The technology industry has the potential to grow significantly due to the rising digitalization across various industries and the wide integration of cutting-edge technologies. Given the industry’s solid growth prospects, investors could consider buying fundamentally sound tech stocks such as Pure Storage, Inc. (PSTG – Get Rating), Materialise NV (MTLS – Get Rating) and M-tron Industries, Inc. (MPTI – Get Rating).
Before delving deeper into their fundamentals, let’s discuss what’s happening in the tech industry.
The tech industry is evolving with new trends, constant innovations and disruptions that could reasonably drive growth. Moreover, firms focusing more on digital with access to advanced technologies while decreasing cost, growing usage of cloud technologies, and business intelligence to earn increased revenues are fueling growth in the IT market.
According to Statista, the electronics market in the U.S. is expected to generate $131.40 billion in revenue in 2023. Revenue is estimated to expand at a 4.8% CAGR, resulting in a market volume of $158.60 billion by 2027.
The United States IT Services market is expected to grow at a CAGR of 6.5% until 2028.
Moreover, the digital transformation market is expected to increase at a CAGR of 24.1% to $3.14 trillion by 2030. The growing digitization trend, as well as the increasing requirement for effective resource utilization, are likely to fuel market expansion.
In light of these encouraging trends, let’s look at the fundamentals of…
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