Hong Kong - Country Commercial Guide
ICT & Digitalization
Last published date:


Total Market Size for ICT Sector
 2018 2019 2020 2021 2022
Total Imports 157,262 151,989 168,075 83,816 85,576
Total Exports 132,614 135,102 153,094 78,970 80,786
Imports from U.S. 2,182 1,742 2,029 1,035 993
Exchange Rates 7.8 7.8 7.8 7.8 7.8

Units: USD million 

Data Source: Hong Kong Census & Statistics Department 

(Since there is not an agreed upon definition of “smart cities”, and because there is considerable overlap regarding features from various types of machinery and products, market statistics for this sector are, at best, rough approximations.) 

Hong Kong has a world-class information technology (IT) network infrastructure and Hong Kong’s telecommunications sector has no restrictions on foreign ownership or limits to the number of market operators.  According to the Hong Kong government, the mobile subscriber penetration rate is 320 percent, with the average peak internet connection speed at 1261.9Mbps.  The Hong Kong government continues to invest millions of dollars annually in developing its IT infrastructure and provides incentive programs for enterprises in Hong Kong through organizations, such as the Innovation and Technology Fund (itf.gov.hk), the Office of the Government Chief Information Officer (ogcio.gov.hk), and the Hong Kong Productivity Council (hkpc.org).  The Hong Kong Science and Technology Parks (HKSTP) is the largest research and development base in Hong Kong and provides a range of value-added services and support programs, such as access to early-stage investment/technology and business expansion, to drive innovation and nurture talents.  Cyberport is a Hong Kong government owned business incubation community with over 1,800 start-ups and technology companies. 

According to the Asia Cloud Computing Association’s Cloud Readiness Index 2020, Hong Kong was ranked first among cities in Asia.  Information security as well as protection of personal data are rising concerns to the local market. 

Leading Sub-Sectors 

Digital transformation solutions: As a result of pandemic and shifts in working habits, many companies have sped up their ability to manage its effects on their operations and workplaces.  Companies are maintaining their policies for remote work to maintain its workforce productivity and attrition, which has led to an increase their technological readiness to cope. The increase meant that hybrid-working solutions, such as laptops, monitors, video-conferencing tools, cloud-based collaboration applications, virtual desktop enablement, interoperability between enterprise IT systems have seen a steady year-on-year increase.  With more business activities going virtual, digital transformation is of great importance for enterprises to keep organizations up and running.  High speed broadband connectivity is required to facilitate daily operations, and to fulfill digital needs to continue staying connected with their clients.  

Software & Services:  Hong Kong companies need supporting software to make the transformation in remote work smoother, including but not limited to Human Resources Management Software (HRMS), Sales Software, and Accounting Software with Compliance Management capabilities.  

Cloud Computing: Gartner estimates that the percentage of remote workers will increase from 17 percent of employees worldwide in 2019 to 32 percent by the end of 2021.  The increased number of remote workers requires companies to provide solutions that can adapt a hybrid workplace, which will drive increased demand for cloud computing solutions and technologies.

Data Analytics Solutions: According to a report by Gartner, the overall analytics and business intelligence software market grew by 10.4 percent to US$24.8 billion in 2019.  Modern business intelligence platforms continue to be the fastest growing segment at 17.9 percent.  The increased adoption of digital solutions and practices during the pandemic leads to an opportunity to increase the use of data analytics solutions to help organizations harness and utilize their data more effectively.

5G Adoption: The Hong Kong government encourages the deployment of 5G projects through a range of different approaches such as subsidy scheme for encouraging early adoption of 5G and public education programs.  U.S. companies with innovative and mature solutions could tap into these business opportunities. 

Startup Ecosystem: According to StartmeupHK (startmeup.hk), a branch of InvestHK, Hong Kong’s startup ecosystem continued to grow in 2022. The city is home to 10 unicorns, and 3,985 startups employing 14,932 staff.  The ecosystem is supported by a strong network of incubators and accelerators, a pool of experienced angels and venture capitalists, and a community of startups frequently organizing networking events, and seminars.  Amongst the startups, the “Fintech” sector holds the top spot, followed by E-commerce/ supply chain management/ logistics technology.  The pandemic has led to an increase in the number of startups under “Education & Learning”, “BioTech” and “Health & Medical.”  The government has also committed to more than $10 billion to introduce various I&T policy initiatives to support scientific research, develop infrastructure, and enhance financial support to enterprises.  Furthermore, Hong Kong’s unique role as a steppingstone for businesses to access the Guangdong-Hong Kong-Macau Greater Bay Area and the rest of Asia contributes to its attractiveness to startup founders¹.

Biotechnology: Hong Kong is home to approximately 300 biotechnology-related companies, mainly comprising healthcare companies with business in pharmaceuticals, traditional Chinese medicinal or healthcare products, or medical devices and diagnostics. The Hong Kong Science and Technology Parks Corporation (HKSTP) is a major player in promoting technological innovation in the city. It has identified biomedical technology (BMT) as one of its five key technology clusters and aims to support biomedical research from innovation to commercialization.

Artificial Intelligence and Robotics: The Hong Kong Industrial Artificial Intelligence and Robotics Centre is a key player in this sector. The Centre for Artificial Intelligence and Robotics (CAIR) of the Hong Kong Institute of Science & Innovation was established in 2019 and is located at Science Park, Hong Kong. Its development is led by the Institute of Automation, Chinese Academy of Sciences (CASIA), also supported by the InnoHK Programme from the Innovation and Technology Commission.


Hong Kong Trade Shows:  

Hong Kong Computer Society International Computer Conference (HKICC)

Dates: September 2024

Venue: Hong Kong Convention and Exhibition Centre


HKTDC International ICT Expo  

Dates: April 2024  

Venue: Hong Kong Convention and Exhibition Centre


RISE Conference 

Dates: March 2025

Venue: Asia World Expo


Hong Kong Computer Society

Hong Kong Information Technology Federation Ltd.  
Smart City Consortium  
Hong Kong Applied Science and Technology Research Institute Company Limited (ASTRI)

Hong Kong Government Agencies: 
Innovation and Technology Bureau, HKSAR Government 
Office of Communications Authority, HKSAR Government  
Office of the Privacy Commissioner for Personal Data 
Office of the Government Chief Information Officer 

U.S. Government Agencies: 

U.S. Bureau of Industry and Security 

U.S. Department of State – Business and Travel information in Hong Kong and Macau 


For more information about this industry sector, please contact:

U.S. Commercial Service, Hong Kong

Boris Meyer, Commercial Specialist

Email: boris.meyer@trade.gov