Companies spent a record $31 billion on cloud infrastructure services in Q1 2020, though the full impact of COVID-19 is unlikely to be realized until the second quarter.

New from Canalys indicate cloud spending grew 34.5% year-on-year (YoY) from the $23.1 billion for the corresponding period last year. However, the cloud spending increase was an established trend, with Q1 2019 figures revealing a 39.3% YoY increase and showing a 37.2% YoY increase. These numbers also show that while the overall dollar spend continues to rise, the rate of growth is slowing.

The numbers indicate that cloud spending only grew 2.6% quarter-on-quarter through the end of March 2020, or around $800 million in real terms.

Above: Canalys: Cloud spending: Q1 2020

Moreover, while

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