23 October 2014 · Absolute IT
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NZ’s technology sector continues to position itself as the sector of opportunity, offering tech professionals infinite career opportunities and business prospects. The sector has seen over 62% revenue growth in the last decade, cementing technology as the sector of opportunity.
Greg Shanahan TIN Managing Director points to increased confidence across the tech sector with companies more focused on market leadership, as a key change in the ten years since the first TIN100 Report was published in 2005.
“New Zealand technology companies are pursuing global domination in a way we would never have imagined or talked about when we produced the first TIN100 Report in 2005,” he says.
“Companies such Orion Health (health software), Xero (online accounting software), F&P Healthcare (medical devices), Weta Digital (digital effects), and Vista Entertainment Solutions (cinema & film industry software), are all good examples of this.
“As a country with a population of 4.4 million, New Zealand punches well above our weight in the global tech market” says Grant Burley, Absolute IT Director.
“For anyone with tech experience considering a move, New Zealand offers the opportunity to work with world-leading tech companies, while still offering the lifestyle we are well known for.”
In 2013/14 TIN100 & 100+ companies grew their combined annual revenues to $8. 3B, with $6.1B in exports: cementing technology as New Zealand’s third largest export sector behind dairy ($14.9B) and international tourism ($10.3B).
“Although it was the 17 companies with revenues over $100m that delivered the bulk of the increase, in 2014 we’ve had a record $52m or 8% growth for the smaller tech (TIN100+) companies”, says Greg Shanahan TIN Managing Director
Shanahan says IT Services growth slowed for the $1.2B revenue TIN100 sector in 2014; but Software Development companies continued to grow strongly in most markets, increasing total revenue by 15% to $1.3B over the year – for TN100 and 100+ companies this revenue is up +78% on 2010.
Manufacturing also grew in the areas of Healthcare, Primary Sector (Agritech) Technology and Airport Solutions/Logistics.
TIN100 Healthcare, a $1.3B export sector, grew by $125m (+ 11%) due to good performances from well known companies such as F&P Healthcare, Orion Health and AFT Pharmaceuticals.