The Power of Google

How 23 Alphabet Divisions Drive the Search Giant's Growth

Executive Summary

Google is the world’s largest advertising platform and the heart of one of its most innovative technology companies, Alphabet. The vast holding company, which formed as Google, outgrew its roots in search and continues to expand into new territories, many of which fall within the 23 business areas we cover in this report. But even with its size, it remains susceptible to regulatory pressure and economic uncertainty.


  1. How important is advertising to Google and Alphabet’s other key businesses?
  2. Is Search still the engine pushing Alphabet forward?
  3. What’s the five-year outlook for Alphabet’s key businesses?

WHAT’S IN THIS REPORT? Analysis of 23 of Alphabet’s most important business areas; we examine their maturity, disruption of the market, leverage over partners, integration with other products, and five-year outlook.

KEY STAT: Google’s advertising business grossed $209.5 billion in 2021, according to its filings, and remains the largest portion of Alphabet’s revenues by far.

Here’s what’s in the full report


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Table of Contents

  1. Executive Summary
  2. The Power of Google
  3. Search
  4. ​​Google Shopping
  5. Ad Business
  6. Ad Tech
  7. Analytics
  8. YouTube
  9. Subscription Services and Google Play
  1. Android TV and Chromecast
  2. Android and Pixel
  3. Google Pay and Google Wallet
  4. Internet Capacity and Connectivity
  5. Google Cloud
  6. AI Building Blocks
  7. Assistant
  8. Alphabet Health Enterprises
  9. Google Health Consumers
  1. Wearables
  2. Smart Home
  3. Chrome and Chrome OS
  4. ​​Augmented and Virtual Reality
  5. Navigation Services
  6. Cars
  7. Robotics and Automation
  8. Read Next
  9. Media Gallery

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Peter Adrian, Sky Canaves, Dave Frankland, Nina Goetzen, Rajiv Leventhal, Jessica Lis, Evelyn Mitchell, Lisa Phillips, Jaime Toplin, Paul Verna, Max Willens, and Yoram Wurmser


Jade Appel
Associate Forecasting Analyst
Ross Benes
Senior Analyst
Paul Briggs
Principal Analyst
Suzy Davidkhanian
Principal Analyst, Retail & Ecommerce
Justin DeVoursney
Graphic Designer
Jasmine Enberg
Principal Analyst
Lisa Haiss
Senior Editor, Tech Newsletter
Chris Keating
Director, Research
Ann Marie Kerwin
VP, Content
David Morris
Principal Analyst
Peter Newman
Senior Forecasting Analyst