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Charted: The Largest Pure Play Cloud Computing Companies

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Biggest Pure Play Cloud Computing Companies

The Largest Pure Play Cloud Computing Companies

The global cloud computing market size was valued at $569 billion in 2022 and is projected to grow to $2.4 trillion by 2030.

This graphic lists the largest pure play cloud computing companies by market cap and annual return, based on data as of November 30, 2023 from Syntax.

A pure play company concentrates all its efforts on a single line of business, and in this context, it’s cloud computing. Notably, tech giants like Google, Microsoft Corporation, and Amazon are excluded from our list due to their diversified business focuses.

Photo Storage to Streaming

Cloud computing is the technique of processing, storing, and managing data on a network of remote computers hosted on the internet rather than on a personal computer or local server.

It is used by regular people for storing photos or documents and even for watching movies or listening to music on platforms like Netflix or Spotify. It is also essential for companies to store information.

While all the companies listed here provide direct exposure to the market, each has a unique business model and target.

CompanyStock TickerMarket Cap ($B)1-Yr Annual Return (%)
EquinixEQIX$76B20.5%
Arista NetworksANET$68B64.0%
Digital Realty TrustDLR$42B27.1%
DatadogDDOG$35B61.9%
VerisignVRSN$22B8.6%
Pure StoragePSTG$12B28.8%
DropboxDBX$7B24.6%
BoxBOX$4B-4.6%

At the top of the list is Equinix, headquartered in California, which specializes in internet connections and data centers. The company is a leader in the global colocation data center market share, with 248 data centers in 31 countries. It also boasts the largest global cloud ecosystem in the market.

Following Equinix is another Silicon Valley company, Arista Networks, which designs and sells multilayer network switches for use in large-scale data centers, competing with companies such as Cisco Systems and Hewlett Packard Enterprise.

Despite not being widely known among the general audience, pure play cloud computing companies can also be good investment options, with most of their stocks demonstrating solid double-digit annual returns.

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