Global Cloud Infrastructure Service Spending Report in 2024 Q1

TapTechNews May 17th news, the market research organization Canalys released a report today stating that in the first quarter of 2024, global cloud infrastructure service spending increased by 21% year-on-year, reaching 79.8 billion US dollars (TapTechNews note: currently about 576.156 billion yuan). Compared to last year, it increased by 13.4 billion US dollars (currently about 96.748 billion yuan).

Among the top three cloud service providers - Amazon Web Services (AWS), Microsoft Azure, and Google Cloud the total growth rate was 24%, accounting for 66% of the total market. Due to the accelerated spending of enterprises on cloud computing, the growth rates of the three leading cloud vendors have all significantly increased.

AWS maintained its market leadership position in this quarter, with a market share of 31%. Revenue increased by 17% year-on-year, and AWS's annual revenue is expected to reach 10 billion US dollars.

Microsoft Azure ranked second with a 25% market share. In the first quarter of 2024, it increased by 31% year-on-year, almost twice that of AWS. Azure disclosed that AI-related demands contributed 7% to its revenue. Microsoft Azure announced plans to strengthen its strategic partnership with OpenAI, and currently more than 65% of Fortune 500 companies use AzureOpenAI services.

Google Cloud is the third largest provider with a market share of 10%, but the year-on-year growth rate reached 28%. At the GoogleNext conference in April 2024, the company announced that Gemini 1.5Pro is now available in more than 180 countries, providing developers with speech understanding capabilities and other tools.

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