24 Aug 2022
A recent report titled The Entrepreneur Survey by Deloitte shed light on how Hong Kong’s efforts in promoting its Information Technology (IT) sector have given birth to its unique innovation ecosystem. This transformation of Hong Kong into an international IT powerhouse, while varied in its composition, was chiefly propelled by five sectors. Here, we will discuss these domains and how their prevalence has helped Hong Kong imprint its significance in the global IT industry.
Artificial intelligence (AI) and Machine Learning (ML) are revolutionizing industries and will continue to impact businesses and contribute to economic development through productivity gains. At the 38th HKTDC Hong Kong Electronic Fair, Vincent Wong, Associate Director, Deloitte China, revealed how AI & ML are growing at an unprecedented rate, so much so that 87% of companies believe it to be essential for facilitating their business goals and enhancing their offerings.
Moreover, the notable increase in the number of AI unicorns has compelled the government to allocate more resources to improving Hong Kong's research & innovation and implementation capabilities in the AI field, according to a report by HKTDC.
AI's potential applications are nearly limitless. As per Winnie Chu, Cloud and Enterprise Business Group Lead of Microsoft Hong Kong, Microsoft uses AI for a variety of purposes, ranging from assisting disabled people to deterring the extinction of rare species. Object tracking, natural language processing, translation software, and reading comprehension are popular examples of AI & ML breakthroughs.
The advancements made by the Hong Kong government in the pursuit of AI & ML has led to a thriving tech industry with average salaries reaching as much as HKD 390,000. [https://s3.ap-southeast-1.amazonaws.com/xccelerate.co-images/others/2022-08-24T07%3A50%3A07.162Z-Screenshot%25202022-08-24%2520at%25203.48.05%2520PM.png]
Therefore, being certified in a Machine Learning course can open doors to a host of opportunities, especially in Hong Kong, where, for now, the future of Machine learning seems ripe and for the taking.
In the past few years, the web design sector has rapidly evolved, thanks in part to the Government spearheading IT development, with more than HKD 130 billion invested over the last four years. Hong Kong’s IT ecosystem is evolving by the day against the backdrop of the government’s GBA development plan, proportionately causing a boom in the number of tech-related jobs, most notably for UI/UX designers who are looking to transit into the UX/UI Design industry.
Owing to its prevalence in website applications, UI/UX design has grown to be one of the most fulfilling career options in the country and ranked second in a Glassdoor survey of the jobs with the best work-life balance.
Continuous innovation in the field has also propelled the overall tech industry’s growth, so much so that Hong Kong secured 11th place on the Global Innovation Index.
The popularity of UI/UX design is also helped by the handsome remuneration that jobs in this sector provide. As per a report by Payscale, candidates that have completed a course in Full Stack Web Development can approximately earn a median salary of HKD 314,144 per annum. However, this can often rise to HKD 490,000 per annum with 5-9 years of experience.
Ever since the big data boom, Data Science has caught on like wildfire in Hong Kong. According to a report by Statista, data scientists make up 29% of the workforce in companies in 2020 and 2021. What’s more, this number is forecasted to increase by 15% from 2019-2029, as per a recent report by the U.S. Bureau of Labor Statistics. This growth is evidence of data science’s apparent significance to information & technology as a whole. In a world where data is the principal resource, knowing how to make decisions based on insights, trends, statistics, and facts derived from this data can hold unparalleled advantages. A data scientist can make use of logical approaches, scientific frameworks, mathematical algorithms, and procedures to derive insight from data to facilitate better decision-making. Read Also: https://xccelerate.co/blog/what-do-data-scientists-do
According to the U.S. Bureau of Labor Statistics, data science jobs will rise up to 28% by 2026 - approximately 11.5 million new jobs. Being certified in a Data Science course can enable prospects to chart a career path in data. The best part about becoming a Data Scientist is that it not only has a high level of job satisfaction but also helps data scientists command hefty salaries. In fact, a report by Glassdoor showed that the average salary for data scientists is HKD 38,000 per month in Hong Kong. The average additional cash compensation for a data scientist in Hong Kong is HKD 55,200, ranging from HKD 24,000-HKD 200,000.
Hong Kong's recent espousal of the blockchain and distributed ledger technology (DLT), as evidenced by the wide wide spectrum of industries where its practical applications can be found. According to a survey, blockchain companies were responsible for prompting 39% of new Fintech to set base in Hong Kong.
Blockchain has the potential to substantially reduce embezzlement and cyberattacks while also correcting inadequacies in most banking systems' back-office setups, particularly in processes like clearing and settlement. And with fraud being hugely expensive for banks, it's no wonder that blockchain has emerged as the fastest-growing sector in Hong Kong's fintech market, according to a new study from FSTB.
In recent months, both blockchain solutions and fintech firms have seen increased adoption, resulting in a significant influx of intellectual talent into the sector. And, as the number of fintech startups grows by the day, the demand for blockchain developers grows in lockstep. Furthermore, because blockchain technology is relatively new compared to the others on this list, the remuneration offered to blockchain professionals is very attractive, often reaching as high as HKD 566,400, according to a report by salaryexplorer.
Cybersecurity was previously regarded merely as an IT problem in Hong Kong, with only veterans in the field discussing it. As per the HKCERT (Hong Kong Computer Emergency Response Team), the cyber security environment in Hong Kong was plagued by 6,300 attack reports in the first nine months of 2020.
Thankfully, companies in Hong Kong have made considerable efforts to combat this rising threat. In fact, according to a current government survey, as many as 84% of Hong Kong organizations have devised an awareness program to combat cyber attacks. Against the background of accelerated digitalisation, Hong Kong is predicted to be among the fastest-growing economies, contributing significantly to the APAC region's yearly CAGR of 13.8% between 2016 and 2020.
In a report by Hong Kong Business, considering the rising threat of cyber-attacks and Hong Kong's galvanization of its security policies, recruiting in the nation's IT industry will majorly revolve around security and risk professionals. According to them, with companies all over the world already impacted by security concerns, jobs are available in Hong Kong for experts with the necessary skills, with average salaries for Cyber Security Analysts reaching HKD 288,000. Furthermore, professionals who have completed a Cybersecurity course can expect to earn up to HKD 640,144 per year with 4-7 years of experience, reported by Payscale.