Driven by robust spending among businesses and individuals to keep up with digital transformation and several technological innovations, the tech industry seems well-poised for exponential growth and expansion in the long term.
Given the industry’s solid footing, let’s look at the best-performing tech ETFs ARK Innovation ETF (ARKK – Get Rating), Global X Data Center REITs & Digital Infrastructure ETF (VPN – Get Rating), and Global X Social Media ETF (SOCL – Get Rating), with a high potential for returns and instant diversification.
The growing adoption of cutting-edge technologies, including AI, big data analytics, cloud, IoT, machine learning, AR&VR, blockchain, cyber security, and more, has sparked innovation and transformation in the business environment worldwide. Digital transformation assists businesses in saving costs by reducing manual labor, streamlining processes, and boosting productivity.
The annual McKinsey Global Survey on the current state of AI confirmed the exponential growth of generative AI (gen AI) tools. One-third of the respondents stated that their organizations use gen AI daily in at least one business function.
Moreover, Gen AI has captured significant interest across the business landscape: individuals across regions, industries, and seniority levels using it for work and outside work. Nearly 79% of respondents said they had at least some exposure to gen AO, either for work or outside of work, while 22% hinted at regularly using it at work.
There is also an atmospheric rise in cloud computing. Cost, storage requirements, internal policies, and better control primarily drive demand for the cloud. The impact of enterprise IT spending cuts on cloud services is further slowly easing. During the third quarter of 2023, global spending on cloud infrastructure services totaled $73.50 billion, an increase of 16% year-over-year.
Amid rapid digitalization across several industries, tech spending is expected to remain robust in the foreseeable future. According to…
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