New data from Canalys has revealed global spending on cloud infrastructure services reached £64.8 billion ($82.0 billion USD) in Q3 2024, a 21 per cent increase year on year.
The analyst firm found Amazon Web Services (AWS) is continuing to maintain its lead in the global cloud market, capturing 33 per cent market share and achieving 19 per cent year-on-year revenue growth.
The top three cloud vendors – AWS, Microsoft Azure and Google Cloud – remained stable from the previous quarter, with these providers together accounting for 64 per cent of total expenditure (see graph below). AWS was however outpaced by both Microsoft, with 33 per cent growth, and Google Cloud, with 36 per cent growth.
Canalys added that AWS did however outgrow both Microsoft and Google Cloud in actual dollar terms, increasing sales by almost US$4.4 billion on the previous year.
Rachel Brindley, senior director, Canalys, said, “Continued substantial expenditure will present new challenges, requiring cloud vendors to carefully balance their investments in AI with the cost discipline needed to fund these initiatives.
“While companies should invest sufficiently in AI to capitalise on technological growth, they must also exercise caution to avoid overspending or inefficient resource allocation. Ensuring the sustainability of these investments over time will be vital to maintaining long-term financial health and competitive advantage.”
