Enterprise spending on cloud infrastructure services increased $2.7 billion to $42 billion in the second quarter, a jump of almost 40 percent from the same time last year, according to new data from Synergy Research Group.
It’s the fourth straight quarter there has been year-over-year growth, the data showed. Public Infrastructure-as-a-Service and Platform-as-a-Service companies, which grew by 41 percent in the second quarter of 2021, comprise a bulk of the market.
Amazon leads the way with a 33 percent worldwide share of the cloud infrastructure market, with Microsoft and Google combining for about 30 percent of the market share. The next 20 providers — including Alibaba — combine to capture 28 percent of the cloud infrastructure market.
Related: Cloud Technology Drives Financial Institutions To Innovate Payments
“Cloud technology has accelerated the commercialization of new platforms for payment acceptance and made the notion of ‘invisible payments’ possible within eCommerce,” Mark Smith, head of Payments for Amazon Web Services (AWS), told PYMNTS for its “A Decade of Digital Transformation in 12 Months” eBook.
“New modes of access, omnichannel distribution (including mobile payments) and the provisioning of ‘card-on-file’ accounts are all providing consumers with easier ways to pay,” he said.
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“Consumer demand for a frictionless and secure customer experience from their financial institution is growing, leading some to pursue closer integration and collaboration with non-financial brands,” said Smith. “For example, contextual commerce companies that provide buy now, pay later (BNPL) options at the point of sale, ‘push-to-debit’ that allows gig-economy companies to send real-time payments to their drivers, and peer-to-peer (P2P) providers adding cryptocurrency offerings.
“Higher consumer and regulatory expectations will further drive financial institutions to innovate in areas like one-touch and cashierless options, emerging payments options (voice, QR code, contactless) and instant settlement.”
“This drive is enabled by the continued adoption of the cloud,” Smith said.
