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3 rapidly growing ASX tech shares for strong long term returns

We may not have the Apples and the Facebooks of the world, but I think the local share market is home to a good number of quality tech shares that are worthy of a spot in most portfolios.

Three of my favourites are listed below. Here’s why I like them:

Altium Limited (ASX: ALU)

Altium is a fast-growing software-as-a-service company that provides an award-winning printed circuit board (PCB) design platform. PCBs are found in almost all computers and electronics today, allowing devices to connect to the internet. Demand for its software has been growing at a very strong rate in recent years thanks to the Internet of Things (IoT). The good news for investors is that the IoT market is tipped to explode over the next decade thanks to technological advances and the arrival of 5G internet. Given its leadership position in the industry, Altium looks likely to be a big winner from this.

Bigtincan Holdings Ltd (ASX: BTH)

At the smaller end of the market you’ll find Bigtincan. It is a provider of enterprise mobility software that enables sales and service organisations to increase sales win rates. One of its customers is Australia and New Zealand Banking Group (ASX: ANZ). The banking giant has been able to streamline its processes for capturing client information through the use of tablets and a custom Bigtincan build. Bigtincan notes that this cutting-edge approach to optimising their frontline workers’ processes has helped ANZ differentiate themselves in their market and increase customer satisfaction. Pleasingly, demand for its offering remains strong despite the coronavirus pandemic. It remains on course to achieve its 30-40% organic revenue growth guidance in FY 2020.

NEXTDC Ltd (ASX: NXT)

A final option is this innovative data centre services company. I think NEXTDC would be a great investment option for investors willing to hold onto its shares for the long-term. There’s no doubt that demand for data centre services is growing fast and I expect it to continue doing so for the foreseeable future. Especially given the shift to the cloud and the arrival of 5G internet. All in all, I think this puts NEXTDC and its world class data centres in a great position to profit greatly over the next decade and beyond.

These 3 stocks could be the next big movers in 2020

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.*

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’.

*Returns as of 6/8/2020

James Mickleboro owns shares of NEXTDC Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Altium. The Motley Fool Australia owns shares of and has recommended BIGTINCAN FPO. 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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