Q1 2024 sees strongest growth since Q3 2022
The global cloud market showed strong growth for the first quarter of this year, with the big three providers continuing to consolidate their stranglehold over this vital area of IT services.
"We forecast that growth rates would bounce back and that is what we are now seeing," said Synergy Chief Analyst John Dinsdale., cloud services never actually stopped growing, unlike some other sectors of the IT industry. They may have shown slower than previous growth, but still continued to expand in value.
Those public services grew by 23 percent during the quarter, while total cloud revenues for the past 12 months are estimated to be $283 billion.VMware by Broadcom blinks again – this time easing change for cloud service providers For public cloud services, the triumvirate has an even greater share, accounting for 72 percent of the market during Q1. Meanwhile, the second tier of cloud players saw the strongest year-on-year growth rates from Huawei, Snowflake, MongoDB, and Oracle.
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