In the first quarter of 2024, Amazon Web Services (AWS) maintained its leadership in the global cloud infrastructure market with a 31% market share, slightly down from 32% the previous year. Meanwhile, Microsoft’s Azure platform reached an all-time high with a 25% market share, while Google held 11%. Together, these top three providers now control two thirds of the market, highlighting their dominance amidst competitors lagging in single-digit shares.
Global spending on cloud infrastructure services grew by $13.5 billion, or 21%, in Q1 2024 compared to the same period in 2023, surpassing $76 billion. This growth underscores the market’s robust expansion, contributing to an annualized run rate of $300 billion, a significant figure that reflects ongoing strong growth trends. Analysts anticipate continued substantial expansion, though not at the rapid rates seen before 2022, forecasting a doubling in size over the next four years.
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