Alibaba Cloud will commit to upgrading its global partner ecosystem by investing worth $1 billion as a strategic move for the company's overseas expansion, South China Morning Post reported.
One of the reasons for making this move is that China's economy is stumbling at the moment. The company confirms that the investment will consist of two incentives, financial and non-financial, which will include funding, rebates, and go-to-market initiatives.
The funding will help Alibaba's partners on innovating its technology.
Alibaba Cloud Intelligence International President Selian Yuan stated that "Partners have always been a key focus for Alibaba Cloud, and we are committed to providing them with strong support, both technologically and commercially."
2022 Alibaba Cloud Summit
The announcement was held at the 2022 Alibaba Cloud Summit that will last for three days in Phuket, Thailand. Along with the investment, TechNode reported that an additional two announcements had been made.
These are the announcement of the new products on supporting technology innovation to the enterprises and the plans to improve the company's customer service as they want to support the digitalization journey of its customers.
The products like Cloud Enterprise Network, ESSD Auto PL, etc. will provide customers a much higher scope of cloud services for a network covering, storage, and even computing.
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Partners and Competitors
As per TechCrunch, Alibaba has 11,000 partners around the world, which include Salesforce, VMware, Fortinet, IBM, and Neo4j.
The company also had a 9.5% market share in 2021, which made the company surpass its competitors like Microsoft and Amazon.
Among other companies, Alibaba Cloud has a 34% share of the $7.3 billion domestic cloud market for the second quarter, which was analyzed by Canalys.
Meanwhile, the revenue for its cloud services went up to 10% or $2.4 billion, to the demand from different financial services, public services, and telecommunication industries.
This was a big success for the company as they recently encountered slow growth. Speculations from reports state that Alibaba lost one of its key clients, ByteDance.
No confirmations were given, but the company stated, "Partly offset by decline in revenue from the top Internet customer that has gradually stopped using our overseas cloud services for its international business due to non-product related requirements, online education customers as well as softening demand from other customers in China's Internet industry."
Alibaba was established in 2009, and it offers cloud services to different customers globally. These include elastic computing, database, storage, network, and more.
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Written by Inno Flores
