Cloud computing: Migration is not stopping and there's no going back

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Tech analyst Gartner is predicting that spending on public cloud computing services will grow 20.7% in 2023 to $591.8 billion – up from the $490 billion predicted for 2022, which Gartner says represents a growth rate of 18.8%. 

The world, arguably, has become a trickier place to predict these days with so many concurrent global events happening. Amazon's latest forward-looking statement lists COVID-19, exchange rates, geopolitical tensions, recession, inflation, interest rates, global labor shortages and supply chain issues, world events, the rate of growth of the internet, e-commerce and cloud as factors impacting its guidance.  

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Gartner's analysts offer an outlook for public cloud spending, which reflects some of this uncertainty.

Also: What is cloud computing? Everything you need to know about the cloud explained

"Current inflationary pressures and macroeconomic conditions are having a push and pull effect on cloud spending," Sid Nag, vice president analyst at Gartner, said in a press release. 

"Cloud computing will continue to be a bastion of safety and innovation, supporting growth during uncertain times due to its agile, elastic and scalable nature."

Amazon last week reported AWS revenue growth slowed in the third quarter to 27.5%. It missed analysts estimates and was the slowest year-on-year growth since 2014. AWS was launched in 2006. Microsoft Azure and other cloud services revenue growth for Q1 fiscal 2023 was up 35%. Microsoft doesn't break out numbers specific to Azure.     

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