Growing usage of cloud technologies and increased demand for innovative solutions in various sectors are expected to help the tech industry grow steadily.
Given the favorable industry trends, quality tech stocks ON24, Inc. (ONTF – Get Rating), Teradata Corporation (TDC – Get Rating), and Dropbox, Inc. (DBX – Get Rating) might generate significant returns in the near term.
The increasing focus of enterprises on digital transformation for enhancing efficiency and lowering operating costs is leading to a steady demand for tech solutions. Growing usage of cloud technologies, use of business intelligence for forecasting and optimizing operations, and integration of AI are the key factors making the prospects bright for the tech industry.
The U.S. IT Services market is expected to reach $592.43 billion by 2028, growing at a CAGR of 6.5%.
According to Gartner, global IT spending will reach $5.10 trillion in 2024, increasing 8% year-over-year. In addition, the U.S. tech market accounts for 35% of the world market and is expected to grow 5.4% in 2023.
Furthermore, the global digital transformation market is projected to reach $8.92 trillion by 2030, growing at a CAGR of 21.6%.
With these favorable trends in mind, let’s delve into the fundamentals of the three…
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