One area of the market which I believe has strong long-term growth potential is the information technology sector.
In this sector there are a number of high quality companies which have significant market opportunities that could drive above-average earnings growth over the next decade.
Three top tech shares that I think would be great buy and hold investment options are listed below:
Altium Limited (ASX: ALU)
My favourite tech share on the Australian share market is Altium. This is because I believe the design software company is well-positioned to grow its earnings at an above-average rate for a long time to come thanks to its exposure to the Internet of Things boom. In addition to this, I also believe the company's Octopart business could support the growth of the core business. Octopart is a search engine for electronic and industrial parts which aggregates parts from distributors and manufacturers online, making them easy to search for and purchase.
Nearmap Ltd (ASX: NEA)
Another tech share to consider buying is this aerial imagery technology and location data company. It has been growing at a very quick rate in recent years thanks to the increasing demand for its services in both Australia and North America. This strong form has continued in FY 2019, with the company reporting further strong growth in revenue and the key total subscriber lifetime value metric. Given the launch of several new products and potential expansions into new markets, I believe the company is well-placed for further strong growth over the next decade.
Xero Limited (ASX: XRO)
A final tech share that I think could be a great buy and hold option is Xero. As with the others, this provider of cloud-based business and accounting software has been growing at an explosive rate over the last few years. This has been driven by increasing subscriber numbers and strong recurring revenue growth. Pleasingly, thanks to its massive global market opportunity, high quality and sticky product, and strong pricing power, I believe it is positioned to continue this positive form for a long time to come.
