The global cloud industry is set to exceed $1.4trn by 2027 according to research and analysis company GlobalData as news comes today (7 May) that Amazon Web Services (AWS) will double its investment into Singapore’s cloud infrastructure.
GlobalData’s 2024 thematic intelligence report into cloud computing forecast a compound annual growth rate (CAGR) of of 17.1% from 2022 to 2027 for the global cloud industry.
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From a geographic perspective, GlobalData noted in its report that the Asia-Pacific region held the greatest market share of 2023’s global cloud revenue at 33%.
In comparison, North America accounted for 31% of 2023’s cloud revenue while Western Europe only accounted for just 18%.
Looking ahead, GlobalData forecasts that Asia-Pacific’s dominance is set to grow at a CAGR of 20.1% by 2027, further widening its lead from North America and Western Europe.
AWS announced today (7 May) that it has invested a further S$12bn ($8.8bn) into Singapore’s cloud infrastructure during its AWS Singapore Summit.
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By GlobalDataAWS has already invested around S$11.5bn into Singapore’s cloud industry, making its total investment into the area worth S$23bn by 2028.
AWS Singapore country manager, Priscilla Chong, stated that the company also intends to continue its cloud training rollout in the Asia-Pacific region.
AWS has already trained around 400,000 Singaporeans in cloud computing.
AWS’ training commitment received support from Singapore’s senior Minister of Communications and Information, Tan Kiat How, who spoke at its Summit.
“Cloud service providers like AWS play an important role in improving the digital economy ecosystem,” How said.
Besides being a foundational digital infrastructure for organizations, cloud service providers enable enterprises to easily access digital resources like compute and storage, as well as advanced capabilities like AI and generative AI,” he stated.
