Although they make up a significant portion of it, I believe there is more to the local share market than just the banks and the miners.
Right now there are a great number of fledgling tech shares with enormous potential. Three which I think investors should look closely at are listed below:
Altium Limited (ASX: ALU)
Thanks to its award-winning printed circuit board (PCB) design software, I believe that Altium has an extremely bright future ahead of it. Especially considering how the Internet of Things is causing the number of connected devices to grow exponentially. Global giant Cisco expects there to be 500 billion devices and objects connected to the internet by 2030. As the vast majority of these devices and objects will require a PCB inside them, demand for Altium's software could grow at an explosive rate.
Livetiles Ltd (ASX: LVT)
This digital workplace platform provider has been growing its subscriber numbers at a very quick pace. As a result of this impressive growth, LiveTiles delivered a massive 293% jump in annualised revenue growth to $4 million in FY 2017. The company recently raised $11 million in order to expand its sales reach and drive global customer and revenue growth. These funds have been put to use today with the appointment of Microsoft's former Global Strategist Michael Maurer. Mr Maurer will run the company's operations in Germany, Austria and Switzerland.
XERO FPO NZX (ASX: XRO)
While this accounting software provider has successfully won a large share of the Australian and New Zealand markets, I believe there's still a significant opportunity for the company to grow internationally. Whilst it certainly won't be easy, I believe the quality of its product puts Xero in a great position to successfully penetrate the lucrative European and North American markets. This could lead to explosive top line growth for a good number of years to come.
