The Federal Reserve raised its target fund rates by a quarter percentage point this week and announced plans to raise interest rates six more times this year to control record-high inflation. These actions could mar the growth of the broader tech industry.
However, extended remote lifestyles and continuing digitization should keep driving the software industry’s growth. The global industrial automation software industry’s revenue is expected to grow at a 7.8% CAGR through 2028. Therefore, fundamentally strong software stocks with innovative future business prospects are worth investors’ attention at this juncture.
