Since the onset of the COVID-19 pandemic, the cloud market has grown significantly due to an increased demand for cloud technology amid the remote work environment. Digital transformation through cloud migration, AI, automation, and other advanced technologies have changed the way organizations operate, boosting the cloud market’s growth. SaaS solutions are the biggest drivers of cloud computing growth.
According to Gartner, more than 1.3 trillion (57.7%) of enterprise IT spending is expected to be directed toward the cloud in 2022, and almost $1.8 trillion (65.9%) of spending by 2025. Given these factors, we believe cloud stocks Mimecast Limited (MIME) and Progress Software Corporation (PRGS) could be solid bets now.
