The 2020 pandemic hit many companies hard, while other companies took it as a chance to grow, seemingly unaffected by the state of the world around them. NVIDIA (NASDAQ:NVDA) came out as one of those thriving businesses and achieved gains of 122% in 2020. The company’s graphics processing units (GPUs) were present and needed for trends that accelerated exponentially due to the pandemic, boost...
While the COVID-19 pandemic certainly has taken a toll on more than one type of business, several others have instead found excellent opportunities for increased growth and increased market recognition. Out of them all, the clear winner by a long shot was the technological business.
This phenomenon was of such a magnitude that the tech-heavy NASDAQ got a stunning increase of 44% in 2020.
So it stands to reason that many investors worldwide are now interested in taking advantage of this ongoing trend in 2021. Nowadays, finding the tech companies with the very best quality in products and services and the most addressable markets is one of the biggest opportunities people can see that would most certainly increase their fortunes substantially.
Here we have compiled 3 of our tech-based recommendations.
Being one of the best performers of 2020 overall, Roku (NASDAQ: ROKU) is also a company that is currently seeing a future of vast opportunities and has the tools to forge a solid path with them.
Regarding its streaming ventures, Roku is a company that has done it all. It created and sold various streaming boxes and plug-in devices and designed its very own streaming channel for Smart-TVs. Also, it has recently developed its very own smart TV operating system from scratch, which has to be licensed by an ever-growing number of TV manufacturers.
If that was not enough, ever since its first release, it has managed to gather a fair amount of popularity in the market.
In a single year, the company was able to increase its total revenue by 58%. And with its ongoing efforts on digital advertising, which have proven themselves successful in the past, one can only expect Roku to keep growing.
Analysts at Left Brain Research agree that Roku’s total addressable market in 2019 was around $535 billion and expects it to grow to $769 billion by 2024.
Last year was a solid reminder for people about the importance of computing as a whole. People also got the unique chance to recognize its potential areas of use: cloud computing when working from a distance, data managing AI for large companies, and even gaming systems to pass a fun time.
Well, NVIDIA (NASDAQ: NVDA) is a company that manufactures graphics processing units (GPUs) capable of doing all of that and more. Their products are widely considered the gold standard for GPUs.
The quality of their products is such that several major companies use NVIDIA’s GPUs to provide their cloud services. Amazon’s AWS, Microsoft’s Azure Cloud, and International Business Machines’s IBM Cloud are just some examples.
In addition, NVIDIA has always been a company known for its never-stopping yearly growth. It has always managed to grow an average of 67% per year on its gaming revenues alone. On the other hand, its AI and cloud computing revenues have also managed to grow a 97% per year, based on the same time frame.
Overall, last year NVIDIA managed to grow a spectacular 123% in the stock market and is projected to reach a total addressable market of $250 billion by 2023.
With last year’s worldwide increased need for medical services, another tech-centered business area that saw significant growth was virtual care, telemedicine and connected healthcare devices. And this need quickly put Teladoc (NYSE: TDOC) into the spotlight.
Teladoc’s leading offered service is a digital platform that virtually connects any given patient to one of their wide selection of healthcare professionals who all have registered to provide their services to this particular platform. Besides, this selection also covers various medical specialties, offering even more to the delivered experience. Among these specialties, one can find dermatologists, pediatricians, primary care physicians, physicians, therapists and more.
While some might believe that this trend will soon fade away once the pandemic is finally over, recent surveys show otherwise. According to Accenture, out of 2,700 patients, 90% agreed that Teladoc’s provided services were of excellent quality, some even stating that said services were even better than a regular office visit. Furthermore, the same survey showed that 60% of the respondents were interested in using this same service with greater frequency.
Last year alone, Teladoc grew 98% in revenue alone, as well as an extraordinary 139% in the stock market.