Global cloud revenues hit new high as SaaS demand booms

Global cloud revenue grew 22.9% year-on-year in 2022 to a new high of nearly $550 billion, new resarch has found.

Most notable was the Software-as-a-Service (SaaS) Applications sector, which accounting for nearly half (45.1%) of global cloud’s total revenue last year, representing more than double that of Infrastructure-as-a-Service (IaaS) in second place at 21.2%.