7 in 10 Hong Kong tech firms plan global expansion in the next 12 months

1 in 2 have said they plan to increase investments in 5G technologies.

Around 71% of Hong Kong IT decision-makers in the Harbour have indicated that their organisation is planning to expand into new markets in the next 12 months.

This was just one of the findings in the latest Equinix 2022 Global Tech Trends Survey.

The survey also identified several limiting factors for global growth. In Hong Kong, 57% of respondents said their business was afflicted by global supply chain issues and shortages, whilst 49% specified the global microchip shortage as a threat to their business. 

Despite that, most Hong Kong businesses are banking on 5G for their digital-first strategies.

More than half, or 54%, of Hong Kong IT leaders have said they plan to increase their investments in 5G technology, and 64% believed that IT infrastructures and systems require upgrading in order to fully capitalize on this new technology.

Meanwhile, 43% of IT leaders in Hong Kong believed the most significant impact of having a strong 5G network was to enable their organization to take advantage of new technologies, such as Artificial Intelligence (AI) and the internet of things (IoT).

READ MORE: Businesses see 50% increase of bad debt write-offs: study

The rush to adopt digital strategies was strongly impacted by COVID-19, with 44% confirming that they are accelerating their company’s digital evolution because of it. Another 53% confirmed their IT budgets have increased as a direct outcome of its legacy—an insight into the now broadly acknowledged necessity for robust digital infrastructure to pivot to evolving business needs in an instant, whilst 92% said they intend to remain or increase investment in interconnection services as they plan to progress digital transformation and build resilience. 

Furthermore, the majority of respondents in Hong Kong (60%) believe the technology changes and investments implemented during the pandemic are here to stay, and 55% pointed out that they are further along in their digital transformation journey as a result of COVID-19.

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