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As these factors could keep the market under pressure in the near term, it is wise to bet on fundamentally-sound software stocks to hedge investors’ portfolios from an anticipated market correction, given its long-term growth prospects. Also, growing interest in AI, machine learning, cryptocurrencies, fintech, data analytics, and AR/VR should foster its growth. The global software market is expected to grow at a 7.2% CAGR to $823.71 billion by 2026.
Fundamentally-sound software stocks SS&C Technologies Holdings, Inc. (SSNC), Open Text Corporation (OTEX), Progress Software Corporation (PRGS), and Mitek Systems, Inc. (MITK) have the potential to cash in on the industry tailwinds and deliver solid returns in the near term.
