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While the vaccine’s full approval is expected to increase the vaccination rate in the United States, the resurgence of COVID-19 cases worldwide should lead to increased demand for advanced software solutions as people extend their remote lifestyles. According to Statista, software market revenue is expected to hit $823.71 billion by 2026, growing at a 7.2% CAGR.
So, we think it could be wise to bet on quality software stocks Microsoft Corporation (NASDAQ:MSFT), Adobe Inc. (ADBE), and Cadence Design Systems, Inc. (NASDAQ:CDNS). These stocks have recently soared in price to hit new all-time highs and could continue advancing in the near term. Each of these stocks has an overall B (Buy) rating in our proprietary POWR Ratings system.
