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Top Software Picks That Will See Major Growth This Year – Top Software Companies Worth Your Money In 2024

Hey guys, today in this article, we are going to discuss our top software picks that will see major growth this year. So keep reading.

2021 is over and for investors, it’s time to consider future strategies and scout for newer or better investments. Considering year-on-year growth that always exceeds 10%, the software industry is known as the fastest-growing sub-market in the IT industry.

Enterprise software focuses on the needs of organizations and large-scale businesses. This software mainly addresses core business processes to make them more efficient than ever. The reason why custom software is so much in demand. Bespoke software and apps can automate processes, centralize and secure data, digitize services and reduce costs. More and more custom software is used by businesses, government agencies, non-profit organizations, universities, and disruptive companies in many industries.

IT spending on enterprise software and other related technology is predicted to increase more than 13.6% in 2022. The evidence is clear: there is no doubt that the software industry is one of the best investments for this year.

The Industry’s Top Software Picks

Knowing that the software industry ranks higher than other investment opportunities, which software offers the best returns?

Benzinga shares an analysis provided by JPMorgan on the effects of increasing interest rates and inflation on the software industry. The report mentioned three of the top software that will rule the market in 2022: Zoom Video Communications, Inc., Procore Technologies, Inc., and Intapp, Inc. Let’s take a look at each one.

Zoom Video Communications (ZM)

According to predictions, Zoom Video Communications will show accelerated growth, especially in the middle of 2022. Zoom is an American communications tech company with headquarters in San Jose, California. It provides video calling and chatting services via its strong cloud-based PTP platform. Zoom is used mainly in teleconferencing, distance education, telecommuting, and social relations.

Founded in 2011, Zoom launched its software in 2013. Even before the coronavirus pandemic, Zoom experienced aggressive growth with many depending on its easy-to-use, reliable software. In 2017, Zoom was valued at $1 billion, this valuation continued until 2019 which led to the company joining the NASDAQ-100 stock index in 2020.

Procore Technologies, Inc. (PCOR)

Founded in 2002, Procore Technologies is an American construction management software company with headquarters in Carpinteria, California. CEO and founder Craig Courtemanche developed the software that is known today as Procore because of problems he encountered while managing his home’s construction.

In 2012, Procore enjoyed $4.8 million in revenue, and in 2020, this increased to $400 million. In 2019, Procore filed to go public and had plans to start an IPO. The coronavirus pandemic delayed these plans. Finally, on May 20, 2021, the company started trading at $67 per share. Procore has more than 10,000 customers and more than 1.6 million users in 125 countries.

Intapp, Inc. (INTA)

Intapp, Inc. provides cloud-based software solutions that focus on the operating challenges and regulatory needs of the global financial services industry. Intapp started in 2002 with the first no-code integration solution created for professional service companies. It launched two products, Intapp Walls and Intapp Time, in 2007 and 2008 respectively. Intapp’s cloud transition works with Cloud Annual Recurring Revenue or ARR’s growth at around 56.5% in the current quarter.

Top Software Runners Up

NASDAQ ranks the following software stocks to buy or sell today.

Cloudflare Inc. (NET)

Cloudflare is an American tech security company well-known for its services, which include: secure access service edge, network security solutions, zero-trust security solutions, application security solutions, DDoS mitigation services, and content delivery network. Cloudflare has headquarters in San Francisco, California.

The company was started in 2009 by Project Honey Pot authors Matthew Prince, Michelle Zatlyn, and Lee Holloway. Project Honey Pot is open-source software for project monitoring, tracking internet abuse and fraud. Cloudflare was venture-capital funded from 2009 and in August 2018 submitted an IPO application on the New York Stock Exchange. As of 2020, the company supports more than 100,000 customers through its DDS services for more than 25 million properties. Cloudflare’s most recent project is the Project Fair Shot, a free global health tool that helps organizations maintain a queue for vaccinations against COVID-19.

Meta Platforms Inc. (NASDAQ: FB)

Meta Platforms, Inc. was formerly known as Facebook, Inc. It is a multinational tech company headquartered in Menlo Park, California. Meta is the parent organization of Instagram, Facebook, WhatsApp, and other subsidiaries. It is known as one of the most valuable tech companies, part of the Big Tech group that includes Google, Amazon, Microsoft, and Apple. Meta plans to offer a combination of virtual reality, augmented reality, and artificial intelligence in its social network, gaming, and work interactions.

Pinterest Inc. (NYSE: PINS)

Pinterest is a social media service and image-sharing app that offers easy image saving in multiple subject areas. The premise of the software is to make it easy for users to find images and use them to find sites with related information. For example, an image of a pumpkin could lead you to links for information about pumpkins and recipes using pumpkins.

The software was developed in December 2009 by Ben Silbermann, Pal Sciarra, and Evan Sharp. In 2021, Pinterest had 478 million active visitors. It is the 14th most used social media site. Pinterest is one of the most profitable photo-sharing companies with quarterly earnings per share of $0.28 and quarterly revenue of $633 million (3rd Quarter 2021). The net worth of the company is $23.71 billion.

MercadoLibre Inc. (NASDAQ: MELI)

MercadoLibre is an Argentinian e-commerce company with a huge market capitalization of more than $77.38 billion. One of the largest Latin American marketplaces, it conducts business in more than 18 countries. In 2016, this company had 174.2 million active users in Latin America.

MercadoLibre was started in 1999 by Marcos Galperin while he was still a student at Stanford University. In 2011, the company transitioned to open source tech allowing APIs to expand its platform’s services and solutions. MercadoLibre is still growing with new distribution centers and software centers in South America.

Final Words

Investing in software technology and development almost guarantees huge returns especially if you buy into our curated list. However, always perform due diligence, weigh options, study balance sheets, and the latest data. Take time to check both industry and company trends and consider past data and future predictions when investing in any industry. If you have questions, talk to an investment specialist before you make any investment. I hope you liked this article on our top software picks that will see major growth this year.

Author Bio

At Digital Authority Partners, Pranjal Bora is the Head of Product Development.

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