The Nasdaq Composite dropped 33.1% last year in response to soaring inflation and rapidly rising interest rates. Since its inception in 1971, the tech-heavy index has only fallen more sharply three times: It declined 35.1% amid the gasoline shortages of 1974, it declined 39.3% amid the dot-com bubble fiasco of 2000, and it declined 40.5% amid the global financial crisis of 2008.

In two of those three cases, the Nasdaq Composite rebounded sharply during the next year. In fact, the index produced an average return of 17.5% in 1975, 2001, and 2009. Also noteworthy, the index has only fallen in two or more consecutive years twice in history. That sends a very clear message: The Nasdaq has a very good chance of rebounding sharply in 2023.

Of course, past performance is never a guarantee of future returns, so investors should never bank on a rebound in any given year. But the Nasdaq has eventually recovered from every past downturn, and there is no reason to believe the current bear market will end any differently. That means long-term investors should treat the current situation as a buying opportunity.

Here are two Nasdaq growth stocks to buy now.

1. CrowdStrike: A leader in cybersecurity software

CrowdStrike Holdings (CRWD -2.51%) delivered a solid third-quarter earnings report. Revenue increased 53% year over year to $581 million, and cash from operations climbed 53% to $243 million. But those results were overshadowed by guidance; management said sales cycles were elongating in response to macroeconomic headwinds, meaning revenue growth will almost certainly decelerate in the coming quarters. That news caused the stock price to fall 20%.

However, investors need to consider the big picture. Many businesses are cutting budgets amid the inflationary environment, and CrowdStrike was bound to feel some pressure from that trend eventually. Yet, the company is not losing customers. In fact, its gross retention rate stayed at record levels (above 98%) during the quarter, meaning more customers are sticking with CrowdStrike than ever before.

More importantly, cybercrime is becoming more prevalent due to digital transformation and the proliferation of connected devices, and that trend made effective cybersecurity an imperative for most organizations. That positions CrowdStrike to reaccelerate growth in the coming years, as industry analysts recognized the company's leadership across several cybersecurity software markets, including endpoint security, cloud-native application protection, and threat intelligence.

That success stems from its industry-leading artificial intelligence (AI) engine, which delivers uniquely effective threat protection based on its unmatched ability to crowdsource data. CrowdStrike also provides 23 different modules that address a broad range of cybersecurity verticals; that means customers can work with a single vendor to address their security needs rather than building a complex patchwork of software from multiple vendors.

In a nutshell, CrowdStrike makes it possible for businesses to consolidate security spending on a single platform that provides industry-leading threat protection, and that attractive value proposition has fueled supercharged financial results over the long term. In fact, CrowdStrike recently became the second-fastest software company in history to achieve an annual revenue run rate of $2 billion.

Looking ahead, management says its addressable market will reach $97 billion by 2025, and with shares trading at 12.9 times sales -- nearly the cheapest valuation since the company went public in 2019 -- now is a great time to buy this growth stock.

2. Axon Enterprise: A leader in conducted energy weapons and digital evidence management software

Axon Enterprise (AXON -1.20%) is a public safety company best known for its conducted energy weapons (CEWs), sold under the brand name Taser. But its portfolio also includes software and sensors for law enforcement officers, federal agents, and commercial enterprise employees. Specifically, Axon provides body cameras, in-car cameras, and other sensors that capture digital evidence, as well as software for digital evidence management, report writing, and real-time situational awareness.

Axon faces competition from Motorola on the software and sensors side of its business, but its leadership in CEWs gives the company a significant edge. Specifically, Axon has a customer relationship with 94% of U.S. law enforcement agencies (and many international agencies) due to the success of its Taser devices, and the company used those relationships to become the global leader in digital evidence management software.

Despite facing economic headwinds, Axon delivered solid financial results in the third quarter. Revenue climbed 34% to $312 million, and the company generated $40.9 million in cash from operations, up from $16.4 million in the prior year. More importantly, Axon is set to maintain that momentum in the coming years.

Nearly $20 billion of its $52 billion addressable market comes from cloud software, but its software products have achieved less than 2% market penetration in the U.S. and less than 1% in most international markets. That puts Axon in front of a significant growth opportunity. Better yet, its software and sensors are backed by a compelling value proposition: They improve law enforcement transparency, streamline the collection and storage of digital evidence, accelerate report writing with video and artificial intelligence, and provide commanding officers and dispatchers with real-time data from officers in the field. In other words, Axon's software and sensors drive efficiency, productivity, and safety.

Currently, Axon stock trades at 13.3 times sales, a slight premium to its three-year average of 10.8 times sales. But the market often affords software companies higher valuation multiples, especially when those companies have as much room to grow as Axon. With that in mind, the current price seems reasonable, and investors should buy a few shares of this growth stock today.