2 SaaS Stocks Worth Holding for the Long Haul By StockNews

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2 SaaS Stocks Worth Holding for the Long Haul

Stock Markets Aug 11, 2021 01:31PM ET

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2 SaaS Stocks Worth Holding for the Long Haul

SGE

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MIXT

+0.96%

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With the continuation of remote working due to the resurgence of COVID-19 cases, and the ongoing digitalization of almost every industry, the software-as-a-service (SaaS) industry is expected to generate solid growth this year and beyond. Given this backdrop, we think it could be wise to bet on fundamentally strong SaaS stocks—The Sage Group (LON:SGE) (SGPYY) and MiX Telematics (NYSE:MIXT).Data breaches and cyber-attacks continue to hinder the performance of software-as-a-service (SaaS) companies. However, the industry is expected to grow exponentially over the long term, owing to increasing demand from almost every industry as part of their digital transformation efforts.

Furthermore, the remote working trend is expected to continue with the recent resurgence of COVID-19 cases, to the benefit of the SaaS industry. According to a Research and Markets report, the global SaaS market is expected to grow at a 10% CAGR between 2021 and 2023.

So, we think it could be wise to bet on SaaS stocks The Sage Group plc (SGPYY) and MiX Telematics Limited (MIXT), which possess strong fundamentals and promising growth prospects.

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