New Zealand’s prime 200 know-how export corporations generated NZ$15.117 billion in whole income for the 2022 monetary yr, up 9% ($1.247bn) on 12 months earlier, in line with the annual Know-how Funding Community (TIN) Report.
Tech is now the nation’s second largest export earner behind dairy and accounts for 14% of NZ’s whole export income in FY22.
The expansion of the sector, regardless of one other yr of pandemic lockdowns, remained robust, with 31 corporations recorded income of $100m+ up from 12 in FY2012 – together with 4 corporations that topped the NZ$1 billion mark, whereas employment grew by almost 11% over the 12 months within the TIN200 to 62,718 jobs, up 6148, and R&D expenditure grew by 18.6% to a complete of $1.770 billion.
The typical TIN200 worker’s wage rose $699 to $89,711 – $27,883 increased than the nationwide median of NZ$61,828.
NZ early-stage tech corporations raised VC and Angel funding of $192m from a report 135 offers in FY2022, up $30.5m on FY21.
Auckland is the powerhouse of Kiwi tech, incomes $8 billion in income earned, whereas three different areas –Wellington, Waikato, and Canterbury – drew $1B+ in income.
For the second yr operating Fisher & Paykel Healthcare tops the TIN200 checklist.
TIN Head of Analysis Alex Dickson mentioned know-how corporations grew 9 instances sooner than the overall New Zealand economic system prior to now yr.
“Past resilience, Kiwi tech corporations are competing and profitable abroad in a time of world financial uncertainty and there’s a rising sense of confidence within the sector and by these invested in it,” he mentioned.
“By the numbers, we see our tech corporations supporting much-needed export variety, productiveness, and earnings assurance as New Zealand plots a path to restoration. Tech corporations added greater than a billion {dollars} of income progress and $960 million in export progress to the nation’s economic system during the last yr. The sector’s breadth of export locations, capability to soak up shocks and keep away from battle with local weather targets is a serious asset on this regard.
Dickson mentioned that on its present trajectory, tech exports will hit $20.5 billion by 2027, however challenges like attracting, coaching, and sustaining expert expertise stay an impediment.
Now in its 18th yr, the TIN Report is the important thing annual benchmark the efficiency of New Zealand’s 200 largest globally-focused know-how corporations, categorised in line with the first sectors of Biotech, ICT (Info and Communication Applied sciences) and Excessive-Tech Manufacturing.
Tech progress shifts
Job progress within the New Zealand tech sector continues to speed up regardless of the labour crunch and shortages of onshore experience. Whole worker numbers grew 10.9% to 62,718 globally, pushed predominantly by job creation within the ICT sector.
The report discovered that the expansion in high-paying tech jobs at house is having a profound impact on the home economic system with an extra $264m coming into the nation in wages.
Collectively, TIN200 corporations invested $1.770B in Analysis and Growth over the previous yr, up 18.6%, reflecting the necessity to regularly innovate and soak up the adjustments caused by a quickly evolving world.
Sturdy progress
ICT was the first TIN200 progress driver in 2022, registering a 15.1%, or $860m improve in income, contributing 66.7% of whole TIN200 progress.
Of this main sector, the Fintech, Software program Options and Communication Options industries subsectors have posted robust progress of 17.3% ($316m), 25.6% ($214m) and 20.3% ($86m), respectively.
The report additionally discovered that New Zealand tech corporations are breaking floor as exports contribute better earnings with 76% of whole TIN200 income earned offshore prior to now yr. The whole worth of exports to Asia hit $1.05B, almost double that earned two years in the past. Australia, the most important tech export market, grew by 11.9% with turnover of greater than $4B, exceeding home gross sales of $3.6B this yr.
Auckland stays the powerhouse of New Zealand’s tech sector accounting for 55% of all TIN200 income earned. This yr, corporations in Otago/Southland area grew by 26%, or $103m, whereas the Canterbury/Higher South Island area reached $1.1B in whole income for the primary time.
Copies of the 2022 TIN Report, sponsored by New Zealand Commerce and Enterprise (NZTE), Absolute IT, BNZ, NZX, Tātaki Auckland Limitless and GD1, could be ordered right here.
The prime 1o ranked corporations in every class are:
