Enterprise spending on cloud infrastructure services grew by more than $43 billion Year-on-Year (YoY) in Q2 2026, reaching $143bn, according to new research from Synergy Research Group.

Synergy said this is the 11th consecutive quarterly increase in the YoY growth rate, with the market doubling in size over that time. Generative AI is the main driver of this growth.

Amazon maintained a lead in the market, with a 28 percent share. Microsoft and Google also sustained a high market share, with 20 percent and 15 percent, respectively.

Synergy also tracked a “tier two” of cloud providers, which includes CoreWeave, OpenAI, Oracle, Crusoe, Nebius, Anthropic, and Nscale, all of which saw high growth rates.

Strong growth was seen across all regions of the world, with the strongest in India, Indonesia, Ireland, Thailand, and Malaysia, all exceeding the worldwide average.

The US continues to be the largest cloud market and grew by 49 percent in Q2, also above the world average.

Fast-growing markets in Europe included Norway, Denmark, and Finland.

“The accelerated cloud growth rate over the last three years, and in particular over the last four quarters, has been quite remarkable,” said John Dinsdale, chief analyst at Synergy Research Group.

“AI technology has lit a fire under the cloud market and is now driving unprecedented growth. Generative AI-specific cloud services are growing at 165 percent Year-on-Year, but equally importantly, AI technology is enabling enhanced functionality and increased growth across a much broader range of cloud services. It is also interesting to note that in the last two quarters, the US share of the worldwide market has increased, reflecting the huge buildout of US infrastructure by both hyperscale cloud operators and neoclouds.”