Hong Kong Generative AI Market | Analysis 2019-2032

Hong Kong Generative AI Market Snapshot

• DataCube Research forecasts the revenue for the Hong Kong generative AI market in 2024 to reach an estimated US$ 984.2 million.
• Moreover, our projections suggest that the market is positioned for sustained growth, with an expected annual growth rate of 28.75% from 2024 to 2032, as indicated by the CAGR.
• Regarding market segmentation, the hardware appears as the dominant segment, commanding a market revenue of US$ 658.3 million in 2024.
• Additionally, by 2024, the IT and Telecom vertical is anticipated to play a noteworthy role, contributing 35.1% of the total revenue in the Hong Kong generative AI market.
• To gain a competitive edge in the Hong Kong generative AI market, major players are focused towards entering into partnerships and product launches. For instance, in August 2024, the Hong Kong Monetary Authority (HKMA), Hong Kong's central banking institution, launched a generative artificial intelligence (GenA.I.) sandbox for the finance sector in collaboration with Cyberport, a government-backed technology company. This initiative aims to foster innovation and explore AI-driven solutions within the financial industry, supporting the adoption of cutting-edge technology to enhance financial services and drive digital transformation across Hong Kong's banking ecosystem.
• Further, in February 2024, Microsoft extended its partnership with Hong Kong-based insurance provider FWD Group through a four-year agreement to deliver generative artificial intelligence (AI) solutions. This collaboration underscored Microsoft’s ongoing commitment to the Asian market, aiming to integrate cutting-edge AI technology into a range of products and services. The deal highlighted the US tech giant's strategic focus on driving innovation and digital transformation across the region.

Hong Kong Generative AI Market Coverage