Global cloud spend to exceed US$590 billion by 2028, reports Canalys.
Worldwide expenditure on cloud infrastructure services rose by 19.7% year-over-year, reaching $77.7 billion in Q1 2024.
The North American region is experiencing the fastest growth, primarily due to the high acceptance and adoption rates of AI applications.
The Asia-Pacific region follows. Hyperscalers announced cloud infrastructure investments in Asia in Q1 2024 to expand AI reach.
Amazon Web Services (AWS) achieved a growth of 17.1%, commanding a market share of 32.0%.
Microsoft Azure achieved an annual growth rate of 31.1%, consolidating its position as the second-largest player with a market share of 23.3%.
Google Cloud‘s market share increased to 9.2%, with an annual growth rate of 27.5%. Alibaba Cloud experienced year-on-year growth of 33.4%, capturing 4.6% of global market.
