Enterprise spending on cloud infrastructure services in Q3 jumped 55 percent year-over-year, the 12th consecutive quarter of growth, according to Synergy Research Group.

Synergy’s latest cloud market growth data revealed that global cloud revenue reached $168 billion in Q3 2026, more than double the revenue in the same period in 2024.

Growth was seen in all regions globally. The largest market remains the US, at 44 percent market share; it also has the highest growth rate among major countries.

According to Synergy, cloud market growth had been declining before the launch of ChatGPT in 2022. AI has driven year-on-year growth rates, with 185 percent growth since 2022. As of Q3 2026, AI-specific cloud services represent a third of the total market.

“AI has totally transformed the cloud market in terms of service capabilities, customer demand, and growth opportunities,” said John Dinsdale, chief analyst at Synergy Research Group.

“In the ten years before the launch of ChatGPT, cloud providers drove a rapid shift in workloads and investment from on-premises data centers towards public cloud services. What we now see is AI technology propelling cloud markets in a way that was unimaginable just four years ago. As the growth rate jumps to well over 50 percent, the leading cloud providers are benefiting from surging revenues, but they are also facing a much-changed market landscape, with AI labs and neoclouds emerging as both partners and competitors.”

Synergy’s data also reveals the breakdown of the major cloud providers, with Amazon taking the lead in the market, at 26 percent market share. The providers with the next two highest market shares are Microsoft (19 percent) and Google (16 percent). Both are improving their growth rates.

According to the data, neoclouds continue to erode the market share of the top cloud providers.