Over the decades, growth stocks have made many multi-millionaires in the stock market. Catching a secular tailwind and then picking the stocks that will dominate that industry has been a sure way of compounding wealth in the market. This led us to create this list of millionaire-maker growth stocks.

Today, the investment landscape presents several secular tailwinds offering millionaire-maker growth stocks. These markets are growing at unprecedented rates due to changes in consumer preferences, accelerating innovation and certain idiosyncratic factors. Notably, some of these markets are large enough to support multiple winners.

Let’s highlight some examples. First, we have the cybersecurity market that is growing as breaches and ransomware threats surge. McKinsey projects cyberattacks will lead to $10.5 trillion in damage annually by 2025. Given these challenges, the cybersecurity demand will grow 10.56% annually between 2023 and 2028, reaching $273.6 billion by 2028.

Besides cybersecurity, other growth opportunities include e-commerce, artificial intelligence, rising semiconductor content, and the shift to electric vehicles. Let’s highlight three growth stocks that are plays on some of these secular trends.

Palo Alto Networks (PANW)

Rarely do you find top growth stocks at fire sale prices, but occasionally, the opportunity arises. As of this writing, Palo Alto Networks (NASDAQ:PANW) is a buy after falling over 25% on February 21, after issuing a slight guidance miss.

Taking things into perspective, this cybersecurity leader is one of the best-positioned growth stocks for the long term. Its platform offers security solutions in network security, cloud security and security operations. Across the three platforms, Palo Alto has been recognized as a leader in 21 categories by market research firms like Garter and Forrester. For instance, in December 2023, Gartner recognized the firm among the leaders in the Magic Quadrant for Endpoint Protection Platforms.

Due to the leadership across multiple categories, the firm is seeing increasing customer interest. Moreover, organizations are moving away from disparate security solutions, preferring a single platform. This consolidation of security vendors is benefiting Palo Alto, which has the most comprehensive platform in cyber. As of the end of Q2 FY2024, 79% of Global 2000 companies were using at least two of its platforms and 57% were in all three.

Looking at Q2 FY2024 results, revenues grew 19% year-over-year to $2 billion. Non-GAAP net income was $0.5 billion, with non-GAAP operating margin expanding 580 basis points to 29%. Despite these stellar numbers, Q3 guidance of $1.95 and $1.98 billion was below the consensus of $2.04 billion. This outlook disappointed market participants.

Investors are overacting and missing the bigger picture. First, management’s decision to offer some free products is meant to capture longer-term platform contracts. Although the move will dent billings in the medium term, it will consolidate Palo Alto’s position as the largest platform in cyber security. Secondly, the cybersecurity market is still growing its total addressable market, which will be a tailwind for PANW stock. Easily, this is one of the top millionaire-maker growth stocks.

KKR (KKR)

This private equity giant is not one of your typical growth darlings. However, given the rise of the alternative asset management industry, KKR (NYSE:KKR) is one of the growth stocks to watch in the financial sector.

Over the last decade, demand for alternative asset classes like real estate, private credit and infrastructure has grown rapidly, benefiting KKR. Still, the industry sees more growth opportunities. For instance, private equity firms are targeting retail investors who currently have 1% to 2% allocated to alternatives compared to institutions at 25% to 30%. Increasing their assets from retail investors could be a tailwind for rising assets under management (AUM).

KKR has set itself for success over the next decade. It has a strong track record in private credit, with more than $200 billion in AUM. Yet, the firm expects significant secular growth, especially in the asset-based finance market. Management estimates the ABF market at $5.2 trillion and expects it to exceed $7.7 trillion in five years.

KKR has compounded revenues at 34.8% annually over the last five years. Management thinks they can double the business by riding the tailwinds of growth in the alternative asset management space. At 18 times forward earnings, it’s one of the bargain growth stocks to buy.

Snowflake (SNOW)

Snowflake (NYSE:SNOW) is at the center of two major secular trends. The first trend is cloud migration, with public cloud spending rising 20.4% in 2024. The second is the rise of AI, which is increasing the amount of data generated, stored and processed. Organizations need Snowflake’s data warehouse and data lake solutions that are interoperable in various cloud environments.

Since its IPO, Snowflake has delivered a stunning 70% compounded annual revenue growth rate. It will keep up the above sector growth rate due to the AI opportunity. Management notes that many organizations need a data strategy for AI. In line with perspective, they have introduced Snowflake Cortex to leverage machine learning and AI on Snowflake.

A major hurdle for organizations implementing AI has been access to quality data. Snowflake’s data-sharing architecture addresses this challenge. By the end of Q3 FY2024, 28% of all customers were sharing data on the platform. Another product, Snowflake Horizon, offers a unified security and governance solution purposely for AI.

Snowflake is still one of the top growth stocks as it continues to win workloads. The company highlighted its strengths in Q3 FY2024 results with revenue of $698 million, representing 34% YOY growth. What’s more, net revenue retention was 135%, highlighting the stickiness of Snowflake’s platform.

Organizations using AI are generating more data, creating demand for Snowflake’s tools. With 647 of Forbes Global 2000 as customers, this data warehouse and data lake company has shown the critical nature of its solutions. If you are looking for millionaire-maker growth stocks, start here.

On the date of publication, Charles Munyi did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.