AWS focused on helping customers optimize cloud spend last year to mitigate the impact of a slowing economy. Cloud revenue growth, which grew 29% year over year in 2022, experienced a corresponding drop.
A more favorable macro outlook coupled with generative AI enthusiasm has rekindled enterprise modernization aspirations, according to Olsavsky.
“We continue to see the diminishing impact of cost optimizations,” Olsavsky said. “As these optimizations slow down, we’re seeing more companies turning their attention to newer initiatives and reaccelerating existing migrations.”
