CHART: How Big Tech Spent on Cloud Infrastructure in Q3 2024

Emmanuel Oyedeji -
  • Global cloud infrastructure spending surged 21% YoY to $82 billion in Q3 2024, driven by AI demands.
  • The top three vendors; AWS, Microsoft Azure, and Google Cloud accounted for 64% of total cloud spending.
  • AWS leads with 33% market share, growing 19% year-on-year.

Cloud infrastructure services are no longer just the backbone of the digital world—they’ve become its beating heart. From hosting everyday apps to powering AI tools like ChatGPT, Gemini and DALL·E that are transforming industries, demand for these services has been growing at a staggering pace.

In Q3 2024 alone, global spending on cloud infrastructure hit $82 billion, a 21% jump compared to the same period last year, according to Canalys data.

At the forefront of this spending spree are the three cloud titans—Amazon Web Services (AWS), Microsoft Azure, and Google Cloud. Together, they command 64% of the market, and their combined spending on AI and infrastructure is shaping the future of the cloud. But while they share the same goal of meeting the insatiable demand for AI-driven solutions, their paths to dominance reveal stark differences.

AWS, the undisputed leader with a 33% market share, has been growing steadily, adding $4.4 billion in new revenue year-over-year. By integrating advanced models like Claude 3.5 Sonnet from Anthropic and Llama 3.2 from Meta into its platforms, and rolling out twice as many machine learning and generative AI features in the past 18 months as any competitor, AWS has solidified its position at the top. Yet, its rivals are moving faster.