Global Cloud Services Market Reaches $55.9 Billion In Q1
The global Cloud infrastructure services spending increased 34 percent to reach $55.9 billion in the January-March quarter (Q1), as organizations prioritized digitalization strategies to meet market challenges, according to a new report.
The top three cloud service providers benefited from increased adoption and scale, collectively growing 42 percent year on year and accounting for 62 percent of global customer spend, according to market research firm Canalys.
“Cloud has continued to be a hot market and transformation strategies are emphasizing digital resiliency to face the market challenges of today and tomorrow,” said research analyst Blake Murray.
Amazon Web Services (AWS) was the leading cloud service provider in Q1, accounting for 33 percent of total spending after growing 37 percent on an annual basis.
Microsoft Azure was the second-largest cloud service provider, growing by 46 percent to take a 21 percent market share.
Google Cloud was the fastest growing of the top three, increasing by 54 percent in the latest quarter to account for 8 percent of the market.
“As the use cases for cloud infrastructure services expand, so does the potential complexity, and we see that hybrid and multi-cloud deployments are commonplace in the market,” said research analyst Yi Zhang.
“The hyperscalers are investing in rapid channel development and partners are responding as the opportunities grow,” Zhang added.