10 Lesser-Known Tech Stocks With High Growth Potential in 2024

Leading technology giants like Microsoft, Nvidia, and Alphabet have long commanded attention in the stock market. However, investors seeking the next wave of strong performers don’t need to limit themselves to big names. Several innovative tech companies—many still flying under the radar—offer exciting avenues for growth.

Below, we spotlight 10 tech stocks with impressive long-term potential, spanning sectors from AI to cloud computing and cybersecurity.

1. Tyler Technologies: Specialized Software Solutions

While most are familiar with widespread software like Windows or Office, major institutions require tailored solutions for specific operational needs. Tyler Technologies (NYSE: TYL) develops software for everything from school bus routing to court management and payment processing. As governments and organizations strive for efficiency, demand for Tyler’s solutions continues to grow, with annual revenue expected to increase around 10% for the foreseeable future.

2. Snowflake: Unlocking Data Value With AI

Snowflake (NYSE: SNOW) enables organizations to harness their data stores, converting raw information into valuable insights. Its AI-driven cloud platform is user-friendly, allowing even those without AI expertise to generate actionable results. With annual sales growth above 20% and the data analytics market projected to expand nearly 30% yearly through 2034, Snowflake stands out as a compelling long-term bet.

3. Confluent: Managing Real-Time Data Streams

As organizations rely on real-time data, legacy networks are under strain. Confluent (NASDAQ: CFLT) specializes in data streaming infrastructure for industries such as manufacturing, finance, and retail. The company is positioned to benefit from rapid increases in data consumption, with revenue growth projections of 19% for this year and 18% for next.

4. Fortinet: Innovative Cybersecurity Solutions

Fortinet (NASDAQ: FTNT) delivers agile cybersecurity products, including market-exclusive custom security chips (ASICs). These advancements helped Fortinet earn top marks in Gartner’s 2024 SD-WAN solutions ratings, even surpassing larger competitors. The cybersecurity industry is forecast to grow almost 13% annually through 2034, positioning Fortinet for ongoing strength.

5. Marvell Technology: Customized AI Chips

Beyond industry giants like Nvidia, Marvell Technology (NASDAQ: MRVL) carves a niche by designing specialized AI accelerator chips. Despite its smaller size, Marvell’s tailored offerings drive substantial growth—over 40% anticipated this year and close to 20% projected for next year—helping customers meet evolving hardware demands.

6. The Trade Desk: Navigating Complex Digital Advertising

As digital advertising evolves, The Trade Desk (NASDAQ: TTD) connects marketers with premium ad inventory and robust data for smarter campaign strategies. It simplifies online and connected TV advertising, tracking results in real time. The Trade Desk has posted annual sales growth above 20%, with similar momentum expected in upcoming years.

7. DigitalOcean: Making Cloud Computing More Accessible

Cloud technology remains foundational for AI, mobile apps, and remote work. DigitalOcean (NYSE: DOCN) delivers user-friendly cloud solutions, including open-source Kubernetes management and AI deployment tools. With the global cloud market poised to expand 22% per year through 2030, DigitalOcean is well placed to capture ongoing cloud adoption.

8. Recursion Pharmaceuticals: Accelerating Drug Discovery With AI

Recursion Pharmaceuticals (NASDAQ: RXRX) leverages AI and an immense proprietary dataset to digitally simulate drug trials, empowering pharmaceutical companies to identify the most promising candidates faster and more affordably. Industry partnerships from giants like Roche and Sanofi underscore Recursion’s innovative platform, even as the field remains in early stages.

9. MercadoLibre: Latin America’s E-Commerce Leader

Often dubbed the Amazon of Latin America, MercadoLibre (NASDAQ: MELI) dominates regional e-commerce as consumer and business adoption accelerates. Smartphone growth and digital shifts are set to fuel a 21% surge in Latin America's e-commerce market this year, supporting MercadoLibre’s expansion as the sector doubles in size over the next several years.

10. Rigetti Computing: Affordable Quantum Computing Solutions

Quantum computing holds immense promise, and Rigetti Computing (NASDAQ: RGTI) offers affordable access to these next-gen platforms. Though still in its early, pre-revenue stage and not yet profitable, Rigetti’s long-term vision centers on making quantum power accessible to a broader user base beyond just enterprise elite. Investors should expect high volatility as the company advances toward financial sustainability.

This content is for informational purposes only and does not constitute financial advice.