The worldwide cloud market grew at a robust clip in the first quarter, and the big three vendors dominated, according to a new report released by Canalys.
Cloud Spending Maintains Red-Hot Pace: First-quarter cloud infrastructure spending climbed 34% year-over-year and about 12% from the previous quarter to $55.9 billion, Canalys said.
The top three vendors, namely Amazon, Inc.'s (NASDAQ:AMZN) AWS, Microsoft Corporation's (NASDAQ:MSFT) Azure and Alphabet, Inc.'s (NASDAQ:GOOGL) (NASDAQ:GOOG) Google Cloud, benefited from increased adoptions and scale.
These, according to Canalys, collectively grew 42% year-over-year and accounted for 62% of the global customer spend.
"Cloud has continued to be a hot market and transformation strategies are emphasizing digital resiliency to face the market challenges of today and tomorrow," said Canalys analyst Blake Murray.
Related Link: Amazon Q1 Takeaways: Mixed Earnings, Lower Guidance Sends Stock Falling
Competitive Positioning: AWS remained in the pole position with a 33% share of the market. The year-over-year growth slowed from 40% in the fourth quarter to 37%.
Google Cloud, with its 54% year-over-year increase, took the honors as the fastest growing vendor, although the rate of increase slowed from the 62% pace seen in the fourth quarter. The vendor's share of the market was at 8% in the first quarter.
Microsoft Azure was the second-largest cloud service provider in the first quarter. The cloud service had a 21% market share and saw 46% year-over-year growth.
During Monday morning trading, Amazon shares were down 2.72% to $2,418.11, according to Benzinga Pro data. Microsoft was adding 0.88% to $279.97 and Alphabet's Class A stock was gaining 0.78% to $2,300.00.
Photo: Created with an image from Tony Webster on Flickr