Because the enterprise software market is booming with continued digital transformation and adoption of hybrid lifestyles, prominent companies in this space, Intuit (INTU) and MongoDB (NASDAQ:MDB), should witness increasing demand for their solutions. But which of these stocks is a better buy now? Read more to find out.Intuit Inc. (NASDAQ:INTU) provides financial management and compliance products and services for consumers, small businesses, self-employed, and accounting professionals worldwide. The Mountain View, Calif., company operates in four segments: Small Business & Self-Employed; Consumer; Credit Karma; and ProConnect. In comparison, New York City-based MongoDB, Inc. (MDB) provides a general-purpose database platform worldwide. The company offers MongoDB Enterprise Advanced, MongoDB Atlas (NYSE:ATCO), and Community Server. It also provides professional services, including consulting and training.
Threats related to data security, especially on cloud-based platforms, continue to hamper the enterprise software market’s growth. Nevertheless, the enterprise software market is still expected to grow rapidly in the coming months on increasing demand from almost every industry as part of widespread digital transformation efforts. Furthermore, the resurgence of COVID-19 cases is leading to a resurgence in hybrid working arrangements, which is benefitting the enterprise software industry. According to a Statista report, the worldwide enterprise software market is expected to grow at an 8.74% CAGR between 2021 - 2026. So, both INTU and MDB should benefit.
INTU’s shares have gained 15.8% in price over the past month, while MDB has returned 0.5%. Also, INTU’s 65.6% gains over the past nine months are significantly higher than MDB’s 27.4% returns. Furthermore, INTU is the clear winner with 80.1% gains versus MDB’s 41.3% returns in terms of their year-to-date performance.