Amazon Web Services (AWS) remains the dominant player in the cloud infrastructure market, with a market share of 31% in Q4 2023, down slightly from the previous year. Microsoft is steadily gaining ground, reaching a record-high market share of 24%. Together with Google, the “Big Three” now account for two thirds of the global cloud market, leaving the rest of the competition far behind.
Global spending on cloud infrastructure services reached $73.7 billion in Q4 2023, with total spending for the year hitting $270 billion. The market continues to grow strongly, with 19% growth for the full year and 20% year-over-year growth in Q4. The strong performance is attributed to the increasing adoption of generative AI by both cloud providers and enterprises.
