The Australian tech sector was once again a great place to invest your money in 2019.
Over the 12 months the S&P/ASX 200 Info Tech index generated a mouth-watering return of almost 40%.
The good news is that I believe there are a number of shares in the tech sector that have the potential to generate market-beating returns again in 2020 and over the next decade.
Here are three top ASX tech shares to buy:
Afterpay Ltd (ASX: APT)
I think this buy now pay later provider could be a great long term investment. This is due to the increasing popularity of its service with both consumers and merchants in the US, UK, and Australia. This has led to Afterpay reporting incredible underlying sales and customer growth over the last 12 months. I expect more of the same in the future, especially given how younger consumers are turning away from credit cards in their droves and looking for more suitable alternatives.
Nearmap Ltd (ASX: NEA)
Nearmap is a leading aerial imagery technology and location data company. It gives businesses instant access to high resolution aerial imagery, city-scale 3D datasets, and integrated geospatial tools. This helps thousands of users conduct virtual site visits, which enables informed decisions, streamlined operations, and significant cost savings. Demand in the U.S. and ANZ markets has been growing very strongly, leading to rapid annualised contract value (ACV) growth. This year will be no exception. Nearmap expects its ACV to be in the range of $116 million to $120 million. This is a 28.6% to 33% increase on FY 2019’s ACV and only a fraction of an addressable market estimated to be worth US$10.1 billion in 2020.
Pushpay Holdings Group Ltd (ASX: PPH)
Pushpay is a donor management platform provider for the faith, not-for-profit, and education sectors. Thanks to the quality of its product, the New Zealand-based company has been growing its share of the U.S. market at a solid rate in recent years. This has led to the company’s recurring revenues increasing at a rapid rate. I expect more of the same in the coming years, especially given the recent US$87.5 million acquisition of church management system provider Church Community Builder.
These 3 stocks could be the next big movers in 2020
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In this FREE STOCK REPORT, Scott just revealed what he believes are the 3 ASX stocks for the post COVID world that investors should buy right now while they still can. These stocks are trading at dirt-cheap prices and Scott thinks these could really go gangbusters as we move into ‘the new normal’.
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James Mickleboro owns shares of NEXTDC Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of AFTERPAY T FPO. The Motley Fool Australia owns shares of and has recommended Nearmap 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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