Industry News
Global cloud spending up 20% year-over-year
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Author : JIUZHOU
Update time : 2023-05-05 10:37:32
In the first quarter of 2023, global spending on cloud infrastructure services exceeded $63 billion, a year-on-year increase of 20%. While the current economic environment limits cloud spending growth, the long-term market continues to expand at a healthy pace.
According to the latest data, in the first quarter of 2023, global enterprises will spend more than US$63 billion on cloud infrastructure services, an increase of more than US$10 billion from the first quarter of last year, and a year-on-year growth rate of 20%. While this figure is much lower than in previous years, it is similar to the level of growth seen in the previous quarter. Spending in the first quarter of 2023 increased by 4% compared to the fourth quarter of last year, which is similar to the sequential growth rate in the first quarter of last year. Undoubtedly, the current economic environment has limited some growth in cloud spending, but despite these short-term challenges, the market is expanding at a healthy pace.
By now, most of the major cloud providers have released their first-quarter earnings figures. According to one estimate, quarterly revenue for cloud infrastructure services was $63.7 billion, with trailing 12-month revenue reaching $237 billion. The dominance of the major cloud service providers is even more pronounced in the public cloud space, with the top three controlling 72% of the market share. Geographically, the cloud market continues to grow strongly in all regions of the world. In local currency terms, the North America, Asia Pacific and EMEA (Europe, Middle East and Africa) regions all recorded annual growth rates well in excess of 20%.
Economic pressures have limited cloud computing spending in some ways, but the fundamental benefits of adopting cloud computing continue to propel the market to higher levels. The massive Chinese cloud market has also returned to growth, though more to the benefit of telcos than traditional major internet players. And, the dollar's gradual retreat from recent all-time highs has helped drive cloud growth in the EMEA region and Asia Pacific, which together now account for more than half of the global market.
According to the latest data, in the first quarter of 2023, global enterprises will spend more than US$63 billion on cloud infrastructure services, an increase of more than US$10 billion from the first quarter of last year, and a year-on-year growth rate of 20%. While this figure is much lower than in previous years, it is similar to the level of growth seen in the previous quarter. Spending in the first quarter of 2023 increased by 4% compared to the fourth quarter of last year, which is similar to the sequential growth rate in the first quarter of last year. Undoubtedly, the current economic environment has limited some growth in cloud spending, but despite these short-term challenges, the market is expanding at a healthy pace.
By now, most of the major cloud providers have released their first-quarter earnings figures. According to one estimate, quarterly revenue for cloud infrastructure services was $63.7 billion, with trailing 12-month revenue reaching $237 billion. The dominance of the major cloud service providers is even more pronounced in the public cloud space, with the top three controlling 72% of the market share. Geographically, the cloud market continues to grow strongly in all regions of the world. In local currency terms, the North America, Asia Pacific and EMEA (Europe, Middle East and Africa) regions all recorded annual growth rates well in excess of 20%.
Economic pressures have limited cloud computing spending in some ways, but the fundamental benefits of adopting cloud computing continue to propel the market to higher levels. The massive Chinese cloud market has also returned to growth, though more to the benefit of telcos than traditional major internet players. And, the dollar's gradual retreat from recent all-time highs has helped drive cloud growth in the EMEA region and Asia Pacific, which together now account for more than half of the global market.
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