As a pandemic-driven fast-paced digitization continues to change the way businesses operate worldwide, the software industry has witnessed exponential growth. Since several industry sectors are now heavily reliant on data storage, data insights, and other cloud-based software solutions, we think it could be wise to bet on relatively lesser-known software stocks SS&C Technologies (SSNC), National Instruments (NASDAQ:), and American Software (NASDAQ:). They are well-positioned to outperform industry leaders in the near term. So, read on.The COVID-19 pandemic has accelerated the growth of the software industry as stay-at-home restrictions increased general reliance on digital platforms. An increasing use of data storage, data analytics, automation, and other cloud-based solutions by small and large enterprises has helped the software industry achieve solid growth over the past year.
The continuing adoption of cloud-based platforms and advanced technologies such as blockchain, machine learning, and artificial intelligence have been facilitating software companies’ provision of efficient services to their clients. This should keep driving the software industry’s growth. The global software market is expected to grow at a 7.2% CAGR to $823.71 billion by 2026.
Given this backdrop, we think it could be wise to bet on lesser-known software stocks SS&C Technologies Holdings, Inc. (SSNC), National Instruments Corporation (NATI), and American Software, Inc. (AMSWA) that are rated A (Strong Buy) in our proprietary POWR Ratings system. These stocks are well-positioned to outperform their bigger counterparts and the broader market.
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