Worldwide cloud infrastructure services expenditure grew by 21% year-on-year in Q1 2024 to reach US$79.8 billion, an increase of US$13.4 billion. The top three cloud providers - AWS, Microsoft Azure and Google Cloud - collectively grew by 24%, accounting for 66% of total spending. All three hyperscalers experienced a growth rate surge, as enterprise cloud spending accelerated. However, Microsoft outpaced both AWS and Google Cloud, with sales rising by an impressive 31% year-on-year, nearly double AWS’s growth rate of 17%, while Google Cloud grew 28% year-on-year. Despite holding the largest market share, AWS faces increasing competition from its fast-growing competitors. In May 2024, the company announced the departure of CEO Adam Selipsky after three years in the role.
