Global Cloud Services Market Hits $55.9 Billion in Q1, Marketing & Advertising News, ET BrandEquity

Global spending on cloud infrastructure services rose 34% to $55.9 billion in the first quarter from January to March, according to a new report, as companies prioritized digitalization strategies to meet market challenges.

According to market research firm Canalys, the top three cloud service providers enjoyed increased adoption and scale, collectively growing 42% year-over-year and accounting for 62% of global spend. client.

“The cloud continued to be a hot market and transformation strategies emphasize digital resilience to meet the market challenges of today and tomorrow,” said research analyst Blake. Murray.

Amazon Web Services (AWS) was the top cloud service provider in the first quarter, accounting for 33% of total spend after growing 37% year on year.

Microsoft Azure was the second largest cloud service provider, growing 46% to take a 21% market share.

Google Cloud has seen the fastest growth of the top three, growing 54% in the last quarter to account for 8% of the market.

“As the use cases for cloud infrastructure services grow, the potential complexity also increases, and we see hybrid and multi-cloud deployments becoming commonplace in the market,” the research analyst said. Yi Zhang.

“Hyperscalers invest in rapid channel development, and partners respond as opportunities develop,” Zhang added.

While 60% of Indians identified lack of in-house implementation expertise as a barrier to implementation, only 35% of Indians say they have fully implemented appropriate risk management policies and processes of the software supply chain, according to the report by cybersecurity firm Trellix. 32% of Indian respondents say they have fully implemented cloud cybersecurity modernization….