The Big Three cloud providers, AWS, Microsoft, and Google, are going like gangbusters. The most likely reason is two letters: AI. The first quarter of 2024 saw the strongest growth since the third quarter of 2022. Enterprise spending on cloud infrastructure services topped $76 billion during Q1 2024, up by $13.5 billion (a 21% increase) compared with Q1 of 2023.
The Big Three cloud providers now account for 67% of global cloud spending. Amazon still retains its lead at 31%, but its share is shrinking compared with Microsoft (25%) and Google (11%), which showed stronger year-on-year growth, according to Synergy Research Group.
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