Although the U.S. share market is home to many of the biggest technology companies the world has ever seen, the local market is certainly no slouch.
Three tech shares which I think have enormous potential are listed below. Here's why I think they would be great investments:
Altium Limited (ASX: ALU)
I believe this printed circuit boards (PCB) design software provider is in a strong position to deliver above-average earnings growth over the next decade due to the incredible rise of connected devices. As the majority of these devices require PCBs in them, I expect demand for its award-winning software will continue to rise strongly.
Appen Ltd (ASX: APX)
This exciting company is a global leader in the development of high-quality, human annotated datasets for machine learning and artificial intelligence. Strong demand for its high quality data for machine learning-based product development recently led to the company upgrading its full-year guidance. The company now expects EBITDA growth in FY 2017 to be between 40% and 50%. I think Appen could be a great buy and hold investment.
XERO FPO NZX (ASX: XRO)
Although this cloud-based accounting software provider for small to medium enterprises recently broke through the 1 million subscribers mark, almost three-quarters of these subscribers are estimated to be from the Australian and New Zealand market. I believe this demonstrates how big an opportunity there still is for the company globally. The U.S. and European markets in particular are where I expect the company could profit greatly.
