Some companies grow because their industries expand. Others grow because they take market share. And occasionally, you find businesses doing both at the same time.
When I look for ASX growth shares to buy and hold, those are the types of companies that catch my attention. Businesses with large opportunities ahead of them and business models that can scale over time.
Here are three growth shares that I think could potentially double by the end of the decade if things go right.
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Life360 Inc (ASX: 360)
Most people first encounter Life360 as a simple family tracking app. Parents download it to keep an eye on their kids, and families use it to stay connected during busy days.
But what started as a basic utility has gradually evolved into something much bigger.
Life360 is building a global safety platform. Its app now combines location sharing, driving safety insights, crash detection, and emergency response services. Over time, the company has layered additional services on top of its core product, which is creating new ways to generate revenue from its large user base.
What makes the story interesting is the scale Life360 has already achieved. Almost 100 million monthly active users (MAUs) rely on the platform, but only a portion of them currently pay for premium features.
That creates a long runway for growth.
If the company can continue converting free users into paying subscribers while expanding its services through partnerships and new products, its revenue base could look very different by 2030.
Catapult Sports Ltd (ASX: CAT)
If you watch elite sport today, there's a good chance the athletes on the field are wearing technology developed by Catapult.
The company produces wearable performance trackers that collect data during training and games. Teams use this information to analyse player workloads, improve performance, and reduce injury risks.
Over time, Catapult has quietly built relationships with hundreds of professional teams across the world. Its technology is now used in major leagues spanning football, rugby, cricket, basketball, and American sports.
But the real story is how the business model has evolved.
Catapult has increasingly shifted toward software and subscription services. Teams now rely on the company's analytics platforms and video analysis tools, which generate recurring revenue and deeper integration into coaching and performance workflows.
As sport becomes more data-driven, these tools are becoming part of the standard infrastructure for professional teams. If Catapult continues expanding its software platform and increasing the value it delivers to teams, its revenue could grow significantly over the next several years.
Hub24 Ltd (ASX: HUB)
One of the biggest structural shifts in Australian financial services has been the rise of modern investment platforms.
Financial advisers increasingly rely on digital platforms to manage client portfolios, handle administration, and deliver reporting. This trend has been steadily reshaping the wealth management industry.
Hub24 has been one of the biggest winners from that shift.
The company has consistently focused on building a more advanced platform that helps advisers manage client portfolios more efficiently. Over time, this has helped it win business from both new advisers and those migrating away from older systems.
As more advisers adopt the platform, funds under administration continue to grow. That matters because the company earns fees based on the assets managed through its platform.
In other words, every dollar flowing onto the platform helps expand the company's revenue base.
If structural growth in financial advice continues and Hub24 continues to capture market share, its funds under administration could expand significantly over the rest of the decade.
Foolish Takeaway
Life360, Catapult, and Hub24 all share one thing in common. Each is operating in a market where technology is reshaping how things are done.
Life360 is building a digital safety ecosystem for families. Catapult is helping transform how professional sport uses data. And Hub24 is modernising the infrastructure behind wealth management.
If these companies continue executing well and their industries keep evolving in their favour, I think they could deliver strong growth between now and 2030.
