Cloud computing has been in the limelight since last year, aided by the worldwide adoption of remote working and learning. The significant increase in employee productivity and relatively lower overhead costs delivered by remote working structures have incentivized major businesses to adapt to these structures, which are underpinned by cloud computing technologies. A recent CNBC survey revealed that 45% of the companies are planning to adopt a hybrid working model in the second half of 2021.
Furthermore, the threatening Delta variant of COVID-19 is expected to further delay the reopening of offices, keeping fully remote or hybrid working structures as the norm in the coming months. This, coupled with the gradual 5G rollout, should drive spending on cloud services. Worldwide spending on public cloud services is expected to increase 23.1% year-over-year to $332.30 billion in 2021.
Alphabet Inc. (GOOGL)
GOOGL is one of the most popular technology companies in the world. Ranked #9 on the Fortune 500 list, the company operates through three segments—Google Services, Google Cloud, and Other Bets.
On July 8, GOOGL announced plans to acquire Japanese smartphone start-up, Pring. Valued at more than ¥20 billion ($181.66 million), the acquisition…