China’s Cloud Services Market Posts World’s Fastest Growth to Hit USD$19.38 Billion: IDC

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A new report from market researcher IDC highlights roaring growth in China’s market for cloud computing and IaaS services.

The global market for public cloud services (IaaS/ PaaS/ SaaS) reached USD$312.42 billion in 2020, for YoY growth of 24.1%, according to the IDC report.

China’s public cloud services market saw the fastest growth, with a 49.7% YoY rise to hit $19.38 billion. IDC further forecasts that China’s public cloud services market will see its share of the global total rise from 6.5% in 2020 to over 10.5% in 2024.

The COVID-19 pandemic served as major driver of growth in the cloud market last year, and for the Infrastructure-as-a-service (IaaS) market in particular. The global IaaS market reached $67.19 billion in 2020, for YoY growth of 33.9%.

Chinese e-commerce giant Alibaba figures amongst the top five IaaS providers, which also include AWS, Microsoft, Google and IBM. These five companies collectively account for a 77.1% share of the market.

In the fourth quarter of 2020 China’s IaaS market was $3.49 billion, with Ali Cloud holding the biggest market share, following by Huawei and Tencent in joint second-place, and then China Telecom and AWS.

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