Rising enterprise data volume and automation, coupled with heightened cybersecurity concerns, are driving the global software market. However, as challenges exist, fundamentally strong software stocks Informatica Inc. (INFA) and Yext, Inc. (YEXT) could be ideal buys this month. However, it could be best to wait for an entry point in Upland Software, Inc. (UPLD) and avoid SentinelOne, Inc. (S).
The software industry is growing due to digitalization, technological advancements, and efficient resource management needs. This year, the software market is expected to reach a revenue of $698.80 billion, with enterprise software leading at $292 billion. The market is projected to grow at a CAGR of 5.3% to reach $858.10 billion by 2028, with the United States generating the most revenue at $353.50 billion in 2024.
