Worldwide enterprise spending on cloud infrastructure services reached $57.5 billion in the third quarter of 2022, representing a 24 increase in year-over-year revenue growth.

The three big global cloud giants—Amazon Web Services, Microsoft and Google—continued to consolidate and grow their positions as cloud market-share leaders in the third quarter of 2022, according to data from IT market research firm Synergy Research Group.

John Dinsdale, a chief analyst at Synergy Research Group, said cloud services revenue growth would have been much higher in the third quarter if the Chinese market wasn’t suffering from COVID-19-related lockdowns and if the U.S. dollar strength was not at such a high level.

“It is a strong testament to the benefits of cloud computing that despite two major obstacles to growth, the worldwide market still expanded by 24 percent from last year. Had exchange rates remained stable and had the Chinese market remained on a more normal path, then the growth rate percentage would have been well into the 30s [percent],” said Dinsdale in a statement.

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AWS, Microsoft, Google Won 66% Market Share

AWS, Microsoft and Google combined for 66 percent share of the $57.5 billion in cloud services spending in the third quarter of 2022.

Comparatively, in third-quarter 2021, AWS, Microsoft and Google captured a combined 61 percent share of the total $45.4 billion in cloud spending.

“Beyond these three, all other cloud providers, in aggregate, have been losing around 3 percentage points of market share per year but are still seeing strong double-digit revenue growth,” said Dinsdale.

Besides the big three cloud leaders, the other large global cloud market-share vendors include Alibaba, IBM, Salesforce, Tencent, Oracle, China Telecom, Huawei, Fijitsu, NTT, Snowflake, SAP and Rackspace.

In aggregate all other cloud providers have tripled their revenue since late 2017, although their collective market share has plunged from 50 percent to 34 percent as their growth rates remain far below AWS, Microsoft and Google, Synergy said.

Cloud Services Spending Hits $217 Billion

Over the past trailing 12 months, total enterprise cloud services spending hit a whopping $217 billion on a global basis, according to Synergy data.

Synergy’s research includes global cloud spending on Infrastructure as a Service, Platform as a Service and hosted private cloud services.

CRN breaks down the top five cloud services market-share leaders for the third quarter of 2022.