4 Buy-Rated Information Technology Services Stocks to Add to Your Portfolio By StockNews
A greater reliance on advanced technologies and cloud-based software, and the growing need for business automation have been driving the growth of the Information Technology (IT) service industry. It bodes well to invest in fundamentally sound IT stocks International Business Machines (NYSE), Infosys(NYSE:), Cognizant Technology Solutions, CDW (NASDAQ)). Let’s discuss.With the advent of big data technology and large-volume-data generation, businesses and enterprises have become increasingly dependent on the IT services industry to optimize their business processes. In addition, the COVID-19 epidemic has driven digital transformation. This is driving enterprises to increase their IT spend. According to the latest Gartner (NYSE:) Worldwide IT spending forecast report, global IT spending is projected to total $4.4 trillion in 2022, rising 5.3% from 2021.
With an 8.8% compound annual growth rate, the worldwide IT services market will reach $1.12 trillion in 2026. The increasing popularity of cloud-based IT services, and the need to automate business processes will drive the market for IT service companies.
Therefore, we think it could be wise to bet on quality IT services stocks International Business Machines Corporation ( IBM ), Infosys Limited (INFY), Cognizant Technology Solutions Corporation (CTSH), and CDW Corporation (CDW). Because of their strong growth in sales and consistent innovation, these stocks are predicted to return substantial returns.
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