Neoclouds are gradually claiming market share in cloud infrastructure services spending as Amazon declines, data from Synergy Research Group has found.

Synergy's headline figure shows the total market share for Amazon, Microsoft, and Google holding steady growth at 63 percent in Q3 2025, compared to 62 percent in the same period last year.

However, Amazon’s market share dropped by two percent, from 31 percent in Q3 2024, to 29 percent in Q3 2025.

John Dinsdale, chief analyst at Synergy Research Group, said that the technology company was experiencing “gradual erosion” as Microsoft (20 percent) and Google (13 percent) close the gap.

Oracle and neoclouds such as Crusoe, Nebius, Lambda, and the biggest of the group, CoreWeave, are eating into overall market share, though there remains a significant gap between them and the market leaders. This means it is unlikely they can significantly impact the market share of Amazon, Microsoft, and Google in the short term.

With the exception of Coreweave, the neoclouds still hold less than one percent of total market share. Synergy said CoreWeave is “close to joining the top ten ranking of cloud providers, thanks to its AI and GPU services.”

Synergy also identified Alibaba and Salesforce as continuing to increase cloud infrastructure service revenue, but failing to do so at pace with the market, leading to them losing market share overall.

“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 Dinsdale. “Amazon’s market share has averaged just under 30 percent over the past four quarters, down from a little over 32 percent in 2021.

“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.”

According to the report, Q3 worldwide cloud infrastructure service revenue was $106.9 billion, with trailing 12-month revenue reaching $390 billion.

Public Infrastructure-as-a-Service and Platform-as-a-Service revenue accounted for the bulk of this, growing 30 percent in Q3. This growth was reflected across all regions, with the strongest growth recorded in India, Australia, Indonesia, Ireland, Mexico, and South Africa.

The US, which remains the largest market, grew by 28 percent in Q3 and continues to outscale the entire APAC region.

According to Synergy, enterprise spending on cloud infrastructure services is growing at the fastest rate seen in three years. Q3 marks the eighth consecutive quarter of increasing year-over-year growth, and the highest in three years.