One thing the Australian share market is not short of is growth shares. At present there are a good number of shares on the ASX which have the potential to grow their earnings at an above-average rate over the next few years.
Four growth shares that I think are amongst the best on the market are listed below. Here's why they could be worth considering:
Altium Limited (ASX: ALU)
Altium is a printed circuit board (PCB) design software company which I believe could deliver exceptionally strong earnings growth over the next decade due to its industry-leading software platform and its exposure to the fast-growing Internet of Things (IoT) market. The rise of the IoT market should lead to an increase in demand for its key Altium Designer product over the coming years.
Nanosonics Ltd (ASX: NAN)
This leading infection control specialist could be a great option for growth investors thanks to its industry-leading trophon EPR disinfection system for ultrasound probes. This system has a massive global market opportunity and looks well-placed to capture a big slice of it thanks to its quality and changing guidelines. In addition to this, the upcoming launch of new products look set to give its growth a major boost.
Nearmap Ltd (ASX: NEA)
Nearmap is an aerial imagery technology and location data company which I think has the potential to generate strong returns for investors over the next few years. This is due to increasing demand for its services in both Australia and the massive North American market. Another bonus is the launch of new products which I expect to be a key driver of growth and keep it ahead of the competition.
REA Group Limited (ASX: REA)
With the housing market looking as though it is on the verge of rebounding, I believe REA Group could soon experience a sharp rise in listings volumes. Combined with price increases and its new revenue streams, I'm confident the company is positioned to deliver strong earnings growth over the next decade.
