In this piece, we will take a look at the 25 largest cloud providers by revenue. For more companies, head on over to 5 Biggest Cloud Providers by Revenue.
The boom in the Internet and the rise of computing have provided firms with a variety of new mediums to do business. While traditional businesses were restricted to analog computing and physical processes, these days firms have greater insights into their operations and can manage them even by sitting on opposite corners of the globe. A large part of this change is driven by cloud service providers, which is a diverse set of groups that ranges from firms such as Amazon.com, Inc. (NASDAQ:AMZN) and Microsoft Corporation (NASDAQ:MSFT) that provide computing capacity, to others like NVIDIA Corporation (NASDAQ:NVDA) and Advanced Micro Devices, Inc. (NASDAQ:AMD) which provide the hardware that powers the services, and even more such as Automatic Data Processing, Inc. (NASDAQ:ADP) and Salesforce, Inc. (NYSE:CRM) that provide cloud based software as a service (SaaS) business process products.
Broadly speaking, while a couple of firms dominate the cloud market, there are a lot of smaller companies operating in the space as well. The cloud segment is also one of the faster growing industries in the world. According to a research report from Grand View Research, the cloud computing market was worth $484 billion last year and can grow to $619 billion by the end of last year. The sector is further estimated to then grow at a compounded annual growth rate (CAGR) of 14.1% to sit at a whopping $1.5 trillion by the end of 2030.
While we’ve mentioned some of the largest cloud companies in the industry, there’s little talk that specifically looks at some of the smallest companies in the industry. Well, there’s detailed coverage of this segment in 10 Cloud Computing Stocks Under $5, with some of the most popular cloud computing providers with a share price less than $5 being Lumen Technologies, Inc. (NYSE:LUMN), VNET Group, Inc. (NASDAQ:VNET), and Edgio, Inc. (NASDAQ:EGIO).
Building on this, another research report, this time from Fortune Business Insights, has even more optimistic growth estimates for the cloud computing provider market. It believes that the industry was worth $480 billion in 2022 and is estimated to be a trillion-dollar sector by 2029 through growing at a 19.9% CAGR and sitting at $1.7 trillion by the end of the forecast period. The research firm believes that the growth in artificial intelligence and machine learning will stimulate the industry’s growth since they are crucial to firms’ ability to monitor and analyze their data. It adds that out of the three different kinds of cloud providers, namely public clouds, private clouds, and hybrid clouds, the hybrid segment will be the fastest growing. This is due to the fact that as opposed to large firms such as Tesla, small and medium enterprises will adopt it in the near future in order to streamline their business processes, reduce costs, and improve productivity. Additionally, public clouds, namely those that offer the same products to different consumers, will continue to be the largest portion of the market.
Finally, taking a look at the situation on the ground, Microsoft Corporation (NASDAQ:MSFT)’s earnings call for its second quarter of the fiscal year 2023 provides some highlights as executives outlined:
And lastly, we are going to lead in the AI era, knowing that maximum enterprise value gets created during platform shifts. With that as the backdrop, the Microsoft Cloud exceeded $27 billion in quarterly revenue, up 22% and 29% in constant currency. Now, I will highlight examples of our innovation starting with Azure. Moving to the cloud is the best way for any customer in today’s economy to mitigate demand uncertainty and energy costs while gaining efficiencies of cloud native development. Enterprises have moved millions of calls to Azure and run twice as many calls on our cloud today than they did 2 years ago. And yet, we are still in the early innings when it comes to long-term cloud opportunity.
As an example, insurer AIA was able to save more than 20% by migrating to Azure and reduced IT provisioning time from multiple months to just an hour. We also continue to lead with hybrid computing with Azure Arc. We now have more than 12,000 Arc customers, double the number a year ago, including companies like Citrix, Northern Trust and PayPal. Now on to data. Customers continue to choose and implement the Microsoft Intelligent Data Platform over the competition because of its comprehensiveness, integration and lower cost. Bayer, for example, used the data stack to evaluate results from clinical trials faster and more efficiently while meeting regulatory requirements and ASOS chose Cosmos DB to power real-time product recommendations and order processing for over 26 million global customers.
Now on to AI. The age of AI is upon us and Microsoft is powering it. We are witnessing non-linear improvements in capability of foundation models, which we are making available as platforms. And as customers select their cloud providers and invest in new workloads, we are well positioned to capture that opportunity as a leader in AI. We have the most powerful AI supercomputing infrastructure in the cloud. It’s being used by customers and partners like OpenAI to train state-of-the-art models and services, including ChatGPT. Just last week, we made our Azure OpenAI service broadly available and already over 200 customers from KPMG to Al Jazeera are using it. We will soon add support for ChatGPT, enabling customers to use it in their own applications for the first time.
With these details in mind, let’s take a look at the world’s biggest cloud providers in terms of revenue, out of which the top three players are Oracle Corporation (NYSE:ORCL), Amazon.com, Inc. (NASDAQ:AMZN), and Microsoft Corporation (NASDAQ:MSFT).
Photo by Taylor Vick on Unsplash
Our Methodology
To compile our list of the world’s largest cloud providers in terms of revenue, we first cast a wide net and listed all firms that operate in the space, such as those that provide hardware, computing resources, and cloud products built on top of them. Then, their cloud revenue was calculated, with the revenue for the hardware and other companies with cloud business divisions taken from their balance sheet when applicable. The final list of the world’s biggest cloud providers by revenue is as follows.
Biggest Cloud Providers by Revenue
25. Samsara Inc. (NYSE:IOT)
Latest 12 Month Revenue Estimate: $652 million
Samsara Inc. (NYSE:IOT) is a technology company headquartered in San Francisco, California. It provides a data aggregation platform for smart and connected devices.
As of Q4 2022, 23 of the 943 hedge funds profiled by Insider Monkey had held a stake in Samsara Inc. (NYSE:IOT). The firm’s largest investor is Zach Schreiber’s Point State Capital which owns a $65 million stake.
Samsara Inc. (NYSE:IOT) joins Amazon.com, Inc. (NASDAQ:AMZN), Oracle Corporation (NYSE:ORCL), and Microsoft Corporation (NASDAQ:MSFT) in our list of the world’s biggest cloud providers in terms of revenue.
24. Box, Inc. (NYSE:BOX)
Latest 12 Month Revenue Estimate: $967 million
Box, Inc. (NYSE:BOX) is a cloud provider based in Redwood City, California. Its cloud platform enables customer employees to work with each other.
Insider Monkey took a look at 943 hedge fund portfolios for 2022’s final quarter and found out that 27 had invested in the firm. Box, Inc. (NYSE:BOX)’s largest investor is Robert G. Moses’s RGM Capital since it owns $121 million worth of shares.
23. Veeva Systems Inc. (NYSE:VEEV)
Latest 12 Month Revenue Estimate: $2.1 billion
Veeva Systems Inc. (NYSE:VEEV) provides cloud computing services to the healthcare industry.
43 of the 943 hedge funds part of Insider Monkey’s database had bought Veeva Systems Inc. (NYSE:VEEV)’s shares as of December 2022. Out of these, the largest shareholder is Greg Poole’s Echo Street Capital Management with a $177 million stake.
22. Dropbox, Inc. (NASDAQ:DBX)
Latest 12 Month Revenue Estimate: $2.3 billion
Dropbox, Inc. (NASDAQ:DBX) operates a cloud platform that enables people to store content and collaborate with each other.
Insider Monkey’s fourth quarter of 2022 survey covering 943 hedge funds revealed that 30 had held a stake in the firm. Dropbox, Inc. (NASDAQ:DBX)’s largest hedge fund investor is John Overdeck and David Siegel’s Two Sigma Advisors since it owns 3.2 million shares that are worth $71.6 million.
21. The Sage Group plc (LON:SGE.L)
Latest 12 Month Revenue Estimate: $2.36 billion (1GBP = 1.24USD)
The Sage Group plc (LON:SGE.L) is a British firm that provides cloud accounting and other software to small companies. Its revenue makes it one of the top cloud providers in the world.
20. Alibaba Group Holding Limited (NYSE:BABA)
Latest 12 Month Revenue Estimate: $2.9 billion
Alibaba Group Holding Limited (NYSE:BABA) is a Chinese technology group. It also has a cloud computing division.
As of Q4 2022, 113 of the 943 hedge funds profiled by Insider Monkey had invested in Alibaba Group Holding Limited (NYSE:BABA). Its largest shareholder is Philippe Laffont’s Coatue Management with a $440 million stake.
19. Gen Digital Inc. (NASDAQ:GEN)
Latest 12 Month Revenue Estimate: $3 billion
Gen Digital Inc. (NASDAQ:GEN) is an American firm based in Tempe, Arizona. It provides cloud based software upgrades and data backup.
Insider Monkey’s December quarter of 2022 survey of 943 hedge funds revealed that 34 had bought the firm’s shares.
18. Atlassian Corporation (NASDAQ:TEAM)
Latest 12 Month Revenue Estimate: $3.1 billion
Atlassian Corporation (NASDAQ:TEAM) is an Australian workflow software provider.
By the end of 2022’s final quarter, 50 of the 943 hedge funds profiled by Insider Monkey had invested in the company. Atlassian Corporation (NASDAQ:TEAM)’s largest investor is Alexander Becker’s Codex Capital since it owns a $345 million stake via 2,500 shares.
17. Splunk Inc. (NASDAQ:SPLK)
Latest 12 Month Revenue Estimate: $3.6 billion
Splunk Inc. (NASDAQ:SPLK) is a pureplay cloud company that is one of the biggest cloud providers in the world due to its product portfolio and revenue of $3.6 billion.
52 of the 943 hedge funds profiled by Insider Monkey had bought Splunk Inc. (NASDAQ:SPLK)’s shares during Q4 2022. Out of these, the largest investor is Alex Sacerdote’s Whale Rock Capital Management with a $217 million stake.
16. Tencent Holdings Limited (OTCMKTS:TCEHY)
Latest 12 Month Revenue Estimate: $4.35 billion (1Yuan = 0.15USD)
Tencent Holdings Limited (OTCMKTS:TCEHY) is a Chinese firm that provides cloud services to companies. It is one of China’s largest cloud providers.
15. Autodesk, Inc. (NASDAQ:ADSK)
Latest 12 Month Revenue Estimate: $4.65 billion
Autodesk, Inc. (NASDAQ:ADSK) provides design and engineering software, updates, and services over the cloud.
Insider Monkey’s Q4 2022 survey of 943 hedge funds revealed that 54 had held a stake in the firm. Autodesk, Inc. (NASDAQ:ADSK)’s largest investor is Ian Simm’s Impax Asset Management with a $243 million stake.
14. Advanced Micro Devices, Inc. (NASDAQ:AMD)
Latest 12 Month Revenue Estimate: $6 billion
Advanced Micro Devices, Inc. (NASDAQ:AMD) designs and sells semiconductors that power the products of the world’s biggest cloud providers.
97 of the 943 hedge funds part of Insider Monkey’s database had bought Advanced Micro Devices, Inc. (NASDAQ:AMD)’s as of December 2022. Ken Fisher’s Fisher Asset Management is the largest shareholder with a $1.6 billion stake.
13. Workday, Inc. (NASDAQ:WDAY)
Latest 12 Month Revenue Estimate: $6.2 billion
Workday, Inc. (NASDAQ:WDAY) provides business operations management cloud software and platforms.
Insider Monkey studied 943 hedge fund holdings for 2022’s December quarter and found that 83 had invested in the firm. Workday, Inc. (NASDAQ:WDAY)’s largest shareholder is Stephen Mandel’s Lone Pine Capital which owns $781 million worth of shares.
12. ServiceNow, Inc. (NYSE:NOW)
Latest 12 Month Revenue Estimate: $7.2 billion
ServiceNow, Inc. (NYSE:NOW) provides automation, artificial intelligence, and other cloud platforms. It is one of the oldest and biggest cloud platform providers in the world.
97 of the 943 hedge funds profiled by Insider Monkey had bought ServiceNow, Inc. (NYSE:NOW)’s shares in Q4 2022. Ken Fisher’s Fisher Asset Management is the biggest stakeholder since it owns 1.3 million shares that are worth $508 million.
11. VMware, Inc. (NYSE:VMW)
Latest 12 Month Revenue Estimate: $13.3 billion
VMware, Inc. (NYSE:VMW) is a diversified cloud platform provider with products such as storage and computing software.
As of December 2022, 68 of the 943 hedge funds part of Insider Monkey’s database had held a stake in the firm. VMware, Inc. (NYSE:VMW)’s largest investor is Jim Davidson, Dave Roux, and Glenn Hutchins’s Silver Lake Partners with a $5.1 billion stake.
10. Intuit Inc. (NASDAQ:INTU)
Latest 12 Month Revenue Estimate: $13.6 billion
Intuit Inc. (NASDAQ:INTU) provides cloud based enterprise management products.
Insider Monkey dug through 943 hedge fund holdings for last year’s fourth quarter and found that 92 had invested in Intuit Inc. (NASDAQ:INTU). Ken Fisher’s Fisher Asset Management is the largest shareholder with a $939 million stake.
9. NVIDIA Corporation (NASDAQ:NVDA)
Latest 12 Month Revenue Estimate: $15 billion
NVIDIA Corporation (NASDAQ:NVDA) is a pivotal cloud computing provider through its high end graphics processing units.
After looking at 943 hedge fund holdings for 2022’s final quarter, Insider Monkey found that 106 had bought the firm’s shares. NVIDIA Corporation (NASDAQ:NVDA)’s largest investor is Ken Fisher’s Fisher Asset Management with a $1.4 billion stake.
8. International Business Machines Corporation (NYSE:IBM)
Latest 12 Month Revenue Estimate: $15.2 billion
International Business Machines Corporation (NYSE:IBM) provides cloud computing infrastructure products.
43 hedge funds out of the 943 profiled by Insider Monkey had held a stake in the company as of Q4 2022. International Business Machines Corporation (NYSE:IBM)’s largest hedge fund shareholder is Peter Rathjens, Bruce Clarke, and John Campbell’s Arrowstreet Capital since it owns $777 million worth of shares.
7. Automatic Data Processing, Inc. (NASDAQ:ADP)
Latest 12 Month Revenue Estimate: $16.6 billion
Automatic Data Processing, Inc. (NASDAQ:ADP) provides cloud based platforms for human resource management.
As of December 2022, 49 of the 943 hedge funds studied by Insider Monkey had bought Automatic Data Processing, Inc. (NASDAQ:ADP)’s shares. Out of these, the largest investor is Terry Smith’s Fundsmith LLP with a $1.3 billion stake.
6. Intel Corporation (NASDAQ:INTC)
Latest 12 Month Revenue Estimate: $19.2 billion
Intel Corporation (NASDAQ:INTC) makes and sells hardware that powers data centers. Along with Oracle Corporation (NYSE:ORCL), Amazon.com, Inc. (NASDAQ:AMZN), and Microsoft Corporation (NASDAQ:MSFT), it is one of the largest cloud companies in the world by revenue.
Insider Monkey’s Q4 2022 survey of 943 hedge funds found that 62 had held a stake in the firm. Intel Corporation (NASDAQ:INTC)’s largest shareholder is Peter Rathjens, Bruce Clarke, and John Campbell’s Arrowstreet Capital with a $524 million investment.
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Disclosure: None. 25 Biggest Cloud Providers by Revenue is originally published on Insider Monkey.
