Cloud computing is become the industry standard for the management and distribution of computing resources. Businesses can use the power of the cloud to more effectively run software, store data, and perform powerful analytics. Precedence Research projects the $380 billion cloud computing market (2021 figure) will grow at a 17.4% compound annual growth rate and rise to $1.6 trillion annually by 2030. That suggests a massive investment opportunity is out there for those buying in now.

The three largest cloud computing providers at the moment are Amazon (NASDAQ: AMZN), Microsoft (NASDAQ: MSFT), and Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG), although each company's cloud computing segment is just part of a much larger operation. Still, understanding how their cloud offerings stack up against the competitors gives investors insight into what is turning into each company's most significant growth opportunity.

As of the third quarter of 2022, Amazon Web Services (AWS) is the leader in the cloud computing market.

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Source Fool.com