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Why I would buy these stellar tech shares this month

One of the most exciting areas of the market in my opinion is the tech sector.

This is because within this sector there are a number of companies that have aspirations to be the global leader in their respective fields.

Two which I think have a strong chance of achieving this and creating significant wealth for their shareholders in the long-term are listed below.

Here’s why I think investors ought to consider snapping up their shares this month:

Altium Limited (ASX: ALU)

Altium is a fast-growing software-as-a-service company that provides an award winning printed circuit board (PCB) design platform. PCBs are found in almost all computers and electronics today, allowing devices to connect to the internet, amongst other things. I expect demand for its software will increase strongly over the coming years due to the expected growth of the Internet of Things (IoT) market. Statista has estimated that the size of the IoT market will growth from US$157 billion in 2016 to US$457 billion by 2020. I believe this growth and the quality of its product will allow the company to easily achieve its US$200 million revenue target by the end of FY 2020.

Xero Limited (ASX: XRO)

I have been very impressed at the level of growth that this New Zealand-based accounting software provider has achieved over the last few years. And thanks to the strong market share gains it has made in the Australian, New Zealand, and UK markets, I expect more of the same over the next few years. Especially if it can crack the lucrative U.S. market. Progress has been a little slower than I had expected, but I believe that the quality of its product will allow Xero to gradually increase its market share in the nation. This should put the company in a position to deliver above-average sales growth for the foreseeable future.

Lastly, are you looking for the next major tech investment? Then don't miss out on this one.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Altium and Xero. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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