Following a notable setback in the wake of the pandemic, the tech industry skillfully maneuvered through macroeconomic uncertainties and made an impressive comeback, driven by significant advancements in the fields of Artificial Intelligence (AI) and 5G technology. The sector’s impressive performance is evident from the tech-heavy Nasdaq Composite index’s 27.8% year-to-date gains.
Given the promising backdrop, in this article, we explore the fundamentals of three tech stocks, Boxlight Corporation (BOXL – Get Rating), Hewlett Packard Enterprise Company (HPE – Get Rating), and PCTEL, Inc. (PCTI – Get Rating), which could be solid investment candidates for your portfolio.
The technology sector plays a pivotal role in shaping the modern business landscape and driving innovation. Companies are rapidly undergoing digital transformation to modernize their operations, improve efficiency, and remain competitive.
Gartner’s projections indicate that this year will witness an anticipated year-over-year increase of 8.8% in spending on IT services and a 2.7% rise in spending on communications services, reaching approximately $1.42 trillion and $1.46 trillion, respectively.
Additionally, the communication and networking industry within the broader technology industry has recently undergone a significant evolution, fueled by the emergence of groundbreaking technologies such as 5G, the Internet of Things (IoT), AI, and cloud computing.
The market size of 5G connections is projected to be around $106.64 billion in 2023, with an anticipated expansion to $990.33 billion by 2028, reflecting a robust CAGR of 56.2% during the forecast period spanning from 2023 to 2028. While global 5G connections are set to exceed 1.90 billion by the year’s end.
Furthermore, as the world has become more digitally connected, the demand for communication services continues to grow. Revenue in the global communication services market is anticipated to achieve a CAGR of approximately 2%, leading to a market size of $1.58 trillion by the year 2028.
In light of these encouraging trends and prospects, BOXL, HPE, and PCTI could be wise additions to your portfolio. Let’s delve into these three Technology – Communication/Networking stocks, beginning with…
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