An Overview of Market Share for Cloud Service Giants: Amazon, Microsoft, and Google Lead the Pack
· During Q2 2023, $Amazon(AMZN.US$ Web Services (AWS) maintained its position as the leader in cloud infrastructure services, representing 32% of overall market share and exhibiting a 12% YoY increase. Despite experiencing slower growth compared to the same period last year, AWS is proactively expanding its investment in AI due to subdued revenue growth. One example of this is the company's recent launch of a new generative AI program, which received a $100 million investment.
· $Microsoft(MSFT.US$ Azure, the second-largest cloud service provider in Q2 2023, captured 22% of the market by achieving an annual growth rate of 26%. Its strong performance is expected to continue due to a 19% increase in its cloud order backlog, which reached US$224 billion during the same period. In addition, Azure OpenAI Service gained significant momentum by attracting high-profile clients such as Ikea, Volvo Group, and Zurich Insurance.
· $Alphabet-A(GOOGL.US$ Cloud achieved the strongest YoY growth rate of 31% among the top three hyperscalers in Q2 2023, securing 11% of the cloud market. To control operating costs and increase profitability, Google Cloud extended the depreciation period for servers and network equipment. The company also boasts that over 70% of emerging tech startups, specializing in generative AI, are loyal to Google Cloud. Some of the well-known brands on this list include Cohere, Jasper, and Typeface, which highlights the trust these startups place in Google Cloud's AI capabilities.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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70853137 : Good overview on current cloud service provider market shares!