Kiwi IT market set to grow at 4.75%

New Zealand's IT market is forecast to grow at a compound annual growth rate of 4.75% between 2013 and 2018, according to a new report from global technology research and advisory company TechNavio.

The London-based company says a key driver for the growth is the increasing need to improve efficiency of business processes.

The report, The IT Market in New Zealand 2014-2018, says Datacom, Gen-i, HP and IBM are 'key vendors dominating [the IT market] in New Zealand, though the report also references companies including Fronde, Fujitsu New Zealand, Orion Health, Xero and Konnect Net.

The report, which is based on 'an in-depth market analysis with inputs from industry experts', says growing interest from angel and venture investors has been seen in the Kiwi IT market, however a shortage of skilled workforce 'could pose a challenge to the growth of this market'.