Industry News
Research Group: Q224 Cloud Market Maintains Strong Growth
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Author : JIUZHOU
Update time : 2024-08-08 14:28:55
Global enterprise spending on cloud infrastructure services was $79 billion in the second quarter of 2024.
After a slight slowdown in growth rates for most of 2023. This is the third consecutive quarter with year-on-year growth rates of 20% or more, and generative AI is one of the factors accelerating the market.
Although some economic, monetary and political headwinds remain. But the strong fundamentals of the market continue to drive cloud service spending to new highs.
With most major cloud providers now having released their second-quarter earnings data. Research Group estimates that quarterly cloud infrastructure service revenue was $79.1 billion. And revenue for the past 12 months reached $297 billion. Public IaaS and PaaS services account for the majority of the market, growing 23% in the second quarter.
Looking at regional markets, the cloud market in all regions of the world continues to grow strongly. Growth was strongest in Asia Pacific in local currency terms. India, Japan, Australia and South Korea all had year-over-year growth rates of more than 25%.
The United States remains by far the largest cloud market, far larger than the entire Asia-Pacific region. The U.S. market grew 22% in the second quarter. In Europe, the largest cloud markets are the United Kingdom and Germany.
"We are now seeing more normal growth in the cloud market, although there are still some obstacles," said the research group's chief analyst.
"For example, if it weren't for the stronger dollar, the growth rate in the second quarter would have been about 1.5 percentage points higher."
"As the market size increases, the competitive landscape is also evolving."
After a slight slowdown in growth rates for most of 2023. This is the third consecutive quarter with year-on-year growth rates of 20% or more, and generative AI is one of the factors accelerating the market.
Although some economic, monetary and political headwinds remain. But the strong fundamentals of the market continue to drive cloud service spending to new highs.
With most major cloud providers now having released their second-quarter earnings data. Research Group estimates that quarterly cloud infrastructure service revenue was $79.1 billion. And revenue for the past 12 months reached $297 billion. Public IaaS and PaaS services account for the majority of the market, growing 23% in the second quarter.
Looking at regional markets, the cloud market in all regions of the world continues to grow strongly. Growth was strongest in Asia Pacific in local currency terms. India, Japan, Australia and South Korea all had year-over-year growth rates of more than 25%.
The United States remains by far the largest cloud market, far larger than the entire Asia-Pacific region. The U.S. market grew 22% in the second quarter. In Europe, the largest cloud markets are the United Kingdom and Germany.
"We are now seeing more normal growth in the cloud market, although there are still some obstacles," said the research group's chief analyst.
"For example, if it weren't for the stronger dollar, the growth rate in the second quarter would have been about 1.5 percentage points higher."
"As the market size increases, the competitive landscape is also evolving."
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