Deutsche Bank estimates Google Cloud Platform (GCP) has a $750M revenue run-rate estimate today.
The combined revenues of AWS, Microsoft Azure, and GCP are still less than $15B for a market penetration of just 1%-2% of the Total Available Market (TAM).
During the 2Q16 call, Google called out Cloud as the primary driver of the re-accelerating growth for Licensing and Other revenue, the first time the business has been called out in pole position.
Recent Orbitera and Apigee acquisitions underscore Google’s new focus and aggressiveness to grow GCP. Google has spent $1B+ on Cloud M&A over the past 12 months.
Deutsche Bank predicts GCP is preparing a series of new product announcements in September to strengthen their customer-facing roadmap further.

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