Canalys Forecasts 20% Surge in Global Cloud Spending, Outpacing 2023 Growth Rate

Canalys, the analyst firm, forecasts a 20% surge in global cloud spending, outstripping the 18% rise seen in 2023.

In 2022, global cloud spending hit $247.1 billion, leaping to $290.4 billion in 2023. A projected 20% increase could see 2024 spending hit $348.4 billion.

In Q4 2023, AWS, Microsoft Azure, and Google Cloud collectively grew by 21%, commanding 66% of total global cloud expenditure.

Microsoft experienced a remarkable 30% revenue growth in the fourth quarter, narrowing the gap on AWS, the market leader. AWS witnessed a modest 13% year-on-year increase.

Despite AWS's current growth trajectory lagging behind Microsoft and Google, its Amazon Bedrock offers a wider array of AI integrations. Customers benefit from access to models from multiple providers, including AI21 Labs and Amazon itself, fostering greater flexibility.

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