According to IMARC Group, the public cloud market size reached $713.7 billion in 2023 and is projected to become a $3,934.2 billion industry by 2032.
Market segments that are comprised of IaaS and the public cloud are the fastest-growing, with more than 19.9% expected growth next year.
Market growth like this prompts one question: Which monolithic corporation will claim the largest share? The answer is that it’s still an ongoing race.
As three corporate giants continue their crusade for dominance with niche players giving them a run for their money, what would be the implications of these wars for enterprise customers, in 2024 and beyond?
Cloud Wars: A Synopsis
The past few years have seen a battle for control of the cloud amongst the three market leaders: Amazon, Microsoft, and Google.
Among these giants, Amazon Web Services (AWS) has the highest market share of 31%, following Microsoft’s Azure with a 23% share.
The race has become much fiercer in recent years than a few years back, both due to the acceleration in Amazon, Microsoft, and Google’s offerings and the evolution of old and new cloud providers.
Key cloud war takeaways heading into 2024
There are multiple organizations that have been actively contributing to the ever-evolving growth of the cloud industry. However, below are the most promising products to come up as center to the 2024 cloud wars:
AlloyDB by Google:
Google has been one of the pioneers in the tech industry for over three decades. The company is a major contributor to the cloud industry as well. AlloyDB by Google has promising abilities to turn over the cloud market and offer major competitiveness to industry leaders such as Amazon and Microsoft.
AlloyDB was launched in 2022. However, it has been in the shadows for a longer period. Google designed it to simplify the legacy relational database management by various organizations.
This product aims to provide unimaginable speed, enhanced scalability, and elevated flexibility in the GenAI era. AlloyDB is an AI-enabled cloud system that can fast-forward businesses’ data management activities.
IBM’s watsonx:
The USA-based tech behemoth IBM has been a key player in the cloud industry for a long. It introduced its much-awaited AI-enforced cloud computing platform with the name watsonx in May 2023. The tool intends to revolutionize the cloud experience in the GenAI age by standardizing workflows.
watsonx prioritizes transparency to gain users’ trust, and it targets organizations mostly. With the feature of scalable analytics, this cloud tool decreases the workloads of companies. As global organizations are turning toward technology, this platform has the full potential to become a breakthrough in the cloud wars.
How enterprise customers can maximize the war
As the wars rage into 2024, what does this mean for enterprises? Can a business looking to leverage a cost-effective, feature-rich, and scalable platform use the wars to its advantage?
The answer is yes, but only if enterprises pursue cloud computing and IT spending strategically. Here are some of the important considerations enterprises should take note as they prepare for the new year:
- Focus on a multi-cloud strategy
- Do a platform audit
- Manage cloud platforms effectively
Working strategically for building a multi-cloud strategy and aggressively working to manage it, enterprises can take advantage of the wars’ stiff competition, channeling competing solutions into a hybrid architecture that meets their business needs.
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