Cloud Providers as Redis Rivals

The core strategic problem is that Redis reaches many users through clouds that also have every incentive to replace it. AWS and Google package Redis compatible caching inside their own consoles, billing, networking, and support, which makes the cloud service feel native and makes the underlying engine easier to swap. Microsoft is friendlier because Azure Managed Redis runs on Redis Enterprise, but Azure still owns the customer relationship, pricing surface, and default placement inside Azure accounts.

• AWS is the clearest example of partner and rival at once. ElastiCache now recommends Valkey, supports it across node based and serverless deployments, and prices Valkey lower than other supported engines. That lets AWS capture Redis workloads while steering customers toward a cheaper in house default.
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• Google is following the same playbook. Memorystore presents Valkey, Redis, Redis Cluster, and Memcached through one managed interface with GCP networking and monitoring, so the buyer is really choosing a Google service first and an engine second. That weakens Redis's ability to charge a premium for standard cache use cases.
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• Microsoft differs structurally. Azure Managed Redis is built on Redis Enterprise technology, and Azure is retiring older Azure Cache for Redis tiers in favor of that stack. This gives Redis distribution into Azure, but Microsoft still controls procurement, budget attachment, and day to day service discovery inside Azure.
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This is pushing Redis toward higher value layers that clouds do not commoditize as easily, including enterprise features, active active deployments, search, streaming, and AI oriented data products. Basic cache capacity is heading toward cloud utility pricing, while Redis's upside will come from selling harder to replicate capabilities on top of that installed base.