Global cloud spending leaps 19% in Q2 2024
In Q2 2024, global spending on cloud infrastructure services grew 19% year on year to reach US$78.2 billion. While enterprises’ IT budgets have returned to growth, a significant portion of spending is now directed toward AI-related investments. The top three vendors – AWS, Microsoft Azure and Google Cloud – collectively grew by 24% this quarter to account for 63% of total spending. AWS showed a notable increase in growth compared with the previous quarter, with Q2 sales up 19%. Meanwhile, Microsoft Azure and Google Cloud continued to show robust double-digit growth, up 29% and 30% respectively. Over a third of cloud market share globally is still held by other cloud providers, but the market is shifting toward the top hyperscalers, which are capturing an increasing share of the market.
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