Demand for cloud services remained strong this quarter.
Global spending was a total of $62.3 billion, a 33% increase from last year. The uses for cloud data have been growing, pushing demand higher.
Amazon Web Services (AWS), Microsoft Azure, and Google Cloud are the top three cloud service providers. Collectively, the three services grew 42% and reported 63% of global spending.
AWS secured the position as leading cloud service provider, receiving 31% of cloud services. Microsoft was close on Amazon’s heels. Microsoft grew 40% annually and had a 24% market share.
Google Cloud held 8% market share and grew 45% last quarter.
AWS and Microsoft have plans to increase their infrastructure. AWS plans to launch 24 availability zones in eight regions. Within the next year, Microsoft will launch 10 new regions. Both companies are looking to expand outside of the U.S.
Companies are increasingly relying on cloud services to store data for their computing needs. Before cloud storage, companies had to maintain large, expensive data centers. Now, companies like AWS and Microsoft provide cheaper options.
Nearly every industry needs these cloud services in some capacity, resulting in the rapidly growing market that is only expected to keep growing.