While the U.S. share market may be home to the biggest tech companies in the world, the local share market is certainly no slouch.
I believe the ASX is home to a number of exciting tech shares with enormous potential. Three that are on my watchlist are listed below:
Elsight Ltd (ASX: ELS)
This exciting secure transmissions company will be one to watch in 2018 in my opinion. Last year Elsight won a major contract with the Israeli Ministry of Public Security, which I believe is a testament to the quality of its technology and its highly experienced management team. Looking to the future, management has its eyes on the lucrative autonomous vehicle market which is predicted to be worth billions in the next decade.
Livetiles Ltd (ASX: LVT)
This digital workplace platform provider recently announced a deal with global tech-giant Microsoft which will see the two companies join forces in the artificial intelligence market. Microsoft will promote LiveTiles Bots as a solution that demystifies AI technology to business customers using its Azure platform. Management is optimistic that this is the first step in its bold plan to secure a leadership position in the AI industry in the future. As well as this, the core LiveTiles business continues to grow strongly.
Updater Inc (ASX: UPD)
Updater is a US-based relocation technology company which has been growing its market share at an exceptionally strong rate. At the last count the company's platform was handling approximately 16.6% of all U.S. relocations. Whilst it is currently generating little by way of revenue from these relocations, the company's intention has always been to penetrate the market sufficiently before attempting to monetise its technology. The good news is that management believes it has now scaled to the point where this can happen, meaning the company should be generating meaningful revenue this year.
