Audinate Group Limited (ASX:AD8) and these small cap ASX shares could be destined for big things in the future. Here’s why…
The post 3 growing small cap ASX tech shares to watch appeared first on The Motley Fool Australia. –
If you’re a fan of both small caps and tech shares then you’re in luck. Because right now there are a few trading on the ASX market that I think have a lot of potential.
Three which I feel would be worth keeping a close eye on are listed below. Here’s why I like them:
Audinate Group Limited (ASX: AD8)
The first small cap to watch is Audinate. It is a digital audio-visual networking technologies provider best known for its innovative Dante audio over IP networking solution. This solution is used widely across the professional live sound, commercial installation, and recording industries globally. Last month the company revealed that it has now reached an impressive milestone of more than 3,000 different products now incorporating Dante for audio-over-IP connectivity. It advised that research from RH Consulting shows that 3,034 Dante-enabled devices are available from 361 different manufacturers. Furthermore, the data indicates that Dante is the protocol of choice in more than 91% of the networked audio products currently on the market. This bodes well for its future growth in a niche but lucrative market.
Volpara Health Technologies Ltd (ASX: VHT)
Another small cap ASX healthcare share to watch is Volpara. It is a healthcare technology company that provides software which leverages artificial intelligence imaging algorithms to help with the early detection of breast cancer. It has been a very strong performer in recent years and has consistently grown its market share in the United States. It appears well-placed for more of the same in the coming years thanks to the quality of its offering and recent acquisitions. Combined with increases in its average revenue per user metric, this should underpin strong revenue growth over the next decade.
Whispir Ltd (ASX: WSP)
A final small cap share to watch is Whispir. It is a software-as-a-service communications workflow platform provider which has a lot of potential. It provides an industry-leading software platform that allows governments and organisations to deliver actionable two-way interactions at scale using automated multi-channel communication workflows. It counts a number of blue chips as customers. This includes AGL Energy Limited (ASX: AGL), AIA Group, BP, ING, KPMG, and Takata. Management estimates that it has a total addressable market of US4.7 billion in the United States alone.
Where to invest $1,000 right now
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Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of February 15th 2021
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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 and recommends VOLPARA FPO NZ and Whispir Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of AUDINATEGL FPO. The Motley Fool Australia has recommended AUDINATEGL FPO, VOLPARA FPO NZ, and Whispir Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.