The cloud computing industry is expected to continue growing significantly as businesses migrate more of their IT systems to cloud platforms. Amid the ongoing rapid digitalization, it could now be wise to scoop up the shares of quality cloud computing stocks Workday (NASDAQ:WDAY), Dropbox (NASDAQ:DBX), Mimecast (NASDAQ:MIME), and Cornerstone OnDemand (CSOD).The COVID-19 pandemic-led restrictions helped the cloud computing industry's growth accelerate. According to a Techjury report, 61% of businesses migrated their workloads to the cloud in 2020.
Companies are expected to continue using cloud platforms given the advantage of accessing data from anywhere on any device and reduced spending on storage. Moreover, a surge in internet penetration, consistent innovation in artificial intelligence (AI), big data, and 5G are expected to drive the industry’s growth. According to a Research and Markets report, the global cloud computing services market is expected to reach $937.5 billion by 2027.
Amid this backdrop, it could be wise to bet on established cloud computing stocks Workday, Inc. (WDAY), Dropbox, Inc. (DBX), Mimecast Limited (MIME), and Cornerstone OnDemand, Inc. (CSOD). Their broad portfolio of products and services and consistent innovations should help them capitalize on the industry tailwinds.