2023-04-15 07:50:00 ET
Companies can often be overly optimistic when estimating their total market opportunity. Beyond Meat 's addressable market is not the $1.4 trillion global meat market, for example, no matter what the company says.
That's not the case for cloud computing companies DigitalOcean (NYSE: DOCN) and Cloudflare (NYSE: NET) . Both compete in the enormous cloud infrastructure market, and while neither captures the full opportunity, DigitalOcean and Cloudflare are capable of growing at double-digit rates for many years to come. Here's a look at each.
The global cloud infrastructure market , which encompasses infrastructure-as-a-service (IaaS), platform-as-a-service (PaaS), and hosted private cloud services, churns up nearly $220 billion of revenue annually. What's more, this massive market is still growing at a healthy pace. Industry revenue shot up 24% year over year in the third quarter of 2022, according to data from Synergy Research.
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2 Tech Stocks with Massive Market Opportunities