The cloud computing industry is hotter than ever. Despite the initial decline in IT spending at the start of the coronavirus pandemic, cloud computing spending is projected to hit $ 257.5 billion in 2020, up 6% from $ 242.7 billion last year. And research companies gardener predicts cloud spending will grow 18% over the next year.
With growth expected in 2021, consider investing in top three cloud computing companies to get exposure to different segments of the sector.
Microsoft: cloud infrastructure
Although known for its Windows and Office software, Microsoft ((NASDAQ: MSFT) reinvented itself into a cloud powerhouse. The company is in second place Amazon in the market share of cloud services.
At the heart of Microsoft’s cloud services business is the Azure platform, which provides the basic IT infrastructure for companies to migrate to the cloud. Azure recorded a 48% increase in revenue year over year in …