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3 ASX shares that could grow rapidly during the 2020s

One thing the Australian share market certainly isn’t short of is growth shares. But with so many to choose from, it can be hard to decide which ones to buy.

To narrow things down for you, I have picked out three ASX growth shares which I think would be top options for investors today. They are as follows:

Appen Ltd (ASX: APX)

The first ASX growth share to look at is Appen. It is a leading developer of high-quality, human annotated datasets for the machine learning and artificial intelligence markets. Appen has been growing at a very strong rate over the last few years thanks to the growing importance of machine learning and artificial intelligence for big businesses. The good news is that these markets are expected to continue their rapid growth for many years to come. I feel this bodes well for Appen’s industry leading Content Relevance services.

Domino’s Pizza Enterprises Ltd (ASX: DMP)

Another growth share that I would buy is Domino’s. I think the pizza chain operator’s shares could climb notably higher over the next decade thanks to its positive long term outlook. This is thanks to its strong market position, positive sales targets, and its expansion plans. In respect to its sales targets, Domino’s is targeting same store sales growth of 3% to 6% per annum over the next 3 to 5 years. But even better, over the same period the company is aiming to grow its global store network by 7% to 9% per annum. If it can deliver on both these targets, the company’s earnings growth should be very strong.

Nanosonics Ltd (ASX: NAN)

A final growth share to consider buying is infection prevention company Nanosonics. Although the company has been a bit of a one trick pony with its trophon EPR disinfection system for many years, it won’t be for much longer. Management is planning to launch a series of new products targeting unmet needs in the coming years. If they are anywhere near as successful as the best in class trophon product, then it could have a very bright future ahead of it. 

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*Returns as of 6/8/2020

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Nanosonics Limited. The Motley Fool Australia owns shares of Appen Ltd. The Motley Fool Australia has recommended Domino's Pizza Enterprises Limited and Nanosonics Limited. 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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