The world spent $107 billion on cloud computing infrastructure services last year, according to fresh figures from analyst firm Canalys. This represents a 37 percent jump year-on-year.
Amazon Web Services, the dominant force in the world of cloud infrastructure, accounted for almost a third (32 per cent) of global spend. Microsoft managed to secure 17 percent and is slowly closing the gap on Amazon, according to ZDNet.
Google also poses a threat to Amazon's dominance, albeit minor. The company’s cloud department is showing steady progress, closing new deals and building a network of partners. It managed to secure six per cent of the entire market last year.
The significant rise in demand will continue for the next five years, Canalys expects. It estimates total spending on cloud infrastructure services will hit $284 billion by 2024.
"Organisations across all industries, from financial services to healthcare, are transitioning to being technology providers," said Canalys chief analyst Alastair Edwards.
“Many are using a combination of multi-clouds and hybrid IT models, recognising the strengths of each cloud service provider and the different compute operating environments needed for specific types of workloads."