Amazon (AMZN - Free Report) is making every effort to strengthen presence in the global cloud market backed by its portfolio strength, which has been acting asa key catalyst.
IHS Markit (INFO - Free Report) —best known for offering critical information, analytics and solutions for the industries and markets— is the latest client of AWS.
Notably, IHS Markit, which is migrating a vast portion of its data processing infrastructure, corporate platforms, and end user applications and services, has selected AWS as its preferred cloud infrastructure provider.
Further, the new client will shift several additional applications over the time frame of three years.
The latest client acquisition highlights the efficiency and reliability of AWS’ innovative cloud products and services.IHS Markitwill utilize AWS’ machine learning, analytics, containers, security, database,serverless and storage.
With AWS services, IHS Markit strives to gain useful insights from real-time market data, which will add efficiency to its business operations.
Portfolio Strength: A Key Catalyst
We believe AWS’ focus on enhancing services offerings is likely to continue driving momentum across customers.
AWS has made its machine learning backed developer tool called Amazon CodeGurugenerally available. Notably, the tool helps in improving code quality and identification of the most expensive lines of code in an application by providing intelligent recommendations.
Further, AWS has recently introduced Amazon Honeycode, which is a fully managed service that aids in seamless creation of interactive web and mobile applications with the aid of simple visual application builder and AWS-built database.
Further, it has also made its three new sixth generation Amazon Elastic Compute Cloud (Amazon EC2) instances namely M6g, C6g and R6g generally available.
The company has also introduced updated features in Amazon Macie, which is a fully managed data security and data privacy service that aids in discovering and protecting sensitive data in AWS.
We believe expanding cloud services portfolio will continue to help AWS in winning clientele.
The recent move by IHS Markit is in sync with AWS’ strategy to expand clientele.
Apart from this, AWS wasrecently selected as the preferred cloud provider by Genesys for Genesys Cloud.
Further, Lyell Immunopharma, which is focused on creation of curative adoptive cell therapy for solid tumours, has gone all-in on AWS. Notably, the client is leveraging AWS’ secure and elastic compute capacity in order to design and test potential new cell therapy constructs at high speed.
TC Energy has also recently gone all-in on AWS. TC Energy has already migrated 90% of its corporate and commercial applications. It is utilizing AWS’ ML, database, serverless, storage, analytics and compute services to aid it in generating power for millions of home.
We believe that expansion of customer base will continue to drive AWS’ top line in the near and the long term.
Moreover, it will help Amazon in maintaining dominant position in the cloud market where competition is intensifying with the growing endeavors of peers including Microsoft (MSFT - Free Report) , Alphabet’s (GOOGL - Free Report) Google, IBM and Alibaba.
Notably, AWS’ market share was around 32% in first-quarter 2020, per a Synergy Research Group report. Although Azure and Google Cloud witnessed expansion in their market share, which stood at 18% and 8%, respectively, AWS held on to its lead position.
Currently, Amazon carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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