Trends

Hong Kong small and medium-size enterprises are adopting AI into their work

Hong Kong’s small and medium-size enterprises (SMEs) are tapping into new technologies like AI to help run their businesses, as the growing availability of such tools – some of which are cheap or even free, helps them save time and money. Medium-size enterprises in Hong Kong The Hong Kong government…

AuthorBTW Editorial

Reading Time2 min

PublishedMarch 22, 2024

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Headline

Context

Hong Kong’s small and medium-size enterprises (SMEs) are tapping into new technologies like AI to help run their businesses, as the growing availability of such tools – some of which are cheap or even free, helps them save time and money. The Hong Kong government defines an SME as a non-manufacturing firm with fewer than 50 employees or a manufacturing firm with fewer than 100 employees.

Evidence

Pending intelligence enrichment.

Analysis

SMEs in Hong Kong number 340,000, accounting for 98 % of the total number of enterprises in the city and employing 45% of the private sector workforce. Nearly three-quarters of the city’s businesses feel ready to incorporate such new technologies within the next year, rising to 90% by the next decade, according to the survey released on Wednesday. Blockchain, machine learning, and robotic hardware are the top three new technologies SMEs said they are considering investing in, each cited by around 60% of respondents. HSBC’s survey of nearly 3,000 business leaders from around the world, including 534 from Hong Kong, found that 26% believe leveraging technology can help cut costs.

Key Points

Emerging technologies are democratising access to tools and capabilities previously exclusive to larger businesses.
SMEs’ understanding of and readiness to employ new tech lags behind their belief that it will confer benefits, survey finds.