I think the Australian share market has a number of high quality small cap technology shares that could grow materially in the future and generate strong returns for shareholders.
Three that have caught my eye in 2019 are listed below. Here's why I think they are worth considering:
Audinate Group Limited (ASX: AD8)
Audinate is a fast-growing provider of audio-visual networking technologies to the professional live sound, commercial installation, broadcast, and recording industries. The key product in its arsenal is the award-winning Dante audio over IP networking solution. This product has been growing in popularity and driving strong sales growth. And given its sizeable market opportunity and new product launches, I believe it is well-placed to continue this strong growth for some time to come.
Straker Translations (ASX: STG)
Another small cap tech share that I think has outstanding long term growth potential is Straker Translations. It is a translation services platform provider which uses a combination of artificial intelligence and human intelligence to provide efficient language translation services at scale in a market tipped to be worth upwards of US$66 billion by 2022. Given the quality of its services, I expect Straker to continue to win a greater slice of this market over the next decade.
Volpara Health Technologies Ltd (ASX: VHT)
This healthcare technology company is another at the small side of the market which I think could be destined for big things. Volpara Health Technologies provides software which uses artificial intelligence imaging algorithms to assist with the early detection of breast cancer. It has been growing its market share in the United States at a rapid rate, leading to strong annual recurring revenue growth. And thanks to recent acquisitions and a growing footprint, Volpara appears to be well-positioned to continue its meteoric growth in FY 2020 and beyond.
