Technology Author：Yingwei Fu Jul 16, 2020 12:31 PM (GMT+8)

The company is dominating the Asia-Pacific cloud market.

Image credit: EqualOcean

Goldman Sachs has given a USD 93 billion valuation to Alibaba Cloud, cloud computing arm of Chinese e-commerce giant Alibaba (BABA:NYSE). According to the bank, Alibaba Cloud's revenue may exceed USD 8.30 billion in the fiscal year 2022, with the latest valuation more than eight times greater than the revenue projection. In the last year, Alibaba Cloud generated CNY 40.10 billion (around USD 5.70 billion).

Market research firm Gartner found that Alibaba Cloud has the largest market share in the Asia-Pacific region, which increased from 26% in 2018 to 28% in 2019. The sum of AWS' and Azure's market shares was only 1.1% in 2019. On a global scale, Alibaba Cloud is the third-biggest cloud services provider with a market share of 9.10% in 2019 (it increased from 7.70% in 2018, squeezing the AWS’ space).

Alibaba Cloud has lately become a pillar business of Alibaba Group. The tech corporation is planning to invest CNY 200 billion (USD 28.6 billion) in the cloud operating system, servers, chip development and data centers in the next three years, tripling its current data center network.