July 17, 2024
HONG KONG – Eighty-five percent of Hong Kong companies have either already integrated or are planning to integrate Artificial Intelligence (Al) into their applications and mobile solutions, and 46 percent of companies consider AI and machine learning as their top technological focus for the next one-to-two years, according to a survey released on Tuesday.
While these figures indicate that Hong Kong enterprises are actively embracing innovation, an 85 percent integration rate lags slightly behind the 93 percent rate observed in the rest of Asia, according to the survey, which was conducted by the Hong Kong Wireless Technology Industry Association.
To maintain Hong Kong’s competitiveness in the region, the industry needs to develop a comprehensive strategy to accelerate the adoption of new technologies, the association said.
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The survey was conducted between May and June of this year and involved interviewing the management of 251 Hong Kong smartphone app companies operating in both Hong Kong and other parts of Asia using an online questionnaire. Its aim was to gain an in-depth understanding of the industry’s current needs and utilization of AI.
The survey revealed that 11 percent of the Hong Kong companies that responded intend to invest more than HK$500,000 ($64,000) in the field of AI. However, the corresponding figure for companies in other parts of Asia is 19 percent.
The survey also found that 11 percent of Hong Kong companies have no plans to invest in AI, which is significantly higher than the 1 percent figure reported by companies in other parts of Asia. This indicates that Hong Kong companies are more cautious when it comes to AI investment.
According to the survey results, the proportion of Hong Kong companies planning to adopt development assistant tools is similar to that reported in other parts of Asia. However, there is a notable difference in the planned adoption of image and video generation tools.
The survey revealed that 50 percent of Hong Kong companies have plans to adopt such tools, whereas in other parts of Asia, the figure is as high as 80 percent.
Additionally, 58 percent of Hong Kong companies participating in the survey identified price as a significant factor influencing their adoption of AI. Constraints in technical ability and the complexity of AI were also cited as reasons why companies are holding back on using Al.
In contrast, companies in other parts of Asia highlighted different reasons for not using AI, such as privacy security, reliability, and user trust.
When asked about the expected demands that companies using Al will have to meet, 56 percent of those in Hong Kong highlighted the necessity to enhance the skill set of the workforce. This involves enabling employees to enroll in external courses or recruiting additional personnel who are well-versed in AI disciplines.
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Compared to the survey conducted last year by the association, which revealed that 73 percent of Hong Kong companies were inclined to adopt AI products or services, this year’s rate of 85 percent indicates a substantial rise.
To maintain the city’s innovation competitiveness, Keith Li King-wah, chairman of the Hong Kong Wireless Technology Industry Association, said that the AI industry in Hong Kong should formulate comprehensive strategies to accelerate the application of new technologies.
Li also hopes the government will support the industry by increasing investment in emerging technologies and addressing the scarcity of professionals in the field.