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The information technology services market is expected to grow exponentially due to increasing demand from almost every industry. Moreover, because governments worldwide are reinstating lockdown and travel bans to limit the spread of the highly transmissible COVID-19 omicron variant, the demand for information technology services is expected to rise further in the near term. According to Gartner , Inc. (NYSE:IT) report, worldwide IT services spending is expected to reach $1.2 trillion in 2021, representing a 9.8% increase from 2020. Therefore, both INFY and AFRM should benefit.
Over the past nine months, AFRM has gained 24.3% in price, while INFY has returned 23.9%. Also, AFRM’s 69.6% price gains over the past six months are significantly higher than INFY’s 19.5% returns. Furthermore, AFRM is the clear winner with 15.3% gains versus INFY’s negative returns in terms of their past three months’ performance.
