Hong Kong IT market to grow US$6.72Bn by 2027
NEW YORK, UNITED STATES — Hong Kong’s information technology (IT) market is projected to grow by $6.72 billion between 2023 and 2027, representing a compound annual growth rate of 6.81%, according to a new report by research firm Technavio.
Key factors fueling this expansion include increasing IT adoption among small and medium enterprises (SMEs), rising demand for big data analytics, and a shortage of skilled IT professionals.
As a major global financial hub, Hong Kong has seen surging demand for advanced IT services and software to support digital transformation initiatives in both the public and private sectors. Government programs like the Innovation and Technology Fund also aim to cultivate local tech startups, especially in high-growth areas such as fintech, health tech, and smart city applications.
However, the lack of qualified IT workers in Hong Kong could restrain market growth over the next few years, according to Technavio’s report. This highlights the need for investments in IT training and education.
