【CNMO Technology News】On April 17, CNMO learned that according to the latest data released by Canalys, a well-known research institution, in the fourth quarter of 2023, Chinese mainland's cloud infrastructure service spending achieved significant growth, with a year-on-year growth rate of 22.4%, reaching a total of 9.7 billion US dollars. This growth trend shows that with the acceleration of digital transformation, the cloud computing market in Chinese mainland is continuing to maintain a strong development momentum.
In the cloud computing market in Chinese mainland, the three giants of Alibaba Cloud, Huawei Cloud and Tencent Cloud have performed particularly well, not only dominating the market, but also promoting the rapid development of the entire industry with outstanding performance. According to statistics, the total growth of these three cloud vendors reached 27.8% in the fourth quarter of 2023, accounting for 73.7% of the total cloud service spending.
Among them, Alibaba Cloud continues to maintain its leading position with a market share of 38.9%, and its growth in the fourth quarter of 2023 reached 33.7%. HUAWEI CLOUD ranked second with a market share of 18.6%, with a year-on-year growth of 17.4%. Tencent Cloud ranked third with a market share of 16.3%, with a year-on-year increase of 27%.
Previously, Canalys pointed out that for the whole of 2023, the cloud infrastructure market in Chinese mainland increased by 16% year-on-year, up from 10% in 2022. It is expected to grow by 18% year-over-year in 2024, driven primarily by generative AI and significant price cuts by cloud vendors such as Alibaba Cloud to drive customer adoption.
On February 29, three months after clarifying the "AI (artificial intelligence) driven, public cloud first" strategy, Alibaba Cloud announced the largest price reduction in history, with the official website prices of more than 100 products and more than 500 product specifications reduced by an average of 20% and a maximum of 55%. Alibaba Cloud said that although the price reduction activities in the first half of last year were very effective and feedback, they have not yet reached the expected target.