The global cloud infrastructure services market saw significant growth in the third quarter of 2017, increasing by 43 per cent in value year on year to reach $14.4 billion (£10.9 billion).

This is according to research by Canalys, which found the four largest cloud service providers maintained their dominance, expanding their combined share to 57 per cent of the total market.

Amazon AWS kept increasing its share, with revenue up by 42 per cent year on year. However, it was Microsoft (up 90 per cent) and Google (up 76 per cent) that enjoyed the most impressive growth, closing the gap on AWS. IBM was also found to have gained traction, driven by its strong base of large global customers.

Daniel Liu, research analyst at Canalys, said: “The leading cloud service providers’ hyperscale investment in both technical capabilities and geographic coverage continues to help them expand rapidly. AWS will continue to benefit from its first-mover advantage, broadest cloud services portfolio and strong awareness among developers.

“But Microsoft’s substantial growth, driven by its huge enterprise installed base, compatibility with its Office portfolio and enhanced hybrid cloud solutions, means it will remain AWS’ closest competitor.”

Mr Liu went on to add that the growing adoption of cloud for “digital workloads around artificial intelligence, IoT and edge computing” will drive the next wave of market growth. He explained that this will become the key factor in determining cloud players’ future momentum.

The report found that the North American market was the largest, making up 55 per cent of the global total. Europe, the Middle East and Africa (EMEA) comprised 23 per cent of the market.

Canalys said it expected the worldwide market will reach $54.4 billion by the end of the year.

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