Because the software market is making leaps and bounds with continued digital transformation and hybrid or remote lifestyles, prominent companies in the sector, NICE (NICE) and Verint Systems (NASDAQ:VRNT), should witness increasing demand for their solutions. But which of these stocks is a better buy now? Read more to find out.Based in Ra'anana, Israel, NICE Ltd. (NICE) provides enterprise software solutions worldwide. The company operates in two segments: Customer Engagement; and Financial Crime and Compliance. In comparison, customer engagement solutions provider Verint Systems Inc. (VRNT) offers various applications for forecasting and scheduling, which accommodate the work needed to meet and exceed customer expectations. Verint is headquartered in Melville, N.Y.
Threats related to data security, especially on cloud-based platforms, continue to threaten the software market’s growth. Nevertheless, the software industry is expected to grow in the coming months owing to increasing demand from almost every industry as part of their digital transformation efforts and a continuation of remote work and lifestyles. According to Grand View Research, the global business software and services market is expected to grow at an 11.3% CAGR between 2021 - 2028.
VRNT has gained 10.9% in price over the past three months, while NICE has returned 6.5%. However, NICE’s 8.9% gains over the past month are significantly higher than VRNT’s 2.9% returns. Furthermore, NICE is the clear winner with 23.2% gains versus VRNT’s 1.2% returns in terms of their past six months’ performance.