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3 ASX growth shares that could generate scarily good returns in 2020

In the spirit of Halloween, I thought I would take a look at a number of growth shares that I believe can generate scarily good returns for investors in 2020.

Three top growth shares to buy this Halloween are listed below. Here’s why I think they could be market beaters next year:

Altium Limited (ASX: ALU)

Altium is a design software company with a focus on printed circuit boards (PCBs). These are the small circuit boards that you’ll find in almost all modern electronic devices. It has been experiencing incredible demand for its software in recent years thanks to the rapidly growing Internet of Things market. Pleasingly, with this market still in its infancy, Altium looks well-placed to continue its meteoric rise in 2020 and beyond.

Appen Ltd (ASX: APX)

Appen is a leading developer of high-quality, human annotated datasets for machine learning and artificial intelligence. Through its global crowd of over a million skilled contractors, Appen helps companies develop, enhance, and use products that rely on natural languages and machine learning. Given the growing importance of artificial intelligence and machine learning for businesses, I believe demand for Appen’s services will grow materially over the next decade. This could make it a great buy and hold option for investors.

Nearmap Ltd (ASX: NEA)

I think this leading aerial imagery technology and location data company could be a market beater again in 2020. Especially following the release of a couple of new products which I believe cements its position as the leader in the field. Overall, I believe this positions Nearmap perfectly to increase its share of the North American market. At the last count, management estimated that it has only captured 1% to 2% of this massive market. I feel this market alone provides it with a significant runway for growth.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

*Returns as of June 30th

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Nearmap Ltd. The Motley Fool Australia owns shares of Altium and Appen Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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