The digital transformation in the business world was already well underway when 2020 began, but the emergence of the COVID-19 pandemic led to a notable spike in the rate at which organizations adopted cloud computing. Amazon (NASDAQ:AMZN) was a pioneer in this tech realm, and its Amazon Web Services (AWS) is still winning the largest slice of the business in it with about a third of the cloud infrastructure market. But investors who focus narrowly on the market leader risk missing out on an ever-growing list of opportunities in this fast-growing sector.
The advent of the cloud has created a host of new opportunities, and the companies that are taking the best advantage of them can provide excellent long-term gains for savvy investors. Let’s consider a few of cloud computing’s biggest business segments, and the companies that are the clear winners in each area.