Cloud computing capped a decade of rapid growth during the 2010s with a pandemic -- a global crisis that sent the cloud from cutting-edge technology to essential business service. Organizations around the globe have been scrambling to adopt cloud-based operations to support remote workers and slim down costs. In fact, according to tech researcher Gartner (NYSE: IT) , cloud computing is expected to be among just a handful of industries that grew in 2020, with global spending increasing 6% from 2019 and topping $250 billion.
But this story is far from over, as the cloud will remain an important part of the digital economy in the decade ahead. To that end, IBM (NYSE: IBM) , Magnite (NASDAQ: MGNI) , and Veeva Systems (NYSE: VEEV) look like timely buys right now.
According to the same Gartner report mentioned above, global spending on cloud computing is expected to return to double-digit-percentage growth in 2021 and 2022. Cloud infrastructure services (think the software tools needed to manage a data center and the applications a business uses) are expected to be some of the highest-growth corners of the cloud industry. This would be an exceptionally good development for IBM.
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3 Top Cloud Computing Stocks to Buy Right Now