Growing digitalization across end-use industries and several technological breakthroughs position the technology industry for significant growth and expansion in the long run. Thus, it could be wise to invest in top-performing tech ETFs ARK Innovation ETF (ARKK – Get Rating) and ROBO Global Artificial Intelligence ETF (THNQ – Get Rating) for instant diversification and solid returns.
Before delving deeper into the fundamentals of these ETFs, let’s look at what’s happening in the technology industry.
Digital technologies are rapidly reshaping business models in all aspects to meet market change and business requirements. Several industries, such as communications, finance, retail, healthcare, education, automotive, manufacturing, etc., are being disrupted by digital trends to handle rising competition, leverage powerful tools, harness automation, etc.
Due to the COVID-19 pandemic, which caused an increased reliance on remote work, most businesses migrated their workloads to the cloud. With certain essential features such as high availability, scalability, cost efficiency, business continuity, and disaster recovery, the adoption of cloud-based platforms among enterprises continues to grow significantly.
The global cloud computing market is expected to hit $2.30 trillion by 2032, growing at a CAGR of 17% from 2023 to 2032. Meanwhile, the U.S. cloud computing market is estimated to be worth $458.45 billion by 2032, exhibiting a CAGR of 16.8%.
The increasing adoption of cutting-edge technologies like cloud computing, Artificial Intelligence (AI), cyber security, big data, machine learning, and Augmented Reality and Virtual Reality (AR/VR), which fueled innovation in the business environment, will boost the growth and profitability of the tech industry.
The growing application of AI across multiple end-use verticals drives higher demand for automated and technologically advanced hardware and software products that enable AI. According to a report by Bloomberg Intelligence (BI), generative AI will become a $1.30 trillion market by 2032. This emerging industry represents a CAGR of 42% over the next ten years.
Considering these favorable trends, let’s look at the…
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