New Zealand ICT Market Size

New Zealand ICT Market Analysis

The New Zealand ICT Market is expected to grow at a CAGR of 7.2% over the next five years. The growth of the market is anticipated to increase owing to the increased spending on items and services related to information technology. Businesses are shifting from IT ownership to IT services and investing more in cloud technology than on-premises technology.

• With its excellent digital infrastructure, New Zealand is among the top 20 nations in the world for network coverage, 5G rollout, and internet speeds. Fintech, health IT, digital, and creative technologies are flourishing in New Zealand and are highly competitive. According to the International Trade Administration (ITA) report, ICT is New Zealand's third-largest export sector and comes with an annual export income of approximately USD 8.7 billion. There are over 7,500 firms in the ICT industry of New Zealand, and it is where most global brands are distributed.
• ICT is the key to the New Zealand government's strategy to boost innovation and local production. Collaboration between the banks, the ICT industry, and the New Zealand government created a congregated and information-sharing atmosphere. Notably, with a 63% increase in the total funds spent from 2020 to 2021, New Zealand start-ups witnessed significant growth in the number of deals completed and the amount of capital invested.
• New Zealand is relaxing its border limitations for ICT professionals to entice the greatest digital talent from across the world to the island country. The leader in these border exclusions is NZTech, the government-funded marketing organization created to promote New Zealand technology to the global market. As confirmed by the chief executive of the firm, the country needs a technology workforce since the digital economy of New Zealand is growing. Also, the nation could witness a further upsurge in demand for skilled people in the tech industry.
• New Zealand is rapidly moving toward digital health. The current year's health sector reforms in New Zealand have highlighted data and digital as one of five critical shifts necessary to support consumer-driven health and give customers access to secure, high-quality, and practical services. The transition to more standardized and contemporary online platforms would help health workers function more efficiently every day, improve patient continuity of treatment, and reduce medical mistakes.
• New Zealand's ICT sector witnessed stable growth even during the critical times of the COVID -19 pandemic. The negative impact of the pandemic on business investment activity was minimized by backing from the past investments in digital transformation by government and other enterprises in the country. Starting from the time of the pandemic, big data and analytics combined with other technology, such as the internet of things (IoT), artificial intelligence (AI), and mobile network traffic data, is becoming a big area of focus, particularly for government agencies and healthcare providers.