Worldwide end-user spending on public cloud services is forecast to grow by 23.1% in 2021 to US$332.3 billion ($448.4 billion), up from US$270 billion in 2020, according to a report by Gartner published in April. It adds that offerings which support or deliver public cloud services are experiencing tremendous growth despite macroeconomic headwinds.
As more companies embark on their digital transformation journey, cloud computing has become one of the fastest-growing tech sectors over the past few years. Accelerated by the Covid-19 pandemic, the demand for cloud computing is poised to grow exponentially — presenting investors with ample opportunities, says Capital Group investment director Andy Budden.
“The pandemic has definitely helped cloud computing companies to grow their revenue at around 30% to 40% throughout the outbreak period. While it is tempting to say these companies have done so well that the investment opportunity is over, we believe there is a lot more room for growth,” Budden tells The Edge Singapore.
