Cloud Market Share Trends - Big Three Together Hold 63% while Oracle and the Neoclouds Inch Higher

RENO, NV, November 19, 2025

New data from Synergy Research Group shows that Amazon, Microsoft and Google together accounted for 63% of enterprise spending on cloud infrastructure services in Q3. Four quarters ago it was 62%, and four quarters before that 61%. This gradual increase in their market share has happened while the boom in cloud usage has seen the worldwide market value reach $107 billion in Q3, up from $68 billion eight quarters ago. Among the big three, Amazon's market share has gradually eroded, while both Microsoft and Google have been gaining share. In Q3 their worldwide market shares were 29%, 20% and 13% respectively. The chasing pack of cloud providers are all very substantially smaller, but the biggest story here is the gradual increase in market share of Oracle and the neoclouds. Among the neoclouds, CoreWeave is by far the largest player in this market, while other substantial neoclouds who are growing extremely rapidly include Crusoe, Nebius and Lambda. Meanwhile Alibaba and Salesforce continue to grow their cloud infrastructure service revenues, but not as rapidly as the overall market, so they have lost some ground, and IBM's revenues in this market have essentially remained static as it has changed its focus and strategy. There is then an extremely long tail of small players. Some of these companies have grown rapidly but in aggregate those smaller players have been steadily losing market share. Synergy reports that in Q3 worldwide cloud infrastructure service revenues (including IaaS, PaaS and hosted private cloud services) were $106.9 billion, with trailing twelve-month revenues reaching $390 billion. Public IaaS and PaaS services account for the bulk of the market, and together they grew by 30% in Q3. Geographically, the cloud market continues to grow strongly in all regions of the world. When measured in local currencies, the major countries with the strongest growth included India, Australia, Indonesia, Ireland, Mexico and South Africa, all growing at rates above the worldwide average. The US remains by far the largest cloud market, with its scale far surpassing the whole APAC region. The US market grew by 28% in Q3. In Europe the largest cloud markets are the UK and Germany, but the big markets with the highest growth rates were Ireland, Spain and Italy.

“Given the massive scale of this market, quarter-to-quarter shifts in market share tend to be minimal, which is why it’s more revealing to examine how positions have evolved over the last few years,” said John Dinsdale, Chief Analyst at Synergy Research Group. “Amazon’s market share has averaged just under 30% over the past four quarters, down from a little over 32% in 2021. Its share is showing gradual erosion as Microsoft and Google continue to close the gap, yet it remains striking how effectively Amazon has maintained its leadership position. Beyond the three market giants, a wide mix of smaller players is competing for traction — but the reality is that third-placed Google remains nearly four times the size of fourth-placed Alibaba, underscoring the widening gulf between the market leaders and the rest of the field.”