Cloud computing is expected to be in demand for the foreseeable future, given its role in hybrid operational structures and the ongoing digital transformation of almost every industry globally. Amid renewed investor interest in tech stocks, we believe the shares of industry leaders in the cloud computing space Alphabet (NASDAQ:), Salesforce.com (NYSE:), and Workday (NASDAQ:) should reach fresh price highs soon. Read on.Cloud computing has been in the limelight since last year, aided by the worldwide adoption of remote working and learning. The significant increase in employee productivity and relatively lower overhead costs delivered by remote working structures have incentivized major businesses to adapt to these structures, which are underpinned by cloud computing technologies. A recent CNBC survey revealed that 45% of the companies are planning to adopt a hybrid working model in the second half of 2021.
Furthermore, the threatening Delta variant of COVID-19 is expected to further delay the reopening of offices, keeping fully remote or hybrid working structures as the norm in the coming months. This, coupled with the gradual 5G rollout, should drive spending on cloud services. Worldwide spending on public cloud services is expected to increase 23.1% year-over-year to $332.30 billion in 2021.
Given this backdrop, we think established cloud computing companies Alphabet Inc. (GOOGL), Salesforce.com, inc. (CRM) and Workday, Inc. (WDAY) could be ideal bets now.
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