(C) Reuters. 4 Cloud Stocks to Buy in July
The cloud computing industry is expected to grow substantially in the coming months driven by the rapid digitalization and commercialization of 5G, among other factors. So, it could be wise to bet now on Workday (NASDAQ:WDAY), Teradata (TDC), Cloudera (NYSE:CLDR), and Box (BOX). We think they are all well-positioned to gain from the industry tailwinds. Read on.The demand for cloud-based solutions has increased significantly over the past few months thanks to the continuation of remote working and increasing adoption of cloud platforms by organizations worldwide that are seeking to make their operations more efficient and less expensive.
The cloud computing industry is expected to attain new heights in the coming months, driven by the commercialization of 5G, increased use of advanced technologies and the rise in e-commerce, among other factors. In fact, according to a Markets and Markets report, the cloud computing market is expected to grow from $371.4 billion in 2020 to $832.1 billion by 2025, representing a 17.5% CAGR.
Investors’ interest in cloud stocks is evidenced by First Trust Cloud Computing ETF’s (SKYY) and WisdomTree Cloud Computing Fund’s (WCLD) 7.6% and 13.8% returns, respectively, over the past month. This compares to SPDR S&P 500 Trust ETF’s (SPY) 3.2% gains over the same period. So, it could be wise now to bet on fundamentally-sound cloud stocks Workday, Inc. (WDAY), Teradata Corporation (NYSE:TDC), Cloudera, Inc. (CLDR), and Box, Inc. (BOX).
4 Cloud Stocks to Buy in July
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