Global cloud spending increased by 19% in the second quarter, with Amazon, Google, and Microsoft firmly in the top three

On August 15, analysis agency Canalys released the latest data on the cloud service industry. Global cloud infrastructure services spending grew 19% year-over-year in the second quarter of 2024, totaling $78.2 billion. It is worth noting that although enterprise IT budgets have returned to growth, the flow of funds is clearly tilted towards AI-related areas.

1. In this quarter, the top three cloud service market players—Amazon Cloud Technology (AWS), Microsoft Azure, and Google Cloud—achieved a total growth of 24%, accounting for 63% of the total market spending.

2. Among them, AWS performed particularly well, with quarterly sales growth accelerating to 19%. Not to be outdone, Microsoft Azure and Google Cloud continued to expand with strong double-digit growth rates of 29% and 30% respectively.
3. Although there is still diversified competition in the market, leading cloud service providers are gradually consolidating their dominant position, and the market concentration trend is significant.
4. It is worth noting that the three major cloud vendors have all reported a surge in the number of AI customers and continue to increase AI product innovation. Google Cloud launched Gemini 1.5, Microsoft Azure introduced GPT-4o mini, and AWS provided large model APIs such as Claude 3.5 Sonnet with its Bedrock platform to meet the growing market demand. Alex Smith, vice president of fenye1. Canalys, commented: "Although the commercialization process of new technologies does not happen overnight, the future of cloud computing is undoubtedly bright. In the face of AI, a revolutionary technology, leading companies are actively increasing their efforts to avoid missing opportunities. Investment intensity. Given that AI is highly dependent on large-scale computing power and storage, leading cloud vendors are looking forward to AI-driven services becoming a key driver for attracting more enterprises to move to the cloud. "

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