The cloud computing industry is expected to grow substantially in the coming months, driven by organizations’ hybrid working models and increasing commercialization of 5G. As the tech industry rebounds from its sell-off earlier this year, Wall Street analysts expect Avalara (NYSE:AVLR) and Anaplan (NYSE:PLAN) to deliver robust returns.The cloud computing industry is expected to hit fresh highs in the coming months driven by the commercialization of 5G and organizations’ increased adoption of hybrid working models.
As major industries invest heavily in developing digital infrastructure, internet-based service providers are expected to benefit from increasing IT spending. According to Gartner (NYSE:IT), worldwide IT spending is expected to reach $4.1 trillion in 2021. Furthermore, the cloud computing market is expected to grow at a 17.9% CAGR over the next five years.
So, as the tech industry recovers from its recent sell-off, Wall Street analysts expect lesser-known companies Avalara, Inc. (AVLR) and Anaplan, Inc. (PLAN) to witness solid upside.