Singapore and Hong Kong leads global tech budget growth with 1/3 investing in AI

(MENAFN- Colt technology Services) Singapore and Hong Kong businesses set to lead global tech budget growth in search for new revenue streams - while security is the highest priority, one in three Hong Kong & Singapore businesses plan to invest in AI and emerging technologies in the next 12 months

Colt Technology Services, the digital infrastructure company, has uncovered new research of over 1,000 IT leaders in 12 countries, across the US, Europe and Asia. The results showed Singapore IT leaders as being the most optimistic globally about budget growth, with 70% expecting a robust increase of more than 10 per cent as businesses invest in their technology infrastructure to deliver on their growth plans. Hong Kong ranked second with 49% expecting similar levels of growth, outpacing peers in the US, UK and Europe.

Improving security (Hong Kong: 47%, Singapore 44%) and adding AI and machine learning capabilities (Hong Kong: 42%, Singapore 32%) topped the list of priorities for investment in the coming 12 months.

Other trends and behaviours uncovered by the research include:


-- Businesses are exploring emerging tech – One in three businesses in Hong Kong and Singapore rated implementing emerging tech as a priority, with 25% using IT to explore new revenue streams

-- Building in flexibility is critical – 28% of businesses in both financial hubs named improving network flexibility as a priority, compared to the global average of 23%. However, businesses in Singapore (13%) were much less focused on enabling a remote workforce compared to Hong Kong (24%) and globally (20%)

-- They continue to roll out the ‘building blocks’ of digital transformation – 26% of Hong Kong continued to name cloud migration as a top priority, compared to 19% in Singapore. One in five (20%) businesses in Hong Kong and Singapore also identified investing in collaboration applications as a priority

-- Globally, financial services IT leaders were the most likely to name ‘Adding AI or machine learning capabilities’ as a priority, at 36%, and were more focused on improving network flexibility at 29%, against an industry average of 23%

Colt’s research also highlighted growing concerns around the environmental impact of IT networks. One in five (20%) IT leaders globally named ‘understanding the environmental impact of their IT infrastructure’ in their top three priorities and around the same (19%) named reducing the environmental impact of their IT infrastructure as a priority.

Buddy Bayer, Chief Operating Officer, Colt Technology Services said, “The way businesses think about digital infrastructure has fundamentally changed: it’s now front and centre for generating growth and securing new revenue opportunities. The planned investment highlighted by our research reflects this mindshift. At the same time, it’s heartening to see sustainability become a priority for IT leaders as they look to reduce emissions and minimise the environmental impact of their networks. The exciting results give us a deeper understanding into our markets and they’ll inform and inspire us, as we support our global customers and partners through the next digital revolution.”

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