TL;DR
Synergy Research data shows the top three cloud providers — AWS, Microsoft Azure and Google Cloud — now account for 63% of global cloud infrastructure spend in Q3 2025, as the overall market expands to $107 billion. AWS still leads with 29% but its share has trended down since mid‑2022 while Microsoft and Google steadily gain ground and niche 'neoclouds' focused on AI/GPU workloads are emerging.
What happened
Synergy Research published quarterly figures showing continued concentration at the top of the cloud infrastructure market. In Q3 2025 the three largest providers — Amazon Web Services, Microsoft Azure and Google Cloud — together represented 63% of global enterprise cloud infrastructure spending, up slightly from prior quarters. The overall market reached $107 billion in Q3, roughly 60% larger than two years earlier. Synergy’s trend lines indicate AWS’s slice of that spending peaked in Q2 2022 and has slowly declined since, though its absolute revenue is not reported as falling. Microsoft and Google have been increasing their shares; in Q3 2025 they held about 20% and 13% respectively while AWS had roughly 29%. Smaller providers show mixed fortunes: Oracle and several so‑called neoclouds focused on GPU and AI development environments are growing from a low base, CoreWeave being the largest among them, while IBM’s share has dropped by about half since late 2020.
Why it matters
- The top three vendors command an increasing portion of a rapidly expanding cloud market, shaping competition and vendor choice.
- AWS’s gradual market‑share erosion suggests competitors are expanding faster even as total cloud spending grows.
- Emerging 'neoclouds' targeting GPU and AI workloads signal a shift in demand toward specialized infrastructure for AI development.
- Regional growth patterns — with the US remaining dominant and several smaller markets accelerating — will influence where providers invest capacity and services.
Key facts
- Big three (AWS, Microsoft, Google) held 63% of global cloud infrastructure spend in Q3 2025.
- Global cloud infrastructure market reached $107 billion in Q3 2025, up from $68 billion two years earlier (~60% growth).
- AWS reported about 29% share in Q3 2025; Microsoft about 20%; Google Cloud about 13%.
- Synergy’s data suggests AWS’s market share peaked in Q2 2022 and has been gradually declining since.
- Oracle and neocloud providers are slowly gaining share from a small base; CoreWeave is the largest neocloud cited.
- Other neoclouds named as growing quickly include Crusoe, Nebius and Lambda.
- IBM’s share of cloud infrastructure spend fell from around 5% in Q4 2020 to roughly half that level by Q3 2025.
- High‑growth regional markets in Q3 2025 included India, Australia, Indonesia, Ireland, Mexico and South Africa.
- The United States remained the largest single market, larger than the entire APAC region combined, and grew 28% in the quarter.
What to watch next
- Whether AWS can halt or reverse its downward share trend amid intensifying competition — not confirmed in the source.
- Expansion and customer adoption of neoclouds such as CoreWeave and others for AI/GPU workloads, which Synergy identifies as fast‑growing.
- How Microsoft and Google convert share gains into long‑term revenue and service differentiation — not confirmed in the source.
Quick glossary
- Cloud infrastructure services: Compute, storage, networking and related managed services delivered over the internet to host applications and data.
- Market share: A provider’s portion of total spending or revenue in a defined market, typically expressed as a percentage.
- Neoclouds: Relatively new cloud providers that focus on specialized offerings such as GPU clusters and AI development environments rather than broad, general‑purpose cloud services.
- GPU cluster: A group of servers equipped with graphics processing units (GPUs) used to accelerate machine learning, AI training and other parallel workloads.
Reader FAQ
Is AWS losing revenue?
Synergy’s data shows AWS’s share of overall market spend has declined since Q2 2022, but because the total market is growing (to $107B in Q3 2025) this does not prove AWS revenue is falling; the source does not confirm absolute revenue figures.
Who are the neoclouds and what do they do?
The source identifies neoclouds as newer providers focused on GPU clusters and AI development environments, naming CoreWeave as the largest and noting Crusoe, Nebius and Lambda as fast growers.
How big is the cloud infrastructure market now?
According to Synergy Research, the global market for cloud infrastructure services was $107 billion in Q3 2025, up from $68 billion two years earlier.
Which regions are growing the fastest?
Synergy reported above‑average growth in India, Australia, Indonesia, Ireland, Mexico and South Africa; the US remained the largest market and grew 28% in the quarter.
AWS RE:INVENT 9 AWS under pressure as big three battle to eat the cloud market Google and Microsoft are catching up, while Oracle and neoclouds are growing from a small…
Sources
- AWS under pressure as big three battle to eat the cloud market
- AWS feels the heat as cloud rivals accelerate growth
- Amazon slides vs Amazon, Microsoft in big three cloud …
- AWS Q2 2025 earnings report Amazon cloud
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