Hong Kong is a global financial hub and a gateway to the Greater Bay Area (GBA), which offers opportunities for the development and advancement of the technology sector. Recently, Hong Kong has witnessed a continuous growth in the demand and supply of IT talent due to its proximity with Mainland China, also due to the development of new tech trends and sub-sectors like “Web3” and “Crypto”. In this article, we will explore the current state and prospects of the technology job market in Hong Kong, based on the latest industry reports and data.
There are 3 main reasons that are currently fuelling Hong Kong’s quest to transform itself into an IT hub like its neighbour Singapore. However, these are not the only factors initiating Hong Kong’s transformation but, rather, these are the main driving force:
· The idea to transform Hong Kong into a Fintech hub, which has resulted in fintech innovation, such as the launch of several new virtual banks and the expansion of digital currencies.
· The enlargement of the Greater Bay Area (GBA) initiative, which aims to establish a hub that integrates Hong Kong with other cities in the region, like Shenzhen, Guangzhou, and Macau.
· The increasing use of cloud, artificial intelligence, big data, blockchain, and cybersecurity solutions across various industries especially within the following sectors: banking, retail, healthcare, and education.
Due to these factors, we can see more jobs and more people who want to work in the technology sector in Hong Kong. Current technology “stars” of Hong Kong, like Cyberport and Science Park, have also contributed to the rising trend of tech related jobs in Hong Kong.
This rising trend can be seen in a report by Office of The Government Chief Information Officer (OGCIO), which clearly shows that the labour market in the tech sector has shown consistent growth. The total IT employment rose to around 100,000 employees in April 2022, which is an increase of about 15% over the same period in 2018.
The need for IT professionals in Hong Kong has also risen recently, though the salary levels are influenced by the supply and demand of the market, as well as the skills and experience that individuals have acquired. Having said that, most individuals who are switching to a new employer can expect an increase in percentage of their salary in double figures. Hong Kong is one of the few places in the world where experienced and seasoned IT professionals can make a lot of money. These are some positions that offer high salaries within the IT sector in Hong Kong:
• Chief Information Officer / Chief Technology Officer
• Director / Head of Data Science
• Director / Head of Cybersecurity
• Director / Head of Blockchain
The technology sector in Hong Kong is undergoing rapid changes and challenges. To succeed in this dynamic and competitive market, both employers and employees need to be on top of the latest industry trends, for example AI. They also need to be aware of the skill requirements, salary expectations and talent preferences so that they more ready to adopt innovation, cooperation, and growth for the technology sector in Hong Kong.