Continuing digital transformation and initiatives to implement innovative technologies in various sectors are propelling the growth of the cloud computing market. Therefore, we think it could be wise to bet on fundamentally sound cloud computing stocks Paycom (NYSE:PAYC), Mimecast (NASDAQ:MIME), and Qualys (NASDAQ:QLYS). So, let’s take a closer look at these companies.Rapid advancements in technologies, increasing internet penetration, and rising dependency on virtual working environments are leading organizations to adopt cloud computing services increasingly. Businesses are adopting cloud computing for security, cost savings, mobility, loss prevention, flexibility, and several other reasons. According to a report by IDC, “whole cloud” spending is expected to reach $1.3 trillion by 2025.
The increasing acceptance of Software as a Service (SaaS), Platform as a Service (PaaS), and Infrastructure as a Service (IaaS), among businesses, and government initiatives to support innovative technologies in several sectors, including banking, financial services, and insurance (BFSI), retail, and consumer goods, should further drive the cloud computing market’s growth. The global cloud computing market is expected to reach $947.3 billion by 2026, registering a CAGR of 16.3%.
Therefore, we think it could be wise to bet on fundamentally sound cloud computing stocks Paycom Software, Inc. (PAYC), Mimecast Limited (MIME), and Qualys, Inc. (QLYS).