The demand for cloud storage solutions is expected to grow significantly in the near term, given their ease of use and increased applications across several industries. So, we think it could be wise to scoop up quality cloud storage stocks Dropbox (NASDAQ:DBX) and Box (BOX). Read on.Although the cloud storage industry was growing before the COVID-19 pandemic, the hybrid work culture and digital transformation have boosted the demand for cloud storage solutions over the past 18 months. And with the COVID-19 omicron variant now posing a threat, many companies are again delaying their return-to-office plans. Ford Motor Company (NYSE:F) is the latest large company to do so. This trend could lead to increased demand for cloud storage solutions for the foreseeable future.
Furthermore, the ease of access to massive data and proper organization of files from anywhere on any device could boost the cloud storage industry. According to a DIGITAL JOURNAL report, the global cloud storage market is expected to hit $353.81 billion by 2028, growing at a 24.5% CAGR.
Therefore, we think it could be wise to bet on cloud storage stocks Dropbox, Inc. (DBX) and Box, Inc. (BOX), which are well-positioned to generate significant ROI in the coming months.