Hong Kong is Augmenting its Tech-Prowess
There is a renewed sense of optimism prevailing in Hong Kong now that most of the Covid-related restrictions have been rolled back. The business realm in the country is looking forward to really getting back to business in 2023. Thanks to the ease of adoption of the latest technologies, especially over the past three years, the once-complex business problems now have simpler, faster solutions. As a result, new businesses are mushrooming across different marketplaces at a remarkable pace. We owe a lot to technologies becoming more plug & play, more driven by the cloud, and simpler to use. They make it easier to test ideas and move on faster if it fails.
It’s not a secret that the pandemic has been a tailwind to cloud adoption, either. In fact, many businesses were thrown into unprecedented predicaments and unexpectedly had an opportunity to reassess how they communicate within the organization and bank on their mission-critical technology applications. Most of them migrated to the cloud to ensure that the delivery is resilient and consistent and the deliverables maintain a high level of quality. According to marketsandmarkets.com, the global cloud computing market size is expected to grow from $445.3 billion in 2021 to $947.3 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 16.3 percent during the forecast period.
The technology services companies have played a significant role in enabling this migration across the industries. The software-as-aservice (SaaS) industry in Asia has made the most of this favorable ecosystem. According to Statista, the revenue from the SaaS segment in Asia is projected to reach $29.70 billion in 2022. The revenue is expected to show a CAGR of 14.48 percent, resulting in a market volume of $58.40 billion by 2027. Additionally, Hong Kong continues to grow its Data Centre coverage despite constraints on suitable land and high auction costs. It’s no secret that the country is betting big on technologies.