The information technology sector has certainly been a great place to invest in 2019.
Since the start of the year the S&P/ASX 200 Info Tech index has put on a gain of approximately 19%.
Whilst this is an impressively strong gain, I'm optimistic that there are still plenty more ahead for tech shares over the next 12 months.
With that in mind, here are three tech shares that I think investors ought to consider buying this week:
Altium Limited (ASX: ALU)
I believe this design software company would be a great long-term option for investors due to its exposure to an Internet of Things market which is growing at an explosive rate. Strong demand for its software led to the company recently posting a 24% increase in first half revenue to US$78.1 million and a 58% increase in net profit after tax to US$23.4 million. Pleasingly, management remains confident that this strong growth can continue and expects to comfortably achieve its US$200 million revenue target in 2020. Beyond that it has set itself an aspirational revenue target of US$500 million by 2025.
Appen Ltd (ASX: APX)
Another tech share to consider is this global leader in the development of high-quality, human annotated datasets for machine learning and artificial intelligence. This is another market which is expected to grow at an incredible rate over the next decade. In its last update management revealed that the AI market is expected to be worth US$191 billion by 2025, with the data labelling market that Appen operates in estimated to account for 10% of it. Given its leadership position in the market, I believe it is well-placed to continue capturing market share and grow its earnings at a strong rate for the next decade.
Bravura Solutions Ltd (ASX: BVS)
Bravura Solutions is the provider of software products and services to the wealth management and funds administration industries behind the popular Sonata wealth management platform. Sonata has been a key driver of growth for the company in recent years and I don't expect this to change any time soon. Due to the quality of the product and its massive market opportunity, I expect it to underpin the company's strong earnings growth for the foreseeable future.
