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Amazon's (AMZN) AWS Partners With Veriff, Boosts Clientele
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Amazon (AMZN - Free Report) continues to ride on its robust cloud computing arm, Amazon Web Services ("AWS"). Strengthening AWS offerings, which are constantly driving the company's cloud customer momentum, remains the key catalyst.
The latest partnership of identity verification provider Veriff with AWS is a testament to the same.
On the back of this partnership, the former expands the usage of the AWS cloud platform. Moreover, Veriff is reinforcing its IT infrastructure with AWS in order to stay alert of fraudulent attacks.
Further, it is leveraging the machine learning capabilities of AWS to accelerate the development of new identity verification solutions for various sectors.
More precisely, Veriff is using Amazon EC2 instances with the NVIDIA GPU.
This way, Veriff will be able to boost the training process and deploy its identity verification technology models, which in turn will aid it in countering the threat of fraud attacks.
The latest partnership highlights the efficiency and reliability of AWS's innovative cloud products and services.
The latest move of Veriff has added strength to the customer base of AWS.
Apart from Veriff, AWS was recently selected by Experian as the preferred cloud provider. With the aid of AWS’s robust portfolio of cloud technologies and global infrastructure, Experian intends to shift its core business operations, consumer-services products, analytics tools and on-premises servers to AWS in a bid to support its multiyear information technology modernization initiative.
Further, AWS was picked by Southwest Airlines Co. (LUV - Free Report) as the preferred cloud provider.
Southwest Airlines strives to boost its digital transformation efforts, deliver a responsive customer support experience, streamline its operations and unveil advanced digital solutions on the heels of AWS solutions.
In addition, Zurich Insurance Group selected AWS to migrate its enterprise information technology infrastructure to AWS.
We believe that AWS’s expanding customer base will continue to drive its top-line growth. In first-quarter 2023, AWS generated revenues of $21.3 billion (17% of total sales), which grew 16% year over year.
Moreover, the strengthening performance of AWS, which has become an integral part of Amazon, will likely instill investor optimism in the stock.
Notably, Amazon has gained 50.5% on a year-to-date basis.
Conclusion
We believe that AWS’s growing global clientele, on the back of its expanding portfolio as well as data centers and cloud regions, will continue to help the company gain a competitive edge against its peers, namely Microsoft (MSFT - Free Report) and Alphabet’s (GOOGL - Free Report) Google.
Microsoft Azure has become the key growth driver for Microsoft. The company is currently riding on the robust adoption of Azure cloud offerings. Azure's increasing number of global availability zones and regions, along with strength in its consumption-based business, is likely to continue driving Microsoft's cloud momentum in the near term.
Similarly, Google Cloud is contributing substantial growth to the total revenues of Alphabet. Expanding data centers, availability zones and cloud regions are expected to keep boosting Alphabet's cloud position.
Nevertheless, AWS, with solid customer momentum, continues to maintain its dominant position in the cloud market.
According to the latest Canalys report, AWS accounted for 32% of global cloud spending in first-quarter 2023, maintaining its leading position in the booming cloud market.
Microsoft’s Azure, the second-largest cloud-service provider, accounted for 23% of worldwide cloud spending. Alphabet’s Google Cloud represented 9% of cloud spending, making it the third-largest cloud provider.
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Amazon's (AMZN) AWS Partners With Veriff, Boosts Clientele
Amazon (AMZN - Free Report) continues to ride on its robust cloud computing arm, Amazon Web Services ("AWS"). Strengthening AWS offerings, which are constantly driving the company's cloud customer momentum, remains the key catalyst.
The latest partnership of identity verification provider Veriff with AWS is a testament to the same.
On the back of this partnership, the former expands the usage of the AWS cloud platform. Moreover, Veriff is reinforcing its IT infrastructure with AWS in order to stay alert of fraudulent attacks.
Further, it is leveraging the machine learning capabilities of AWS to accelerate the development of new identity verification solutions for various sectors.
More precisely, Veriff is using Amazon EC2 instances with the NVIDIA GPU.
This way, Veriff will be able to boost the training process and deploy its identity verification technology models, which in turn will aid it in countering the threat of fraud attacks.
The latest partnership highlights the efficiency and reliability of AWS's innovative cloud products and services.
Amazon.com, Inc. Price and Consensus
Amazon.com, Inc. price-consensus-chart | Amazon.com, Inc. Quote
Expanding Customer Base
The latest move of Veriff has added strength to the customer base of AWS.
Apart from Veriff, AWS was recently selected by Experian as the preferred cloud provider. With the aid of AWS’s robust portfolio of cloud technologies and global infrastructure, Experian intends to shift its core business operations, consumer-services products, analytics tools and on-premises servers to AWS in a bid to support its multiyear information technology modernization initiative.
Further, AWS was picked by Southwest Airlines Co. (LUV - Free Report) as the preferred cloud provider.
Southwest Airlines strives to boost its digital transformation efforts, deliver a responsive customer support experience, streamline its operations and unveil advanced digital solutions on the heels of AWS solutions.
In addition, Zurich Insurance Group selected AWS to migrate its enterprise information technology infrastructure to AWS.
We believe that AWS’s expanding customer base will continue to drive its top-line growth. In first-quarter 2023, AWS generated revenues of $21.3 billion (17% of total sales), which grew 16% year over year.
Moreover, the strengthening performance of AWS, which has become an integral part of Amazon, will likely instill investor optimism in the stock.
Notably, Amazon has gained 50.5% on a year-to-date basis.
Conclusion
We believe that AWS’s growing global clientele, on the back of its expanding portfolio as well as data centers and cloud regions, will continue to help the company gain a competitive edge against its peers, namely Microsoft (MSFT - Free Report) and Alphabet’s (GOOGL - Free Report) Google.
Amazon currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Microsoft Azure has become the key growth driver for Microsoft. The company is currently riding on the robust adoption of Azure cloud offerings. Azure's increasing number of global availability zones and regions, along with strength in its consumption-based business, is likely to continue driving Microsoft's cloud momentum in the near term.
Similarly, Google Cloud is contributing substantial growth to the total revenues of Alphabet. Expanding data centers, availability zones and cloud regions are expected to keep boosting Alphabet's cloud position.
Nevertheless, AWS, with solid customer momentum, continues to maintain its dominant position in the cloud market.
According to the latest Canalys report, AWS accounted for 32% of global cloud spending in first-quarter 2023, maintaining its leading position in the booming cloud market.
Microsoft’s Azure, the second-largest cloud-service provider, accounted for 23% of worldwide cloud spending. Alphabet’s Google Cloud represented 9% of cloud spending, making it the third-largest cloud provider.