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Home » Microsoft, Oracle, SAP, IBM Total Market Cap Is $5 Trillion: Legacy’s Revenge!
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Microsoft, Oracle, SAP, IBM Total Market Cap Is $5 Trillion: Legacy’s Revenge!

Bob EvansBy Bob EvansJuly 10, 20253 Mins Read
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After years of proclamations from so-called experts that “legacy” tech vendors would flounder and die in the cloud, the combined market caps of the four seasoned citizens on the Cloud Wars Top 10 has topped $5 trillion and matched the total valuations of the six cloud-natives on the list.

So who cares? Is that really anything more than a silly arithmetic game?

Well, in a business world where disruptive changes occur not only more rapidly but also more intensely, it’s probably pretty valuable to understand that market incumbents that can recognize, assimilate, and optimize powerful new technologies can innovate at scales that the newbies can only dream about.

And as new technologies burst forth into existence more rapidly than ever before, it’s probably pretty important to recognize that nimble and opportunistic incumbents can leverage the latent potential of those shiny new objects with more impact and innovation than any combination of slick and hip startups can.

While the examples I’m about to share are rooted deeply in the tech industry, we’re seeing this play out across every industry: retail, financial services, logistics, manufacturing, healthcare and more. The big takeaway is that while incumbents might be old in calendar years, the best ones are also young at heart in adapting to and even inspiring new business models, new market opportunities, and new realities.

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Let’s look at how the companies in the Cloud Wars Top 10 break out:

IncumbentsMarket CapAgeCloud NativesMarket CapAge
Microsoft$3.71T50 yrsAmazon$2.37T31 yrs
Oracle$667B48 yrsAlphabet$2.19T27 yrs
SAP$370B53 yrsSalesforce$260B26 yrs
IBM$271B114 yrsServiceNow$216B21 yrs
Snowflake$74B13 yrs
Workday$65B20 yrs
TOTALS$5.02T265 yrsTOTALS$5.17T138 yrs

With the benefit of hindsight, we can say things like “Oh, this was inevitable — those incumbents had people and money and customers and experience and talent, so it’s no surprise that they thrived with the onset of first the cloud and then AI.”

But back when the cloud was just starting to rock the business world and totally reshape the tech industry, that future was anything BUT inevitable, particularly in the eyes of a lot of industry analysts and market-watchers who insisted — with extreme confidence in spite of a total absence of insight or imagination — that the incumbents were doomed, that they were on a one-way trip to the tar pits, that this new cloud stuff was so new and cool and different and hip that the stuffy old boomer dudes and dudettes would never catch on.

And boy oh boyzee were those “experts” wrong!

Final Thought

Maybe I think this is important because I’m an old geezer myself, and I want to try to concoct a reality wherein I am somehow still relevant.

Maybe.

And maybe both the business world and the tech world are coming to realize that even the most totally and extremely awesome shiny object in the world doesn’t amount to a hill of beans unless it can be applied in the real world at real scale to drive real business outcomes.

And that’s a perspective that will always be relevant.

And shiny.


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Bob Evans

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Cloud Wars

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Cloud Wars Founder Bob Evans actively analyzes the Cloud and AI categories through video reports, in-depth analyses, and interviews with the Cloud and AI market’s leaders and innovators. He’s also the creator of the Cloud Wars Top 10, a ranking and ongoing analysis of the world's most influential tech companies driving digital business and the digital economy. Bob is recognized as a world-class strategic communicator focused on emerging business strategy, disruptive innovation, and forward-looking leadership.

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