If you're wanting to make long term investments, then you might want to consider the tech sector.
This is because I believe the sector is home to a large number of shares with the potential to grow their earnings at a very strong rate over the next decade. This could lead to their shares providing investors with outsized returns over the period.
With that in mind, here are three ASX tech shares that I would buy right now:
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Afterpay Ltd (ASX: APT)
I think Afterpay is worth considering as a long term investment. This is due to the increasing popularity of the buy now pay later payment method with consumers and merchants and Afterpay's leadership position in the industry. I believe this leaves it very well-positioned to continue it meteoric growth in the coming years.
Especially given its strong start to life in the United States market which is worth an estimated $5 trillion a year. In addition to this, Afterpay looks likely to bolster its growth in the coming years through expansion into new territories. Canada is coming this financial year and I suspect Europe and even Asia could soon follow. I also wouldn't be surprised if the company launches new products and solutions in the future that complement its core business.
Pushpay Holdings Group Ltd (ASX: PPH)
Another ASX tech share which I think has enormous potential is Pushpay. It is a donor management platform provider for the faith and not for profit sector. The company has been growing its sales and operating earnings at an explosive rate in recent years thanks to strong demand in a church market that is rapidly embracing digital transformation.
This has certainly been the case during the coronavirus pandemic. With many churches closing their doors due to social distancing restrictions, they have been using Pushpay's platform to reach their congregation in new ways. In addition to this, the shift to a cashless society has made it even more important for churches to be able to accept donations through modern payment methods. Overall, while Pushpay is operating in a niche market, it is a very lucrative one. Management is currently aiming to grow its revenue to US$1 billion a year, up from ~US$125 million currently.
