5 Biggest Cloud Providers by Market Share in 2024

3. Alphabet Inc

Market Share Q4 2023: 11%

Google Cloud, a subsidiary of Alphabet, stands among the top three cloud providers globally, commanding an 11% share of the cloud infrastructure service market in the third quarter of 2022. Offering infrastructure, platform, and various enterprise services, Google Cloud competes with industry giants like Microsoft and Amazon Web Services. 

In Q4 2023, Google Cloud raked in $9.2 billion, with a 25.66% YoY increase and an $864 million operating income compared to a $186 million loss the previous year. Alphabet’s overall net income for 2023 hit $73.8 billion, partly due to extending server and networking equipment lifespan, cutting Q4 depreciation costs by $983 million and boosting net income by $765 million. Despite a $11 billion Q4 capital expenditure driven by AI investment, Google’s shares dipped 6% post-earnings due to lower-than-expected ad revenue.