By Meeta Ramnani - March 15, 2019 3 Mins Read
While AWS leads the cloud market share, survey result shows that Azure and Google cloud have better prospects
The Cloud Computing market is estimated to reach $623.3 billion by 2023. While companies have increased their paid subscription usage, many companies are using multiple cloud vendors. As per the RightScale 2019 State of the Cloud Report from Flexera, 94% of companies are using cloud out of which 84% are on multiple clouds.
Being on multiple clouds not just reduces their dependency on a single vendor, but also allows them to have operational and economic benefits. With mostly hybrid subscription packs, it is observed that companies spend between $1.2 million to $2.5 million yearly on cloud storage.
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For Cloud providers, the current market share does not remain the only influencing factor for revenue growth. The way these clouds are adopted is also what will define their future prospects. Currently, AWS leads the market, but Azure is also growing very fast. Some interesting statistics for cloud brands globally:
Other than these, the growth rate of Oracle cloud too went by 60 %, – from 10% in 2018 to 16 % in 2019. IBM Cloud saw adoption rate from 15 to 18 percent (20 percent growth rate), and Alibaba from 2 to 4 percent (100 percent growth rate).
With this shift in the adoption rates and Azure competing head to head with AWS, there are high possibilities for major innovations that could influence the cloud market deeply in the coming years.
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Meeta Ramnani is the Senior Editor with OnDot Media. She writes about technologies including AI, IoT, Cloud, Big Data, Blockchain across various industries with a focus on Digital Transformation. An avid bike rider, Meeta, is a postgraduate from Indian Institute of Journalism and New Media (IIJNM) Bangalore, where her specialization was Business Journalism. She carries four years of experience in mainstream print media where she worked as a correspondent with The Times Group and Sakal Media Group in Pune.
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