The ongoing digital transformation and automation in almost every industry should keep driving the growth of the software industry. Given this backdrop, we think lower-priced stocks Rimini Street (NASDAQ:RMNI) and Evolving Systems (EVOL) could be attractive investment bets. So, let’s take a closer look at these names.The tech industry was instrumental in leading the world to a ‘new normal’ regarding work, school and entertainment amid the COVID-19 pandemic. With large economies now in their recovery period, the need for digital transformation has become imperative as major companies adopt hybrid work structures in earnest.
The increase in enterprise data volume and the rising demand for automation in almost every industry amid the rapid adoption of hybrid working structures are the main growth drivers in the business software and services industry. The size of the global business software and services market is projected to expand at an 11.3% CAGR from 2021 - 2028.
The enterprise software market has boomed in recent years, with a significant rise in revenues. According to Statista, IT spending on enterprise software is expected to be approximately $599 billion worldwide in 2021, representing a 13.2% rise year-over-year.