In spite of the combined downward forces of rampant inflation and fears of a recession, the global business community is clearly displaying enormous confidence in the ability of the enterprise cloud to be not only a deflationary weapon but also an engine of growth, innovation, and acceleration.
On top of the eye-popping growth rates across the Cloud Wars Top 10 that we detailed last month in Hottest Cloud Vendors: #1 Oracle, #2 Google, #3 SAP, #4 AWS, and #5 Microsoft, the combined market cap of the world’s 10 largest and most-influential cloud providers sits at a very impressive $5 trillion in spite of all the global turmoil and unrest.
While there’s no question that the combined market cap of the Cloud Wars Top 10 is down significantly from its peak of about $6.5 trillion several months ago, the ability of those world-changing companies to retain a combined valuation of $5 trillion stands out.
As we dive into the fourth quarter of a remarkable year, let’s take a look at where each company stands right now in terms of market cap, most-recent quarterly cloud revenue, and most-recent quarterly cloud-revenue growth rate. The order in which the companies are presented below is how they stack up on the Cloud Wars Top 10 list.
| Company | Market Cap | Latest Quarterly Cloud Revenue | Latest Cloud Revenue Growth Rate |
|---|---|---|---|
| 1. Microsoft | $1.8 Trillion | $25 billion | 29% |
| 2. Amazon | $1.18 Trillion | $19.7 billion | 33% |
| 3. Google Cloud | $1.29 Trillion | $6.3 billion | 36% |
| 4. Salesforce | $147.7 billion | $7.72 billion | 22% |
| 5. Oracle | $169.9 billion | $3.6 billion | 45% |
| 6. SAP | $99.8 billion | $3.12 billion | 34% |
| 7. ServiceNow | $79 billion | $1.66 billion | 25% |
| 8. Workday | $39.2 billion | $1.37 billion | 23% |
| 9. IBM | $108.9 billion | $5.9 billion | 29% |
| 10. Snowflake | $55.1 billion | $466 million | 83% |
Final Thoughts
For me, the biggest takeaway from this relentless and enormous demand for cloud services from businesses across every industry is that CEOs and CFOs are now looking at cloud-led information technology as a powerful source of revenue growth, innovation, and acceleration rather than as a cost center to be ground down.
Technology teams are no longer being looked at as siloed outposts where the language of business is a foreign tongue and where everything takes longer than it should.
And CIOs are being regarded as agents of customer-centric change as they use the cloud as an Archimedean lever to unleash new sources of funds for growth-oriented innovation projects.
That is the combined power of the cloud.
And that’s why the Cloud Wars Top 10, even in these highly uncertain times, has maintained a market cap of $5 trillion.
