A view of the headquarters of Bytedance in Beijing Photo: IC

Chinese internet giant ByteDance - mother company of TikTok - on Monday unveiled its new platform named Volcengion that provides technology solutions to enterprises, the company said, ending speculation on when the Chinese internet super unicorn would enter the business service sector.

According to a document provided by ByteDance to the Global Times, the platform is positioned to offer enterprise-level smart technology services including "smart data" and "intelligent experience" to support its partners' business needs such as live streaming sales and smart recommendations.

"As a globalized internet company, ByteDance has accumulated rich experience from the rapid development in the past eight years. Releasing the platform is aimed at commercializing the ability and tools that have driven ByteDance from zero to one to help more companies promote competitiveness" said Xiao Mo, the head of Volcengion.

ByteDance has been working in the cloud computing sector in the past year - not only has it registered the domain name bytecloud.com, but it also has been offering cloud computing related jobs. Releasing Volcengion is a further step toward the sector, according to guancha.com.

According to a white paper on the development of China's cloud computing sector published by the Development Research Center of the State Council, China's cabinet, the cloud computing market in China was valued at 96.28 billion yuan ($13.63 billion) in 2018. 

The market is expected to more than triple to 300 billion yuan in 2023, and by then, more than 60 percent of the country's businesses and government agencies will rely on cloud computing as an integral part of their daily operations, according to the white paper.

In recent years, Chinese internet giants such as Alibaba, Tencent and Baidu raced to gain share in the cloud computing sector, which is widely seen as offering huge potential.

As to what Volcengion can offer to compete with those who have already taken a big market share with stable clients such as Alibaba, Xiao said that the ability of the platform has already been proven as it served the company's other famous platforms such as the news outlet Toutiao and Douyin (the Chinese version of Tiktok).

According to Volcengion's official website, it already has about 20 clients including Samsung, Hisense and Vivo. But despite being an international internet company, Volcengion is now only focusing on the Chinese market, ByteDance told the Global Times.