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With the coronavirus pandemic further fueling the growth of cloud computing, startups working in the space have an opportunity to accelerate adoption of their cloud services.
Worldwide public cloud spending by end-user businesses and organizations is expected to grow 18 percent next year to $304.9 billion, up from $257.5 billion this year, according to research and advisory firm Gartner, leaving plenty of room for cloud startups to grab some market share.
As the United States enters what’s expected to be an economic recovery period in 2021, cloud is expected to continue to be a foundational area of the technology food chain, according to Wedbush Securities analyst Daniel Ives.
“The fundamental growth drivers for tech remain robust…especially around cloud and cyber security names, as more enterprises and governments accelerate their applications/data workloads to a cloud-driven environment, which has been markedly accelerated in this COVID backdrop,” Ives said in a Nov. 15 report.