Microsoft Corporation (MSFT) in Redmond, Wash., and Adobe Inc. (ADBE) in San Juan, Calif., are two of the biggest technology companies in the world. Thanks to extended remote lifestyles and continuing digitization, these companies continue to capitalize on the growing demand for software solutions.
Since the beginning of this year, tech stocks have suffered a massive sell-off due to concerns over the Fed's aggressive monetary policy tightening to control soaring inflation and geopolitical uncertainties surrounding the Ukraine-Russia war. However, rapid digitization and the adoption of advanced technologies across various industries should help the sector rebound quickly. According to Gartner, Software spending is expected to grow 9.8% to $674.9 billion in 2022.
