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The cloud business is incredibly lucrative. As you probably know by now, we are heavily exposed to the theme through the three biggest players, Amazon (AWS), Microsoft (Azure) and Google (Google Cloud). The below image from App Economy Insights shows us the latest market share figures.
AWS still leads the pack but has slipped from 34% to 31% in recent years. Azure has been the fastest growing of late, stealing market share along the way. In the latest quarterly results Azure grew by 31%, Google Cloud grew by 28% and AWS grew by 17%.
The battle for market share will ebb and flow but in reality the sector is growing so fast that all participants are able to benefit. According to Andy Jassy, the Amazon CEO, 85% or more of global IT spending still remains on premise. In other words, that could all be moved to remote cloud hosting at some stage in the future. That sounds like a good result for our holdings.
