Snowflake SNOW and Alphabet GOOGL are major players in the cloud data and analytics space. While Snowflake provides a pure-play cloud data warehousing and analytics platform, Alphabet offers similar capabilities through Google Cloud’s BigQuery as part of its broader cloud ecosystem.
Per the Fortune Business Insight report, the global cloud analytics market size was valued at $48.22 billion in 2025 and is expected to grow from $58.42 billion in 2026 to $168.88 billion by 2034, registering a CAGR of 14.2% from 2026 to 2030. Both Snowflake and Alphabet are poised to benefit from this rapid growth pace.
Snowflake or Alphabet — Which of these Cloud Analytics stocks has the greater upside potential? Let’s find out.
SNOW is benefiting from strong adoption and increasing usage of its platform, as reflected by the net revenue retention rate of 125% in the fourth quarter of fiscal 2026. In the same quarter, Snowflake added 740 net new customers, up 40% year over year. The company now has 733 customers spending more than $1 million annually, up 27% year over year, and 56 customers spending more than $10 million annually, up 56% year over year.
SNOW’s expanding portfolio has been noteworthy. In 2026, Snowflake launched more than 430 product capabilities, including Snowflake Intelligence, Cortex Code, Snowflake OpenFlow, and Snowflake Postgres. These innovations enhanced the platform’s usability and scalability.
The company’s AI-driven products, particularly Snowflake Intelligence and Cortex Code, have been a major growth driver. In 2026, Snowflake Intelligence, which provides enterprise-grade agent capabilities, has been adopted by more than 2,500 accounts within just three months of its launch, nearly doubling quarter-over-quarter. Cortex Code, a transformational coding agent, has been embraced by more than 4,400 customers, enabling faster development and deployment of AI-powered applications.
Alphabet is growing its presence in the cloud analytics market with its cloud computing platform, Google Cloud’s BigQuery, a powerful serverless data warehouse solution. BigQuery is strongly integrated into the broader Google Cloud ecosystem, allowing enterprises to leverage Google’s infrastructure, data and AI services seamlessly.
The company has been growing rapidly in the booming cloud-computing market. In the fourth quarter of 2025, Google Cloud revenues surged 47.8% year over year to $17.66 billion and accounted for 15.5% of the quarter’s total revenues. Google Cloud ended 2025 at an annual run rate of more than $70 billion, representing a wide breadth of customers, driven by demand for AI products. Google Cloud ended the fourth quarter with $240 billion in backlog, up 55% sequentially. Nearly 75% of Google Cloud customers utilized Alphabet’s AI products, showcasing the increasing adoption of its AI-powered solutions.
The increasing number of cloud regions and availability zones globally remains a major positive. Google Cloud has 43 cloud regions, 130 zones and more than 200 network edge locations across more than 200 countries. Google Cloud is considered the third-largest cloud player among numerous cloud providers worldwide.
