I have hosted my Magento 2 store on a cloud hosting platform but it’s performance is very slow where as the other store hosted on this platform is doing great. It seems like I haven’t take care of Magento 2 hosting requirement. Can some guide on the requirements which I have to take care for better performance?

I doubt the problem you’re having has anything to do with Magento and, instead, has everything to do with your hosting company running your account on an overcrowded, slow, shared server.

Most hosting companies have various plans whose costs increase in relationship to the service they provide. The cheapest plans typically crowd as many customers as possible onto their servers. Each of those customers competes for server resources and bandwidth. It’s important to read the details of each plan, then chose the one that best fits your needs and anticipated traffic.

There’s really no need to go with a hosting company that says they specialize in this or that CMS. You can install Magento (or other CMS) on most hosting company servers.

Also keep in mind that not all hosting companies are equal — some are better than others.