AWS posted a Q3 revenue uptick of 27.5%, compared with a 33% revenue increase in Q2. AWS late last month reported its lowest growth rate since Amazon began breaking out separate financial data for its cloud business in 2014. Q3 financial results reinforce the notion of a cooling market. Gartner's current prediction calls for 5.1% growth in worldwide IT spending next year. However, the company said cloud spending could decrease if overall IT budgets shrink. Gartner, meanwhile, forecasted public cloud services to grow 20.7% in 2023, which the company pointed out is higher than its 18.8% forecast for 2022. Canalys cited the negative effects of inflation and "companies responding to market uncertainty by reducing spending." The company said worldwide cloud infrastructure services spend grew 28% year-over-year, reaching $63.1 billion in the third quarter. Canalys, a market research firm based in Singapore, reported that the annual cloud growth rate has fallen below 30% for the first time. Two reports last week point to a cloud economy that's looking a bit more vulnerable.
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