Alibaba vs. Tencent: Battle for the Cloud
China's two tech giants, Alibaba Group Holding Limited (NYSE: BABA) and Tencent Holdings Limited (SEHK: 700) have fought in many different fields, from online food delivery to mobile payments to internet advertising. So it's perhaps unsurprising, and inevitable, that the two would take each other on in one of the most lucrative fields of all; the cloud.
The cloud is a global network of servers that provides services or shared resources over the Internet. It's a big business globally. According to research firm Gartner, the worldwide public cloud service market amounted to US$182.4 billion in 2018. In 2022, that number is expected to reach as much as US$331.2 billion.
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