The software industry is experiencing remarkable growth driven by rapid technological advancements. This expansion encompasses emerging technologies such as Artificial Intelligence (AI), blockchain, cybersecurity, the Internet of Things (IoT), AR&VR, and cloud computing.
Therefore, I present quality software stocks New Relic, Inc. (NEWR – Get Rating), Splunk Inc. (SPLK – Get Rating), and DocuSign, Inc. (DOCU – Get Rating), which are poised for growth in the coming month.
In recent years, the widespread adoption of software products and solutions has been spurred by the expansion of e-commerce, the rise of e-health, the surge in online services, the shift toward remote work, and the proliferation of connected devices.
Enterprises are increasingly adopting hybrid and public cloud solutions to enhance their operations. Hence, Software as a Service (SaaS) is becoming the preferred delivery model for enterprise applications within the vast cloud computing landscape.
Moreover, the business application layer in the cloud is becoming more diverse, with providers focused on enhancing productivity through cloud-native capabilities, AI, and composability. As a result, SaaS spending is expected to grow by 17.9% to reach $197 billion this year.
In addition, Artificial Intelligence (AI) has changed the landscape for many industries across the globe. Increasing demand for enhanced business IoT solutions, autonomous vehicles, and robotics is poised to fuel the expansion of the artificial intelligence software market.
The AI software market is expected to reach approximately $1.09 trillion by 2032, at a projected CAGR of 23%.
Furthermore, the software market is being propelled by an increase in enterprise data, the automation of business processes, and the expanding scope of…
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