Google, Amazon and Facebook announced today that they will invest $200 million in the cloud services market over the next few years.
The two companies will jointly invest $150 million to support cloud-based services, including cloud services that make it easier for businesses to manage and monitor data.
Amazon will invest a further $150 billion to support this growth in cloud-enabled services, which could ultimately help the company attract more businesses.
“As cloud services continue to mature, it’s important for companies to stay ahead of the curve to get their data on-time, available and reliable,” said Mark Zuckerberg, CEO of Facebook.
“With our cloud funding, we’re helping companies like Facebook and Google achieve this goal by providing an initial injection of capital to help them make the most of the rapidly growing cloud economy.
We’ll work with partners to help companies accelerate their adoption of these technologies.”
Google, Facebook, Amazon, IBM and Microsoft will each invest $1 billion in the industry, with the combined total amount set to be $20 billion.
“These investments are part of our ongoing efforts to accelerate cloud adoption and growth, and we’re excited to see this industry continue to grow,” said Tim Wu, chief executive officer of Amazon.
“By expanding access to our data and enabling business models that scale faster, we will make our customers more productive, connected and happier.
This investment will help accelerate that growth and accelerate the future of the cloud.”