Down 65%, Is This Cloud Provider a Screaming Buy?

The public cloud services industry is expanding fast. Gartner estimates that spending will grow another 20% in 2022, bringing it to more than $490 billion globally. The industry is dominated by a few major players that cater to large corporations with mammoth checkbooks.

But what about small and medium-sized businesses (SMBs) and individual developers? These entities are making the switch to the cloud (and millions of new SMBs are created each year) and need a service provider that specializes in their needs. This is exactly the niche that DigitalOcean (NYSE: DOCN) serves.

As the chart shows, Amazon Web Services (AWS), Microsoft Azure, and Alphabet's Google Cloud dominate the infrastructure-as-a-service (IaaS) market.

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Source Fool.com