Amazon’s lead continues
As in earlier quarters, Amazon maintained its lead in the cloud market, but Microsoft and Google continued to achieve substantially higher growth rates.
The fourth quarters of the worldwide market shares of Amazon, Microsoft, and Google were 28%, 21%, and 14%, respectively.
Tier two players also had a significant showing in the fourth quarter, with CoreWeave, OpenAI, Oracle, Crusoe, and Nebius showing high growth rates.
Synergy noted that CoreWeave is now generating more than $1.5 billion in quarterly cloud revenue and has joined the top ten cloud providers, driven by its AI- and GPU-focused services.
Now that most cloud providers have released their fourth quarter earnings, the research firm estimates that quarterly cloud infrastructure service revenues (including IaaS, PaaS and hosted private cloud services) were $119.1 billion, with full-year 2025 revenues reaching $419 billion. Public IaaS and PaaS services account for the bulk of the market and grew by 34% during the period.
Public cloud is one of the fastest-growing segments, with the top three cloud providers accounting for 68% of the market.
“The leading cloud providers have all seen their revenue growth rates jump,” Dinsdale said. “Meanwhile, neoclouds remain relatively small compared with the leaders, but they too are now contributing meaningful incremental growth.”
Worldwide geographic growth
From a geographic perspective, the cloud market continues to grow rapidly across all regions.
Leading the charge were Australia, India, Indonesia, Ireland, Mexico, South Africa, and Taiwan, all growing at rates above the worldwide average.
However, the U.S. remains by far the largest cloud market, with its scale far exceeding that of the Asia-Pacific region. The U.S. market grew by 30% in the fourth quarter.
In Europe, the largest cloud markets are the UK and Germany, but the fastest-growing markets were Ireland, Poland, and Sweden.
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