Cloud computing has long been seen as the next big thing in tech. But while the cloud has proved valuable for businesses needing access to cheap computing power, selling public cloud services hasn’t become a big money-making business for anyone yet.
Nine years after Amazon launched the first major cloud service, total revenue for cloud hardware and software providers amounted to about $35.1 billion last year, according to published figures and estimates. And it’s a fragmented market with the biggest, Amazon Web Services, accounting for just $5 billion of that total, analysts estimate. Amazon will provide more clarity on AWS when it breaks out the unit’s results for the first time with its first quarter earnings later this month.