Over the past decade, local computer storage has become a relic, joining the likes of the floppy disk and CD-ROM. Today, Big Data is big business, and the companies that provide cloud storage solutions are on the forefront of an explosive industry.
According to Grand View Research, the global cloud computing market size is expected to grow at a compound annual growth rate (CAGR) of 21.2% between 2024 and 2030, with the U.S. cloud computing market forecast to grow at a CAGR of 20.3% over the same time frame.
Despite facing competition from Google BigQuery and Amazon Redshift, Snowflake has a market cap of $57.44 billion and demonstrates strong earnings, indicating potential for investor growth.
However, its stock has struggled since 2021 when it hit its all-time high of $392.15 per share, falling nearly 69% since. With the industry ripe for expansion, there is considerable upside potential.
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