By 2030, the market for cloud computing is projected to increase at a compound annual growth rate of 15.7%, reaching $1,554.94 billion. Enterprise cost savings, flexibility and scalability, data security, data storage, and team communication are all benefits of cloud computing. 70% of businesses have already switched, at least partially, to cloud computing. Within the upcoming 12 months, Ofcom will finish its investigation and release a comprehensive report about any issues and suggestions. Investors are flocking to huge and mega-cap tech firms as the NASDAQ 100, the benchmark for the tech sector, is down more than 30% year to date as of September 26.
Insider Monkey highlights the 11 best cloud stocks to buy now. The stock of SAP SE increased on September 12 after the business informed clients that it would be raising pricing as a result of greater inflation. Nay Soe Naing, an analyst at Berenberg, spoke to investors on September 14 about the trend toward cloud adoption. A California-based company called AppFolio, Inc. provides cloud business management solutions for the real estate sector. In terms of revenue and EPS, the company’s Q2 results report exceeded market expectations. Justin Ages, an analyst with Berenberg, began covering the company with a Buy rating and a $130 price target. A cloud computing platform is provided by DigitalOcean Holdings, Inc., a New York-based business, in North America, Europe, Asia, and other countries. For developers, start-ups, and small and midsize businesses, its platform provides on-demand infrastructure and platform tools. For the previous two years, Zscaler, Inc. has consistently grown its top line by over 55%. The organization, which will replace the VPN, “appeared out of nowhere.” The billings for Zscaler increased by 57% year over year to $520.4 million. Veeva Systems Inc. coverage was started by KeyBanc analyst Scott Schoenhaus with an Overweight rating and a $220 price target. According to him, the business is well-positioned in the life sciences software-as-a-service market. Numerous Wall Street analysts recognized the “strategic nature” of Snowflake Inc. as a result of the company’s impressive second quarter results and expectations. According to the analyst, the company benefits from its “huge scale” cloud-native data platform. For more details, click the 11 Best Cloud Stocks To Buy Now.