Hong Kong - Country Commercial Guide
ICT & Digitalization

This is a best prospect industry sector for this country.  Includes a market overview and trade data.

Last published date: 2023-01-30


Total Market Size for ICT Sector

Total Market Size for ICT Sector






Total Imports 





Total Exports 





Imports from U.S. 





Exchange Rates 





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), the Hong Kong Productivity Council (hkpc.org), etc.  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.  The outbreak of COVID-19 has boosted the usage of internet, mobile devices, and other virtual activities.  Alongside these changes, information security as well as protection of personal data are rising concerns to the local market. 

Leading Sub-Sectors 

  • Digital transformation solutions 
  • Software & Services 
  • Cloud Computing 
  • Data Analytic solutions 
  • Internet of Things (IoT) 
  • Startup Ecosystem 


Digital transformation solutions: As the pandemic continues to affect markets around the globe, many companies are speeding up their ability to manage the effects on their operations and workplaces.  Companies are making the transition to telecommuting to maintain workforce productivity, create flexibility for their workforce, and firms are increasing their technological readiness to cope with these necessities. 

This shift in working models has led to increased demand for hybrid-working solutions, such as laptops, monitors, video-conferencing tools, cloud-based collaboration applications, virtual desktop enablement, interoperability between enterprise IT systems, etc.  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 during the period of reduced human interactions and business travel.  

Software & Services: According to Hong Kong Telecom, the pandemic has played a major role in accelerating Hong Kong companies’ digital transformation.  Remote working has become a major trend and more companies are offering it as a policy benefit.  To assist with their digital enhancement, Hong Kong companies need supporting software to make the transformation 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: With the recent launch of 5G mobile communications network services in Hong Kong, the Hong Kong government also 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), the branch of InvestHK that helps overseas startups expand in Hong Kong, the city’s ecosystem saw growth last year despite the ongoing economic challenges.  A strong network of incubators, accelerators, experienced angels and venture capitalists, and other associations led to an increase in the overall number of startups and employees in 2021.  Hong Kong is home to 10 unicorns and several startups in areas like fintech, retail tech, health tech, and smart city technologies.  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. 


Major Trade Shows/Events:  

Hong Kong Computer Society International Computer Conference (HKICC)

HKTDC International ICT Expo  

RISE Conference 

Due to COVID-19, the event has been postponed until March 2024.


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

Email: Office.Hongkong@trade.gov