Enterprise spending on cloud services keeps accelerating [Video]

Among cloud infrastructure providers, Oracle is finally breaking out, although Amazon, Microsoft and Google still maintain strong leads. Meanwhile, on-premises data center capacity remains stable.

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The cloud market continues to grow at an accelerated rate, defying the economic pressures that are stifling the rest of the industry. Spending on cloud services is in turn driving massive investment in equipment, which is good for the IT vendors because the on-premises data center market is largely flat.

According to Synergy Research Group, enterprise spending on cloud infrastructure services was $79 billion worldwide in the second quarter, up $14.1 billion or 22% from the second quarter of 2023. This is the third consecutive quarter of significant growth – more than 20% year-over-year – meaning that the cloud market is showing no signs of slowing down.

“While some economic, currency and political headwinds remain, the fundamental strength of the market continues to push spending on cloud services …