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Furthermore, consistent innovation in artificial intelligence (AI) and the Internet of Things (IoT) is expected to help drive the growth of the cloud services industry. According to a ResearchAndMarkets report, the global cloud computing market is expected to grow at a 19.1% CAGR to $1,251.09 billion by 2028. However, with increasing competition in the cloud space, not all stocks are good bets now.
Given the favorable backdrop, we think it could be wise to scoop up the shares of quality cloud services stocks Open Text Corporation (OTEX) and J2 Global, Inc. (JCOM), which hold solid growth prospects. Conversely, we think the prices of RingCentral, Inc. (RNG) and Synchronoss Technologies, Inc. (SNCR) have exceeded their intrinsic values, so they are best avoided now.
