Fintech, digital media and agritech are the fastest growing sectors
New Zealand’s top 200 technology companies (the 'TIN200') have set a new milestone, recording just over NZ$10 billion in combined revenues with more than NZ$7.3 billion sourced through exports.
The TIN200 companies, which are ranked by revenue, now contribute the equivalent of 10 per cent of all New Zealand exports.
This places it third behind the contributions of dairy and tourism as a source of offshore revenue, according to the latest TIN200 report.
Two-thirds of the offshore revenue growth can be attributed to a robust 18.8 per cent increase in TIN200 revenues in the North American market.
Datacom is number one in this year's report, with $1.157 billion revenue, ahead of last year's top ranked Fisher & Paykel Appliances.
The top 10 companies by rank
The annual report analyses the performance of the top 200 New Zealand-founded high-tech companies in the areas of information and communication technology (ICT), high-tech manufacturing and biotechnology.
Of these areas, the fastest growing markets are fintech, digital media and agritech, according to the report.
The report is produced by Technology Investment Network (TIN) and sponsored by New Zealand Trade & Enterprise, Callaghan Innovation, Spark, EY and AJ Park.
“This has been a defining year for the TIN 200 companies,” says TIN managing director, Greg Shanahan, in a statement. “We’ve seen a sustained increase of around 8 per cent in both revenue growth and exports but more significantly, the real story is in the integral part that the technology sector now plays in the country’s economy.”
EY 10 companies to watch: TIN100 companies with the largest revenue growth in 2017
Shanahan says TIN200 companies created 4,352 new jobs to employ over 43,000 staff globally with an average salary of just under NZ$84,000.
These companies created 4,352 new jobs to employ over 43,000 staff globally with an average salary of just under NZ$84,000
“The broadening economic impact of this growth is creating opportunities throughout New Zealand."
Shanahan says Māori participation in the tech sector is growing and for the first time this year, the report covers the performance of Māori-owned or Māori-investment backed tech companies.
Māori companies contributed an estimated NZ$94 million to total TIN200 revenue.
TIN200 growth has been concentrated outside of Auckland, with Hamilton, Wellington and the South Island regions leading this year's growth.
These regions each grew by over 10 per cent and collectively accounted for more than 60 per cent of total TIN200 revenue growth, but only 40 per cent of the total TIN revenue.
Send news tips and comments to firstname.lastname@example.org
Follow Divina Paredes on Twitter: @divinap
Follow CIO New Zealand on Twitter:@cio_nz
Join the CIO New Zealand group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.