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The latest results from Amazon, Microsoft and Google indicated a slowdown in cloud-hosting revenue growth. Of course, the base of these businesses is getting bigger, so growth rates must slow over time. But it is clear that economic conditions have resulted in a recent hesitancy in cloud spending from customers.
During Amazon's earnings call, CEO Andy Jassy reminded analysts that 90 to 95% of global IT spend is to maintain "on premise" systems. This means that large companies still host and store their own data in-house. That represents a huge opportunity for these systems to be moved to third-party cloud hosts over time.
For the record, here is the cloud provider market trend according to Synergy Research Group. We certainly have skin in the game when it comes to this sector.
