If you're a fan of growth shares then you're in luck because the Australian share market is home to a good number of growth shares which I think have the potential to generate strong returns for investors over the remainder of the year, 2020, and beyond.
Three top growth shares that I would buy today are listed below. Here's why I like them:
Altium Limited (ASX: ALU)
One of my favourite growth shares on the ASX is Altium. It is a printed circuit board (PCB) design software company which I believe could provide strong returns for investors over the next decade thanks to its industry-leading software platform and its exposure to the rapidly growing Internet of Things (IoT) market. The rise of the IoT market is expected to lead to increasing demand for Altium Designer over the coming years and underpin strong sales and earnings growth. In addition to this, I think its fast-growing Octopart search engine business has a lot of potential and should complement the growth of the core business.
Appen Ltd (ASX: APX)
Another growth share to consider buying is Appen. It is a leader in the development of high-quality, human-annotated training data for machine learning and artificial intelligence. Appen has been growing at a very strong rate in recent years and looks set to continue this trend for some time due to being positioned perfectly to meet the market's demand for high volumes of quality data at speed across multiple data types for a growing number of use cases.
Nearmap Ltd (ASX: NEA)
A final growth share to consider buying is Nearmap. I think the leading aerial imagery technology and location data company has very strong long-term growth potential thanks to its massive opportunity in the North American market and potential expansions into other territories. The quality of Nearmap's imagery allows its users to inspect, measure, or analyse locations from anywhere, which turns high-definition aerial map data into a powerful project management tool. Combined with the launch of several news products, I believe Nearmap is well-placed for further strong customer and sales growth in the near term.
