If you're looking to add some tech shares to your portfolio in August, then I think the three listed below could be ones to consider buying.
Here's why I think these ASX tech shares could be destined for big things:
Nearmap Ltd (ASX: NEA)
Nearmap is a leading aerial imagery technology and location data company. Its software allows its users to move location analysis out of the field and into the office. It gives businesses instant access to high resolution aerial imagery, city-scale 3D datasets, and integrated geospatial tools. I think Nearmap could have a bright future ahead of it thanks to its high quality solutions and its lucrative opportunity in a highly fragmented market. All in all, I believe the Nearmap share price could be a market beater over the 2020s.
Xero Limited (ASX: XRO)
Another ASX tech share to consider buying is Xero. It is one of the world's leading cloud-based business and accounting software providers. Thanks to the ongoing shift to cloud accounting, Xero has been growing at a rapid rate in recent years. This continued in FY 2020 with Xero reporting a 29% lift in annualised monthly recurring revenue (AMRR) to NZ$820.6 million. This was driven by strong customer growth and its sky high retention rate. I believe the latter demonstrates the quality and stickiness of its accounting platform. Looking ahead, I believe the company has a long runway for growth. Particularly in the North America market where it currently has just 241,000 subscribers. This compares to 914,000 subscribers in a materially smaller ANZ market.
Zip Co Ltd (ASX: Z1P)
A final tech share to consider buying is Zip Co. It is one of the ANZ region's leading buy now pay later providers. While its shares have been on fire this year, I believe they could still be a great long term option for investors. Especially given its recent expansion into the massive United States market via the acquisition of QuadPay. If the company can make a success of this expansion, it could be destined for further explosive growth over the coming years.
