Cloud computing stocks are in high demand for the emergence of digitalization since the outbreak of the COVID-19 pandemic. Investors have started keeping an eye on cloud computing stocks apart from tech stocks as well as the cryptocurrency market. The global cloud computing stock market is expected to hit US$791.48 billion in 2028 with a CAGR of 17.9%. Multiple tech companies are leveraging cloud computing making it a profitable investment for the tech-driven future. Let's explore some of the top cloud stocks in October that are suitable for investment.
Market cap: US$38.80 billion
The Trade Desk is one of the top cloud computing stocks for investors in October that operates as a tech company across the world. It operates a self-service cloud-based platform that allows buyers to create and optimize data-driven digital advertising campaigns in multiple ad formats and channels. There are data and other value-added services for advertising agencies and other service providers for advertisers.
Market cap: US$263.25 billion
Oracle Corporation is highly popular in the tech industry as a tech company that provides Oracle cloud software as a service offering. It includes different cloud software applications such as Oracle Fusion cloud enterprise resource planning, Oracle Fusion cloud enterprise performance management, Oracle Fusion cloud supply chain and manufacturing management, Oracle Fusion cloud human capital management, Oracle Fusion cloud advertising, and customer experience, as well as NetSuite applications suite. There are also cloud-based industry solutions for different industries.
Market cap: US$2.33 trillion
Microsoft Corporation is one of the well-known tech companies in the world with top-notch cloud computing services. It offers multiple segments to its global customer base— productivity and business processes, intelligent cloud, and more personal computing. Microsoft Azure is one of the top cloud platforms for all kinds of businesses in 2021 with Windows cloud services. It is focused on selling its cloud products through OEMs, distributors, online stores, and many more.
Market cap: US$49.99 billion
Veeva Systems is a popular tech company that provides cloud-based software for the life science industry in different parts of the world. There is a wide range of products and services related to cloud computing that makes it one of the top cloud computing stocks to buy in October—Veeva Commercial Clouds that include Veeva data cloud, Veeva CRM engages, Veeva CLM, and many more. It is also focused on offering professional and support services, technical consulting services, and ongoing managed services.
Market cap: US$41.56 billion
Unity Software is a well-known tech company that works with cloud computing and one of the top cloud computing stocks for investors in October. It operates a real-time 3D development platform that provides software solutions for different smart devices such as mobile phones, PCs, consoles, and many more. It offers its products and services directly through the online store and field sales operations in different parts of the world including the UK, Finland, Denmark, Japan, China, and Germany.
Market cap: US$10.24 billion
DigitalOcean Holdings, Inc. is one of the popular cloud computing stocks and operates a cloud computing platform across the world. This tech company provides on-demand infrastructure and platform tools for different clients such as start-ups, small businesses, as well as medium businesses. This cloud computing platform also offers infrastructure solutions while extending the native capabilities of the cloud with a fully managed application. It can be operated in multiple industry verticals such as web and mobile applications, website hosting, personal web projects, and many more.
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