Cloud Computing Revenue Is Soaring Toward $4 Trillion -- 2 Growth Stocks to Buy Now and Hold for the Next Decade
Cloud computing improves operational efficiency by providing on-demand access to infrastructure, platform, and software services. Businesses can spin up cloud servers in minutes while avoiding the cost and complexity of managing those servers in private data centers.
The vast majority of global IT spending goes toward on-premises systems today, but experts expect cloud adoption will proceed at a rapid pace over the next decade. In fact, consultancy Future Market Insights estimates that cloud services revenue will grow at an average rate of 21% annually to reach $4.4 trillion by 2033. Cloudflare (NYSE: NET) and Amazon (NASDAQ: AMZN) are both well positioned to benefit from that growth. Here's why their stocks are worth buying right now.
Cloudflare provides a broad range of cloud services that accelerate and secure corporate applications and infrastructure. It also provides compute and storage solutions through its developer platform, enabling clients to build and deploy performant applications and websites directly on its network.
Source Fool.com
