A new report by Canalys revealed that cloud services have increased immensely over the past year, reaching up to $10 billion in the final quarter of 2020.

It was stated that cloud providers such as Amazon, Microsoft, and Google have experienced a growth in sales at the end of the year as more people started working from home due to the pandemic.  In 2020, it was revealed that total spending on cloud services hit $142 billion, a 33% increase from $107 billion in 2019.

The report also noted that organizations have boosted their investments toward digital transformation and cloud providers in the past year. Indeed, companies are now feeling more confident about releasing budgets for business transformation and are working on projects led by application modernization, SAP migrations, and workplace transformation.

In 2020, a huge demand for cloud services was witnessed across all businesses, especially in healthcare, financial services, and pharmaceuticals. Moreover, even small businesses have started to boost their cloud spending in order to maintain their operations and cut costs.

The report highlighted that Amazon Web Services (AWS) still remains at the top of cloud providers,  with a 31% share of the market in the last quarter. With a 20% market share, Microsoft Azure follows closely. Google Cloud remains in third place with a 7% market share.