Even with volatility in the tech sector, the continued remote working and digital transformation are expected to drive the software industry’s growth. So, it could be wise to add software stocks such as Arqit Quantum (NASDAQ:QMCO) (ARQQ), Onion Global (OG), and Paltalk (PALT) to your watch list as their share prices more than doubled last month.The major stock market indexes plunged last month partly due to the ‘September effect’ and high inflation concerns. The tech-heavy Nasdaq composite fell 2.8% to 14,546.68 on September 28, representing its worst day since March.
However, thanks to the ongoing digital transformation across sectors and continued remote working, the software industry grew. Increasing adoption of cloud platforms and rising demand for Software-as-a-service (SaaS) and enterprise software are expected to drive the industry’s growth in the near term. According to Statista, the software market is expected to grow at a CAGR of 7.4% over the next five years.
Arqit Quantum Inc. (ARQQ), Onion Global Limited (OG), and Paltalk, Inc. (PALT) are three software stocks that more than doubled last month. So, it could be wise to add these stocks to your watch list now.