The cloud computing market will usher in new growth opportunities in 2024, especially driven by generative AI. Global cloud infrastructure service spending is expected to grow by 20%, reaching a new height. Leading cloud vendors are actively investing and competition is becoming increasingly fierce. This article will analyze the development trends of the cloud computing market, focusing on the growth of cloud service spending, the market competition landscape, and the acceleration of cloud migration.
It is predicted that global cloud infrastructure service spending will increase by 20% in 2024, and leading cloud vendors such as AWS, Microsoft Azure and Google Cloud will increase investment in generative AI. In the fourth quarter of 2023, global cloud infrastructure services spending increased by 19% year-on-year to $78.1 billion. The cloud services market is highly competitive, with the top three vendors accounting for 66% of total spending. Cloud migration efforts are accelerating again and new demands are surging, especially with the widespread adoption of AI applications.The cloud computing market continues to grow, and the application of generative AI will further promote this trend. Competition among leading manufacturers will become more intense, and cloud migration and AI applications will become the focus of future development. In the future, cloud computing services will become more popular and profoundly affect all walks of life.