Huawei secured 19% share in Q3 2024 Chinese cloud service market

Huawei is continuing its journey as the second-largest player in the Chinese cloud service market for Q3 2024. The company has achieved 19% of the market share and obtained the second spot. It also achieved a significant annual growth rate.

Canalys today published the Chinese cloud service market report for Q3 2024 where Huawei has ranked second, maintaining its position in the top three ranking.

The OEM is sharing its achievements with Alibaba and Tencent. Alibaba won the first position with 36% of the market share while Tencent is in third place.

Huawei grew 13% in the Q3 2024 cloud ranking. As per Canalys, the company has taken significant steps in AI development. It has implemented the new solutions in around 30 industries and applied them in 400+ business scenarios.

On the other hand, Huawei has introduced the Pangu 5.0 model with a 1+N Pangu Assistant system. This solution looks after high-frequency scenarios for customers.

Further inputs reveal that the company has used its Cloud AI for Startups program and invested more than $165000 in cloud computing resources for technological development and digitization in the country.

Huawei secured 19% share in Q3 2024 Chinese cloud service market (Image Credits: Canalys)

Talking about other rankers, Alibaba is leading the cloud market with a 7% YoY growth in Q3 2024. Its AI products have achieved 3-digit revenue growth for five quarters straight and enhanced its business in the public cloud sector.

Alibaba now aims to increase its short-term investment in AI to fulfill the growing demand for cloud computing and API services in the Chinese market.

Tencent grabbed the third position with a 15% market share – thanks to its AI GPU sales revenue. The company launched its Hunyun Turbo model which offers 100% improved inference efficiency and 50% reduction in cost. It also boosts decoding speed compared to its predecessors.

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