After several years of outperformance, the tech-heavy Nasdaq Composite entered a bear market in 2022. The high-growth tech stocks got battered last year due to the Fed’s aggressive interest rate hikes. SaaS (Software as a Service) stocks had a tough time navigating the challenging macroeconomic environment.
However, SaaS has become highly popular amongst business enterprises around the world. One of the major factors driving the demand for SaaS is the growth of the cloud. The cloud enables the scalability of SaaS platforms, enabling enterprises to handle higher workloads.
