Looming interest rate hikes and rising geopolitical tensions between the U.S. and Russia over Ukraine have caused major market indexes to retreat since last month. Tech stocks have faced the brunt of the wild price swings since the beginning of the year, as evidenced by the benchmark Nasdaq Composite index’s 13.8% decline year-to-date.
Despite the broader market weakness, software solutions remain in high demand as companies invest in digitization to keep their processes efficient. The need for advanced-technology integrated software solutions is increasing. According to Statista, revenue in the software market is expected to reach $824.85 billion by 2026, growing at a 7.4% CAGR.
