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Cloud computing has enabled the deployment of systems at scale without requiring deep expertise in infrastructure management or highly specialized personnel. In just a few years, cloud computing has become one of the fastest growing technology segments in the Information Technology industry and it has transformed how applications are created and how companies manage their growth. The cloud market has quickly become one of the most competitive industries with companies committing their efforts to the creation of cloud platforms and aggressive pricing strategies in an attempt to gain market dominance. This work shows the origins of the Infrastructure-as-a-Service industry and an analysis of the market dynamics by looking at the portfolios and strategies of the top competitors in this space. Also, this report shows what are the developments that will drive the innovation in the cloud industry years to come.