Google is Buying Its Way Into Cloud Computing Contention

With Alphabet's (NASDAQ: GOOG) (NASDAQ: GOOGL) core advertising business slowing, the internet search giant has turned its attention to the cloud computing market -- and for good reason. 

That area of the market has been enjoying double-digit growth with more of the same projected in the coming years. According to market research firm Gartner, the worldwide cloud computing market will reach $331.2 billion by 2022, up from $249.8 billion in 2020. 

As it stands, Amazon's (NASDAQ: AMZN) cloud unit Amazon Web Services (AWS) is the industry leader, but Microsoft (NASDAQ: MSFT) is chipping away at that dominance with Azure.

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Source Fool.com