This has been a forgettable year for the stock market. Major indices pulled back substantially thanks to multiple headwinds, ranging from a hawkish Federal Reserve to surging inflation to fears of a recession to slowing growth at several big names -- which explains why the Nasdaq Composite is down roughly 30% so far in 2022.

But the decline also opened a terrific opportunity for savvy investors to buy some fast-growing companies at attractive multiples. The Trade Desk (TTD 0.30%) and CrowdStrike Holdings (CRWD -11.10%) are two Nasdaq names whose share prices dropped steeply this year amid the bear market. However, both companies reported impressive growth in their businesses, and it wouldn't be surprising to see their share prices rebound in 2023.

Let's look at the reasons why these 2 growing companies could turn out to be big winners next year and beyond.

1. The Trade Desk

The Trade Desk stock shed nearly half of its value this year as investors shunned richly valued tech names, but the company's growth suggests that it can justify a rich multiple.

The advertising technology provider's third-quarter 2022 revenue increased 31% over the prior-year period to $395 million. The Trade Desk guided for "at least" $490 million in Q4 revenue, which would translate into year-over-year gains of around 24%. Its 2022 revenue is expected to come in at $1.58 billion, a jump of 32% over the prior year.

Analysts, however, anticipate a slowdown in The Trade Desk's growth next year, projecting a revenue increase of 20%. It looks like analysts expect the slowdown in advertisement spending to negatively impact The Trade Desk's growth next year. However, it wouldn't be surprising to see the company outpace Wall Street's expectations given the niche it is operating in.

The Trade Desk gives a cloud-based, self-service platform to agencies and brands and allows them to buy ads on multiple channels such as Amazon, Roku, Spotify, and Alphabet's Google, among others, based on their requirements. The ad-tech provider claims that its platform allows advertisers to improve audience targeting, and that explains why the company is reportedly gaining more market share.

Moreover, while there may be a slowdown in the overall advertising space next year, digital ad spending is anticipated to remain healthy. Third-party estimates suggest that overall ad spending is likely to increase by just 4.8% in 2023. However, digital ad spending could increase at a much faster pace of 13%.

So the fast-growing digital ad space and the healthy demand for The Trade Desk's ad-tech platform should enable the company to sustain impressive growth next year. The company's founder and CEO, Jeff Green, suggested that on the latest earnings conference call when he said that The Trade Desk is riding "a secular tailwind that I don't know that we've ever seen before, and I don't know that we'll ever see again, and that is going to continue into 2023, largely because of the amount of inventory that is coming online."

With the Trade Desk now trading at a price-to-sales ratio of 15, compared to 2021's multiple of 40, growth-oriented investors may want to buy the stock before it breaks out. There is no denying that The Trade Desk is still expensive, but the company's massive addressable market suggests that it can sustain its healthy growth in 2023 and beyond.

2. CrowdStrike Holdings

Cybersecurity spending is on track to increase by 14.3% in 2022 as per Gartner's estimates, and the momentum is expected to continue in 2023 with another increase of 11.3%. The secular growth of the cybersecurity market and CrowdStrike's focus on the rapidly growing cloud security niche led to solid top-line growth for the company.

CrowdStrike's revenue for the first nine months of fiscal 2023 jumped 57% over the prior-year period to $1.6 billion. Its full-year revenue guidance of $2.23 billion means that CrowdStrike's revenue would jump 53% over the prior fiscal year. The new year should see CrowdStrike maintain its hot growth streak.

CrowdStrike reported annual recurring revenue (ARR) of $2.34 billion last quarter, an increase of 54% over the year-ago period. The metric measures the annualized value of CrowdStrike's contracts that are in force at the end of a period compared to the same period in the prior year. In simpler words, the company's robust ARR growth means that the demand for its subscription-based cybersecurity offerings is increasing and helping it build a healthy revenue pipeline for 2023 and beyond.

Not surprisingly, CrowdStrike is anticipated to clock 30%-plus annual top-line growth for the next couple of fiscal years. Also, with a massive total addressable market that's expected to hit at least $98 billion by 2025, CrowdStrike seems to be at the beginning of a huge growth curve. This explains why its earnings are expected to clock a compound annual growth rate of 59% over the next five years.

The stock is currently trading at 13 times sales, compared to nearly 36 times sales in 2021, so growth investors are getting a relatively sweet deal on CrowdStrike following its 45% drop in 2022. With a potential bull market in the cards in 2023, CrowdStrike stock could soar in the new year and eventually turn out to be a winner over the long run, making it a top growth stock to buy right now.