Industry Highlights
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Blazing a trail
Hong Kong has been able to blaze a trail in many areas of I&T developments, bringing concepts and researches out of the laboratories into the community for the betterment of people’s life.
AI and Robotics
The Covid-19 pandemic resulting in a new normal of life worldwide, such as physical distancing and work-from-home model, has spurred a more frequent and wider application of AI and Robotics. The wide applications of robots have also disrupted the traditional practices of many industries such as logistics, construction and the medical sector. With its proximity to the Mainland, Hong Kong acts as a gateway for AI and Robotics companies to exploit the massive manufacturing base in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).
Big Data Analytics
Different sectors of Hong Kong, both private and public, have widely adopted big data analytics to keep abreast with the fast-paced development of digitalization worldwide. Data-centric businesses such as finance, logistics, retail and hospitality have called for some dramatic changes, such as real-time management and responsive customer services. Achieving these goals, therefore, raises the demand for big data analytics to examine and analyze large amounts of data for added competitiveness.
In the public sector, big data analytics is playing a key role in helping the HKSAR Government to implement its smart city’s initiative and open up government data for public use. The dedicated Public Sector Information (PSI) portal and the HA Data Collaboration Laboratory (HADCL) set up by Hong Kong Hospital Authority (HA) are good examples to illustrate a growing demand for the technology. In 2021, the Data Technology Hub (DT Hub) is launched, taking Hong Kong a big step forward in the development of big data analytics.
Biomedicine
Innovation in biomedicine has opened up new modes for modern healthcare in Hong Kong and beyond. Businesses engaged in Hong Kong’s biomedical sector cover a wide spectrum from therapeutics, medical services and devices, to health tech and traditional Chinese medicine. The city offers numerous advantages for the sector to grow, such as robust intellectual property protection and legal systems, top-tier medical experts from universities and a strong capital market. In addition, with the support of different funding schemes and incentives, and the facilitation measures of the GBA, industry players are able to tap into the huge Mainland market.
Cloud Technology
Hong Kong has a high demand for cloud-based services as exemplified by the strong presence of leading cloud service providers from the US and Mainland China. The adoption of cloud technology is the key to the digital transformation of various sectors, especially the finance, retail, hospitality and logistics industries. The HKSAR Government is also committed to delivering e-services and information as the city actively pursues the path to become a smart city.
Data Centres
Hong Kong has all the required environmental elements for setting up advanced and high-tier data centres, taking into account their unique mode of operation. The city has a low risk of natural calamities such as earthquakes and tornadoes; enjoys a supremely high reliability level of electricity and water supply with low tariffs in comparison with other cities in the region. Most importantly, the HKSAR Government is proactive in assisting enterprises interested in setting up data centres in Hong Kong, such as allocating dedicated sites, and facilitating conversion of existing industrial buildings and industrial lots for data centre operations.
Green Technology
The HKSAR Government, by means of different initiatives, is keen to explore and promote new environmentally-friendly (green) technologies with the goal of achieving carbon neutral by 2050. These initiatives include enhancing the energy efficiency of buildings, popularisation of electric vehicles, building large-scale waste-to-energy facilities, exploring other renewable energy applications and monitoring air and water quality.
Microelectronics
R&D work for Hong Kong’s microelectronics industry is spearheaded by a rich pool of research talent and some world-class clusters and facilities. These include the Data Technology Hub and the Microelectronic Centre, two “built-to-fit” models to develop and enhance microelectronics chips’ design and performance. Taking advantage of Hong Kong’s rigorous intellectual property protection, excellent communications and transport networks, and relevant tax/tariff privileges, Hong Kong is well-positioned as the regional hub for research collaboration and trading activities for the microelectronics industry.
Smart City and IoT Technology
The HKSAR Government put forward the Smart City Blueprint 2.0 in December 2020, outlining more than 130 initiatives under six smart areas, namely “Smart Mobility”, ”Smart Living”, ”Smart Environment”, “Smart People”, “Smart Government” and “Smart Economy”. These initiatives are meant to enhance and expand Hong Kong’s existing city management measures and services.
Hong Kong entered the Top 20 of the 2023 edition of the IMD Smart City Index, showcasing its commitment to utilizing advanced technology and innovation to enhance the quality of life for its residents.
Software and Services
The industry is a key component of Hong Kong’s ICT sector, enjoying strong demands from SMEs and multinationals. Many of the world’s leading software-service companies have set up their regional operations in the city to mirror their clients' preferences. Hong Kong’s rigorous protection of intellectual property and tech-savvy consumers provide companies with the perfect testbed for the Mainland markets.
Telecommunications
Hong Kong has the world’s highest penetration rates of mobile subscribers and household broadband with telecommunication networks connecting to 11 regional and trans-Pacific submarine cable systems. The city’s liberalised policy with no restrictions on foreign ownership or limits to the number of market operators of Internet transit, exchange, hosting and content providers. Overseas and Mainland telecommunications companies have been riding on the open market to drive their business developments in the region.