Investment Rating - The report does not explicitly state an investment rating for the cloud computing industry in the AI era. Core Insights - The essence of cloud computing lies in the allocation of computing resources and services, with the importance of edge computing becoming increasingly prominent. The value of cloud computing is reflected in the unified scheduling of computing resource pools, providing downstream users with flexible, high-performance, and low-cost computing resources. The explosive demand for data processing and real-time computing is driving the significance of edge computing [4]. - The industrial logic of cloud computing in the AI era can be summarized as supply-side cloud computing power becoming more accessible and demand-side expansion of downstream enterprise needs creating overall opportunities. On the supply side, cloud service providers are experiencing large-scale cost reductions, while on the demand side, generative AI is driving increasing demand [4]. Summary by Sections 1. Cloud Computing Overview - Cloud computing is defined as a technology that provides computing resources and services over the internet, allowing users to access and utilize data, software, and hardware resources anytime and anywhere. It enables data centers to operate like a single computer, offering computing, storage, and network resources on a pay-as-you-go basis [10][12]. - The cloud computing deployment models include public cloud, private cloud, and hybrid cloud, each with distinct characteristics and target users [16]. 2. Industry Status - The global public cloud market is rapidly growing, with SaaS dominating the market share. In 2023, SaaS revenue reached $133.4 billion, accounting for approximately 45% of the total market [55]. - In China, the overall cloud service market size reached 475.8 billion yuan in 2023, with a growth rate of 19.2%. The market is transitioning from "enhancing comprehensive capabilities" to "building integrated capabilities" driven by AI technologies [61]. 3. Supply and Demand Dynamics - The supply side is characterized by the democratization of cloud computing power, which is crucial for driving the AI industry revolution. The demand side is influenced by multiple factors, including the increasing need for AI-driven services and applications [84]. - The IaaS market in China reached 312.1 billion yuan in 2023, with a growth rate of 17.1%, while the PaaS market grew by 29.5% to 75 billion yuan [92]. 4. Competitive Landscape - The global cloud infrastructure market is dominated by a few key players, with AWS, Microsoft Azure, and Google Cloud holding significant market shares. In China, major players include Alibaba Cloud, Huawei Cloud, and Tencent Cloud, with Alibaba Cloud accounting for 26.1% of the market [72]. 5. Future Outlook - The global data center market is expected to continue expanding, with projections indicating a market size of approximately $2,356.5 billion by 2025. In China, the number of standard racks in data centers is expected to exceed 8.8 million by the end of 2024, supporting high-density computing demands [101].
供给普惠化与需求扩容带来全新增长空间:AI时代的云计算