-largest cloud vendor, Amazon`s cloud revenues had also been growing for years in a row, reaching an all-time high in the first quarter of 2021. AWS generated revenue of $13.3bn between January and March, a massive 32% increase year-over-year.

IBM, Salesforce, and Google Cloud round the top five list, with $6,5-billion, $5,8-billion, and $4-billion in quarterly revenue, respectively.

Covid-19 and the shift to remote work and video conferencing accelerated moves to the cloud in 2020, with annual revenues rising by more than $55-billion. However, the following years are set to witness even more impressive growth, with revenues hitting a new benchmark.

In 2021, the global public cloud revenues are expected to jump by another 25% and hit $338-billion, revealed the Statista survey. The impressive revenue growth is set to continue in the next two years, with the public cloud market reaching over $500-billion value by 2023.

As the largest market segment, software as a service (SaaS) is forecast to hit $251,4-billion value in the next two years, up from $190,9-billion in 2021.

Platform as a service (PaaS) revenues are forecast to grow by 67% in this period and hit $101,1-billion. However, the Infrastructure as a service (IaaS) segment is expected to witness the most significant growth, with revenues surging by nearly 70% to $87,4-billion in the next two years.