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ICICI Securities Report
Cloud continues to be a key demand driver as noted by all IT services companies and hyperscalers in their recent earnings call. Amid demand uncertainty, cloud offers the best option to shape spends as organisations don't need to invest upfront in their own data centre for expanding existing services or launching new ones.
They can leverage scalable cloud architecture to align their capacity with demand and thus reduce their capex costs. Though cloud revenues of hyperscalers are growing at healthy double digits, the growth has been decelerating for past two quarters.
All the three key hyperscalers – AWS, Azure and Google – reported deceleration in YoY growth in Q2 CY22.
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