Software companies are investing heavily in innovation and product improvements. And, given society’s increasing reliance on technology and businesses’ adoption of hybrid work structures, we think top software stocks Microsoft (MSFT), Adobe (NASDAQ:ADBE), and salesforce.com (CRM) should deliver substantial returns soon. So, let’s examine these names’ prospects.Cloud applications have gained immense popularity over the past year, given the rapid digitization and tech integration across most industries. The U.S. software industry contributed $1.90 trillion to total value-added GDP, and $933 billion to direct value-added GDP in 2020, representing a 17.1% increase since 2018.
This surge in cloud adoption is expected to continue as companies adopt hybrid working models. Gartner (NYSE:IT) forecasts the worldwide end-user spending on public cloud services to grow 23.1% year-over-year to $332.30 billion in 2021.
Given this backdrop, we think top software stocks Microsoft Corporation (NASDAQ:MSFT), Adobe Inc. (ADBE), and Salesforce.com, Inc. (NYSE:CRM) could deliver solid returns in the near term.