The software industry continues to grow as businesses update their operations to keep pace with the market’s shifting expectations. Given this backdrop, the shares of software companies Asana (ASAN) and Black Knight (NYSE:BKI) gained more than 10% in price last week despite broader market volatility. Therefore, we think these stocks could be good additions to one’s watchlist. Let’s discuss.Due to the uncertainty caused by the continuing spread of the COVID-19 omicron variant, software companies are expected to witness rising demand as businesses make significant new investments in advanced software solutions to facilitate remote working. Furthermore, the adoption of cloud platforms is expected to accelerate as the world’s dependence on remote activities increases.
According to a Forrester’s Research report, event-driven architecture, collaborative work management, and an increase in the use of AI bots are expected in software development next year. Also, the trends in cybersecurity measures, customer retention, low-code development adoption, and other software solutions should propel the industry’s growth.
Given this backdrop, we think software stocks Asana, Inc. (ASAN) and Black Knight, Inc. (BKI), which spiked more than 10% in price last week despite heightened market volatility, could be good additions to one’s watchlist.