The market has witnessed increased volatility due to tensions in the Middle East, sticky inflation, a tight job market, and concerns that the Federal Reserve will not cut interest rates in June. Amidst the volatility, investors could add fundamentally strong software stocks Squarespace, Inc. (SQSP), EverCommerce Inc. (EVCM), and Riskified Ltd. (RSKD) to their watchlist, given their massive growth potential.
The software industry is thriving due to technological advances, digital transformation initiatives, and the shift to cloud-based applications, which improve efficiency, operational efficiency, and flexibility. This year, worldwide software spending is expected to total $1.03 trillion in 2024, an increase of 12.7% from 2023.
