The demand for technology services remains robust thanks to rising digital transformation initiatives. The growth of cloud services and the adoption of new-age technologies are expected to bolster the industry’s prospects.
Considering these factors, it could be wise to buy fundamentally strong tech stocks N-able, Inc. (NABL – Get Rating), Xerox Holdings Corporation (XRX – Get Rating), and Zoom Video Communications, Inc. (ZM – Get Rating).
Before diving deeper into their fundamentals, let’s discuss why the tech services industry is expected to perform well.
Technology services encompass several types of services, solutions, and support related to enhancing the use of technology in order to boost productivity and optimize operations. The demand for tech services has increased significantly due to the robust digitization initiatives across different industries.
Businesses are utilizing a wide range of tech services such as cybersecurity support, cloud-based solutions, help desk support, network services, security support, etc. Furthermore, the industry is expected to get a boost from the adoption of advanced technologies like blockchain, artificial intelligence (AI), machine learning (ML), the Internet of Things (IoT), 5G, etc.
According to Gartner, information technology (IT) spending is projected to rise 4.3% year-over-year to reach $4.72 trillion in 2023. Next year, IT services spending is expected to rise 8.8% year-over-year to $5.14 trillion.
Considering these conducive trends, let’s analyze the fundamental aspects of the three Technology – Services industry picks, beginning with…
Continue reading at STOCKNEWS.com
