Thanks to the proliferation of cloud computing stocks and their underlying technologies, it’s easy to take the segment for granted. However, these enterprises undergird the digital transformation – that is, the integration of computer tech across all facets of society. We’re not quite there yet. However, with advancements in various digitalization solutions – including artificial intelligence – it’s probably only a matter of time.
Indeed, Grand View Research reminds us that the global digital transformation market size reached a valuation of $731.13 billion in 2022. Moreover, its analysts project that the sector will witness a compound annual growth rate (CAGR) of 26.7% from this year to 2030. By the end of the forecasted period, the industry may generate total revenue of nearly $4.62 trillion. That’s a major economy in and of itself. Therefore, investors should seriously consider adding these cloud computing stocks to their portfolios.
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