The internet is considered the most crucial tool in a globalized world. It is a near-ubiquitous aspect of modern life, which has completely transformed how we communicate, shop, work, and have speedy access to information. As per Statista, as of April 2023, there were 5.18 billion internet users worldwide, which amounted to 64.6% of the global population.
Moreover, as the digital transformation of several industry verticals requires broadband services, the global broadband services market size is expected to grow at a CAGR of 9.7% from 2023 to 2030. Given this backdrop, let us consider whether internet stock Shopify Inc. (SHOP) could be an ideal portfolio addition or not.
