© Reuters. 3 Strong Software Stocks to Scoop Up Now
The application of software solutions across several industries has been increasing at a rapid rate thanks to the ongoing, global, digital transformation. And because the remote working trend is likely here to stay, we think it is wise to buy the shares of Open Text (NASDAQ:), Verint Systems (NASDAQ:), and Commvault Systems (CVLT). These software producers are well-positioned to gain significantly in the coming months. Read on.It’s no secret that software solutions have been playing an important role in worldwide rapid digitalization, which has been accelerated by the COVID-19 pandemic. Several companies in the software space are also expected to benefit from President Joe Biden’s $2 trillion infrastructure and economic recovery package proposal, which was unveiled on March 31. This is because software is playing a vital and increasing role in day-to-day industrial operations and in construction and manufacturing operations.
Software stocks are also expected to benefit from increasing IT spending. According to Gartner (NYSE:), Inc., worldwide IT spending is expected to hit $4.1 trillion in 2021. And because several countries are now experiencing a resurgence of COVID-19 infections, remote lifestyles are expected to continue for the foreseeable future, which should keep driving the growth of software companies.
So, we think it wise to bet on companies such as Open Text corporation (OTEX), Verint Systems, Inc. (VRNT), and Commvault Systems, Inc. (CVLT). Their market dominance and consistent product innovation should help them thrive in the coming months.
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