Global cloud infrastructure services spending was up 20% last year – from $267.7 billion in 2023 to $321.3 billion in 2024. It’s expected to grow by around the same amount this year (19%), according to Canalys. AI investment significantly accelerated cloud adoption with the strong investments made by leading hyperscalers expected to continue. All had reported positive returns by the second half of 2024, according to Canalys.
► Strong investment by hyperscalers will continue
► AWS, Azure and Google claim 64% of the market
The growth in spending for Q4 2024 was consistent with the full year at 20%. The top three cloud providers – AWS, Microsoft Azure and Google Cloud – remained unchanged from the previous quarter, with their combined market share accounting for 64% of global cloud spending. Collectively, their total spending grew 25% year-on-year.
AWS secured a 33% market share in Q4, achieving 19% year-on-year revenue growth. AWS recently committed $1 billion to AI-focused data centre projects. Azure took a 20% share and saw annual growth of 31% - AI services contributing 13%. Google Cloud’s market share was 11% and it saw 32% year-on-year growth in Q4 2024.
