Synergy: the cloud market reaches $330 billion in 2024, generative AI drives half of the growth

2025-02-06 · Publisher : Synergy Research Group · Domain : Cloud & DevOps

Synergy Research puts the cloud infrastructure market at $330 billion for 2024, $60 billion more than in 2023. According to Synergy, generative AI drove half of the market's growth over the last two years.

### Background On 6 February 2025, Synergy Research Group publishes its fourth-quarter and full-year 2024 results. Enterprise spending on cloud infrastructure services reaches $91 billion in Q4 ($90.6 billion), up 22% year on year. For the full year 2024, the market reaches $330 billion ($330.4 billion), $60 billion more than in 2023 and $102 billion more than in 2022. ### Key facts - Synergy estimates that generative AI generated half of the market's growth over the last two years, through new AI platform services, GPU-as-a-service and enhancements to many other services. - Worldwide market shares in Q4: Amazon 30%, Microsoft 21%, Google 12%. - Public cloud services (IaaS and PaaS) grow 24% in Q4; the three leaders account for 68% of them. - CoreWeave enters the ranking of the top twenty providers thanks to its GPU services; Oracle, Snowflake, Cloudflare and Databricks are among the fastest-growing second-tier providers. - The US market grows 23% in Q4. - In Europe, the largest markets are the UK and Germany, and the strongest growth comes from Ireland, Spain and Italy. ### Why it matters Between 2023 and 2024, the annual growth rate gains four points. For CIOs there are two readings: the three hyperscalers keep their dominance (68% of public cloud), and a new category of GPU-focused providers is entering the ranking. Cloud budgets are therefore shifting toward AI capacity, which weighs on cost trade-offs. ### Takeaway 2024 ends at $330 billion, with generative AI as half of the growth engine.

Tags : Cloud, Hyperscaler, IA, AWS, Google Cloud