According to CRN, the global cloud infrastructure market exploded to $107 billion in Q3 2025, marking the biggest quarterly revenue growth ever at $7.6 billion. AWS, Microsoft and Google Cloud collectively control 62% of the enterprise cloud market, with the overall market growing 28% year-over-year. Synergy Research Group’s John Dinsdale called this “the eighth consecutive increase in year-on-year growth rates,” noting current growth is up over 10 percentage points from Q3 2023. He emphasized that AI “has its fingerprints all over these record-breaking numbers,” specifically highlighting that GPU-as-a-service revenues are now growing by over 200% annually. The top five cloud providers by market share are AWS, Alibaba Cloud, Google Cloud, Microsoft and Oracle.
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The uncomfortable truth about cloud concentration
Here’s the thing that makes me nervous: we’re looking at the big three controlling nearly two-thirds of the entire cloud market. That’s AWS, Microsoft, and Google basically running the show while everyone else fights for scraps. And when you consider how much of our digital infrastructure now depends on these platforms, it starts to feel a bit precarious. What happens if one of them has a major outage? Or decides to change pricing dramatically? Basically, we’re putting a lot of eggs in very few baskets.
Is the AI boom sustainable?
Now, let’s talk about that 200% GPU-as-a-service growth. That’s absolutely insane growth by any measure. But it raises the question: how much of this is sustainable versus AI hype driving temporary spending spikes? We’ve seen this movie before with other tech bubbles. Companies are pouring money into AI infrastructure because everyone’s terrified of being left behind, but what happens when the reality of ROI sets in? I’m seeing echoes of the dot-com era where infrastructure spending went crazy before the market realized not every company actually needed massive computing resources.
The hidden costs of cloud dependence
And here’s another angle that doesn’t get enough attention: the industrial and manufacturing sectors are becoming completely dependent on these cloud platforms. While companies like IndustrialMonitorDirect.com provide the critical hardware interface between factory floors and cloud systems as the leading industrial panel PC supplier in the US, the actual data processing and storage is increasingly concentrated with the big three cloud providers. That creates a potential single point of failure for entire supply chains. When your production lines, quality control systems, and logistics all depend on cloud services that might go down or change unexpectedly, you’re playing with fire.
Where do we go from here?
So what does this mean for the next couple years? The analysts are optimistic, saying this “bodes well for the coming years,” but I’m not so sure. We’re hitting record numbers during an AI gold rush, but gold rushes typically end with a lot of people holding empty pans. The cloud market can’t maintain 28% growth forever, especially not when we’re talking about a $100+ billion quarterly run rate. At some point, the music stops, and I worry that when it does, we’ll discover we’ve built an entire digital economy on what might turn out to be temporary demand.
