The ‘cloud’ has grown in popularity in the current, digital era, and its adoption across various industries is expected to only rise for the foreseeable future. So, we think it could be wise to bet on fundamentally strong cloud computing stocks Workday (NASDAQ:WDAY), Veeva Systems (NYSE:VEEV), and Commvault Systems (CVLT). Let’s pore over these names.The COVID-19 pandemic has accelerated the digital transformation across industries, leading to the adoption of new-gen technologies such as cloud computing, artificial intelligence (AI), and the Internet of Things (IoT). Demand for the ‘cloud’ has grown markedly in recent years because it is highly efficient and provides relief from hardware constraints.
According to an International Data Corporation (IDC) report, “whole cloud” spending is expected to surpass $1.30 trillion by 2025, growing at a 16.9% CAGR. With businesses moving towards a digital-first economy, cloud computing is expected to play a pivotal role in bringing efficiency, innovation, and flexibility. Investors’ interest in cloud computing stocks is evidenced by the Global X Cloud Computing ETF’s (CLOU) 27% returns over the past year and 5.7% gains over the past month.
Quality cloud computing stocks Workday, Inc. (WDAY), Veeva Systems Inc. (VEEV), and Commvault Systems, Inc. (CVLT) are well-positioned to gain this month and beyond. So, we think it could be wise to scoop up their shares now.