Due to the COVID-19 crisis, there has been significant investment in cloud services as businesses continue to shift from office-based to remote working.

The need to adopt social distancing measures has forced many businesses to shift to cloud services to enable employees, partners, and customers to access services and share data securely in the new norm. Indeed, when businesses, public bodies and educational establishments cannot fulfil their day-to-day tasks due to enforced office closures, cloud services have proved to be a convenient and less expensive solution to deliver business continuity [1].

Investment by Region

HG Insights calculates that industry spend on cloud services worldwide currently stands at $238bn. Investment by region is: AMER $91.8bn; APAC $89.2bn; EMEA $56.9bn.

Our proprietary technology intelligence platform receives a signal each time a product is detected at an organization, measuring the intensity of technology use across enterprises and industries to build an accurate picture of the cloud services sector. HG Insights’ granular intelligence confirms cloud service vendors have achieved significant growth as many companies switch to remote working.

Spend by Industry

The Banking and Financial Services industry is the top investor with a spend of $58.2bn. A top-level example of cloud services spend in the Banking and Financial Services sector is last month’s announcement that Deutsche Bank had entered into a 10-year strategic partnership with Google Cloud, enabling the banking giant to transform the way it produces and delivers client services [2]. Meanwhile, HSBC has adopted a multi-cloud strategy, leveraging solutions from Google Cloud and MS Azure. Recently, the bank also struck a multi-year, global agreement with AWS to use its cloud technology across its personal banking and global wealth business [3].

After Banking and Financial Services, the next 5 leading investors in cloud services by industry are: Professional, Scientific and Technical Services ($28bn); Computer and Electronic Product Manufacturing ($26.3bn); Manufacturing ($25.3bn); Public Administration ($24bn); Insurance ($20bn).

Granular insights of the leading companies investing in cloud solutions, largely driven by the lockdown, are now available to better define your ICP (Ideal Customer Profile). Book a demo now to see which businesses are your best prospects, whether it’s net new acquisition or cross-sell/upsell: