As a big fan of growth shares, I feel quite fortunate that the Australian share market is home to a large number of them.
Three quality ASX growth shares that I would buy this week are listed below. Here's why they could be future market beaters:
Appen Ltd (ASX: APX)
Appen is one of my favourite growth shares on the ASX. It prepares the data that goes into artificial intelligence (AI) and machine learning models. This is a key part of the process, as high quality data is vital for successful models. And given how important AI is becoming to businesses, I expect demand for Appen's services to continue to grow over the next decade. This should underpin strong earnings growth for a long time to come.
Nanosonics Ltd (ASX: NAN)
Another ASX growth share which I think is a great option for investors is Nanosonics. The infection control specialist has been growing exceptionally strongly in recent years thanks to the increasing market share of its trophon EPR system. This disinfection system for ultrasound probes is the best in its class and has a material global market opportunity. However, it won't be the only thing driving Nanosonics' growth in the coming years. The company is due to release new products that are targeting unmet needs in the near future. If these are half as successful as the trophon EPR system, then Nanosonics will have a very bright future.
Xero Limited (ASX: XRO)
A third ASX growth share I would buy is Xero. I think the cloud-based business and accounting software provider is one of best growth shares on the ASX and well-placed to be a long term market beater. This is due to the increasing popularity of its platform with small businesses, its high retention rate, and the stickiness of its product. And although Xero now has ~2.3 million subscribers globally, this is still only scratching at the surface of a massive global market opportunity.
