Tech companies have been some of the best TSX stocks over the last few years, providing investors with significant gains.
Not every tech company is going to be successful. However, often the ones that are, see astronomical growth. This is what makes tech stocks so attractive.
One of the most recent tech stocks that’s exploded in value is Shopify. Investors are aware of Shopify due to its incredible performance.
The company has helped revolutionize a growing industry, something that’s key to its major success.
These are the qualities to look for as you search for the next big thing, and these two TSX stocks may just be the next companies to earn investors significant gains.
Drone delivery tech stock
There is no doubt drones are a growing industry in the tech sector. There are a variety of uses for these drones and the automation behind them.
One of the companies taking full advantage is Drone Delivery Canada Corp (TSXV:FLT).
As its name suggests, drone delivery will be one of the biggest potential uses for the company. However, given many industries are intrigued by the potential of drones, I expect, over time, there will be countless other applications.
And especially as the stock continues to improve its technology and gain experience in the industry, I anticipate a host of other opportunities and uses to come about over time.
So not only will there be a huge potential for the growth company as it’s getting off the ground, but over the next few decades, the industry is only going to continue to find new ways to improve and grow revenue.
Already, Drone Delivery Canada recognizes the potential for its technology in several industries such as mining, energy, healthcare, industrial as well as surveillance.
So as it continues to progress and work with its pilot partners, I would expect the stock to break out soon, once its tech is ready to roll out for good.
Sports gambling tech stock
Another high-quality tech stock you could consider buying today is Score Media and Gaming Inc (TSX:SCR).
Score has long been one of the go-to apps for sports fanatics. The app is user friendly, informative, and provides a host of information from almost any sport you can think of. So naturally, this was the perfect business to launch a mobile gambling app.
Sports and gambling go together like peanut butter and jelly. So the company’s brilliant model, which integrates up to the minute betting information, is key to retaining users and growing its sports betting book.
The stock understandably took a big dive when the coronavirus pandemic hit. That’s because with virtually no sports going on around the world, there was no need for fans to use the stock’s technology.
However, now that sports are back, and sports leagues have proven they can operate even through the pandemic, the company can once again focus on its superior growth potential.
Score continues to find new ways to engage fans, whether that’s through its revamped content and media business, or its social network interactions. It’s also gained exposure to esports as well, which has seen incredible growth for the company over the last year.
The sky is the limit for Score, and the company has proven it can be extremely creative in finding new ways to grow and improve the business.
Both these TSX tech stocks offer investors an intriguing opportunities. The technology for both companies has a tonne of potential, and these may just be the next 10-bagger stocks on the TSX.
This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.
Fool contributor Daniel Da Costa has no position in any of the stocks mentioned.