Industry-specific use of cloud resources (by clients) is growing and significantly impacts the wider IT transformation we've seen. Recently-released Canalys statistics show the third quarter expenditures have been well over $6 billion higher than the last quarter and almost $15 billion higher than in the second quarter of 2021. In the second quarter of 2022, Amazon Internet Providers (AWS), Microsoft Azure, and Google Cloud accounted for 63% of worldwide spending and collectively grew by 42%.

The demand for cloud infrastructure providers remained excessive in Q2 2022. Worldwide spending grew 33 % yr on yr to $62.3 billion, led by various factors, including utility migration, demand for data analytics and machine studying, repair supply, cloud-native growth, and knowledge middle consolidation.

The global public cloud services market reached 62.3 billion dollars. This would be an increase of 33 percent from 2018. The top three providers are Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP). AWS is expected to have the largest market share, followed by Azure and GCP. Other notable competitors include IBM Bluemix, Oracle, and Alibaba. In terms of growth rates for the coming years, Microsoft Azure leads with a projected increase of 34 percent each year.

Although financial markets have experienced drastic inflation, escalating interest rates, and even recessions, demand for cloud providers continues to be strong. For example, 31% of total cloud infrastructure spending during the second quarter of 2022 was done by AWS, which places it as the top cloud service provider.

The annual growth was 33%, but in the second quarter of this year, Azure is the second largest provider with a 24% market share after it grew 40% year over year. Within the last quarter, Google Cloud's growth was 45%, accounting for 8% of the market share.

"Cloud stays the robust progress section in tech. Whereas alternatives abound for suppliers giant and small, the attention-grabbing battle stays proper on the high between AWS and Microsoft. The race to spend money on infrastructure to maintain tempo with demand might be intense and check the nerves of the businesses' CFOs as each inflation and rising interest rates create value headwinds." So said Canalys VP Alex Smith.

Each company, Amazon Web Services and Microsoft are persevering in building infrastructure. Amazon Web Services has plans to release 24 availability zones throughout eight areas, while Microsoft plans to release ten new regions within the following year. All the circumstances were over; the suppliers gathered cash from other places worldwide to assure a demand in the international market and guarantee they would provide low-latency and high data sovereignty.

"Most companies have gone beyond the initial step of moving a portion of their workloads to the cloud and are looking at migrating key services. The top cloud vendors are accelerating their partnerships with various software companies to demonstrate a differentiated value proposition. Recently, Microsoft pointed to expanded services to migrate more Oracle workloads to Azure, which are connected to databases running in Oracle Cloud." Said Yi Zhang, Canalys research analyst.

Canalys defines Cloud Infrastructure Services as those that provide platform-as-a-service and infrastructure-as-a-service, either on shared public infrastructure or dedicated hosted private infrastructure. This excludes software-as-a-service expenditure not directly included in the revenue but includes the revenue generated when infrastructure services are being consumed to host and operate them.