The growth in digital or online data created by individuals or businesses is often described by technology or investment professionals as the biggest new technology trend in the world today.
All of this data is created through online footprints and has to be stored somewhere if it is to be saved, which is where the cloud or online data storage services come in.
In fact the explosive demand for online data storage capacity has seen the share prices of many companies like Nextdc Ltd (ASX: NXT) or Arista Networks in the US rocket higher.
On the ASX there are also several fast-growing companies all profiting from the huge demand for cloud or internet transmission and storage services.
So, management consultant Deloitte just named its 50 fastest-growing tech companies in Australia, with one-in-five of them being in the IT and communications space.
The companies are ranked by percentage revenue growth over the past three years, so let's take a look at two of the fastest-growing data services businesses on the ASX.
Superloop Ltd (ASX: SLC) has delivered revenue growth of 1,860% over the past three years according to Deloitte. However, much of this is to do with its 2016 acquisition of internet services provider BigAir Ltd that already boasted considerable revenue.
Aside from BigAir, the core business of Superloop is the provision of high-speed fibre-optic internet and data centre services across Australia, Hong Kong, and Singapore. It is a capital intensive business to build the networks and this has seen the shares actually fall around 15% over the past three years, but thanks to the demand for data Superloop is now well positioned to keep growing.
Over The Wire Holdings Ltd (ASX: OTW) has delivered revenue growth of 127% over the past three years according to Deloitte. Over The Wire reported a net profit of $5.53 million in FY 2018 (up 53%) and is forecasting another year of "strong growth" in FY 2019.
According to Over The Wire it is a "cloud and IT solutions provider that has a national network with points of presence in all major Australian capital cities and Auckland, NZ. The company offers an integrated suite of products and services to business customers including Data Networks and Internet, Voice, Data Centre co-location, Cloud and Managed services".
Therefore, both these companies could be at top of investors' watch lists for further research as the rise in demand for data services is only likely to continue.
