Amazon's AMZN robust cloud services portfolio is helping it gain customers.
Sun Life SLF selects Amazon Web Services (AWS) as its long-term strategic cloud technology provider. This highlights the efficiency and reliability of AWS’s innovative cloud products and services.
With this deal, Sun Life will be able to leverage AWS’ analytics, Machine Learning (ML), security, database and storage services.
Moreover, AWS’ service suite will help Sun Life deliver an enhanced client experience and accelerate digital transformation to achieve operational efficiency.
Amazon.com, Inc. Price and Consensus
Expanding Clientele, Portfolio Strength
Apart from this latest client acquisition, AWS was recently picked by Wyndham Hotels & Resorts as the preferred cloud provider. Its cloud technologies will be used by Wyndham to develop digital services and provide better experiences to customers across 21 hotel brands.
Wyndham will employ AWS for seamless operations and performance enhancement by minimizing operating costs of data center, closing additional data centers and running maximum infrastructure in the cloud.
We believe, AWS will continue to witness growth in its clientele on the back of its efforts toward expanding its service offerings.
Recently, the company made its fully managed in-memory database, Amazon MemoryDB for Redis, generally available.
Amazon MemoryDB is Redis-compatible, which facilitates the storage of entire datasets in memory. It also aids in developing applications that require a durable database with sub-millisecond latency by offering durability at any scale, low latency and high throughput.
AWS made its Amazon EBS io2 Block Express volumes generally available, which bolstered its storage area network (SAN) capabilities. EBS io2 Block Express volumes are equipped with SAN features like multi-attach and elastic volumes.
The company announced the general availability of Amazon Healthlake, which extracts and analyzes important health-related information, and securely stores the same on the cloud.
Amazon’s strong concerted to expand its cloud-computing platform reflects its customer-oriented focus.
We believe that the growing customer momentum will continue to drive AWS’s top line. Strengthening clientele base will continue to drive its competitive edge against its peers like Microsoft MSFT, Alphabet’s GOOGL Google, Alibaba and IBM to name a few.
Per the latest Canalys data, Microsoft Azure and Google Cloud acquired a worldwide cloud market share of 22% and 8% in second-quarter 2021, respectively, while Amazon led the pack with a 31% stake.
However, AWS is currently facing stiff competition from Microsoft Azure and Google Cloud as both are targeting a bigger slice of the market on the back of their advancing cloud portfolio. This poses a serious challenge to Amazon’s dominant position in the cloud space.
Currently, Amazon carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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