Hong Kong firms ‘cautious’ to deploy AI amid challenges in data acquisition, survey says

A recent survey found that Hong Kong firms lag in AI adoption because of ‘uncertainties around initial investment and expected returns’

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Overcoming challenges related to data quality and availability is “essential for the successful adoption of AI” by Hong Kong firms, according to the recent survey by consultancy fifty-five. Photo: Shutterstock

Published: 7:00am, 4 Jul 2024Updated: 2:13pm, 4 Jul 2024

Hong Kong enterprises remain “cautious” about building and deploying artificial intelligence (AI) applications, owing to the challenges of acquiring high-quality data and uncertainties in the technology’s return on investment, according to a survey.

Conducted by Paris-based digital consultancy fifty-five during the Google Cloud Summit in Hong Kong last month, the survey showed that many local firms have not yet initiated any AI-driven projects. There were 138 survey respondents at the conference.

That reluctance stems from “uncertainties around initial investment and expected returns”, as the development of AI applications require certain sophisticated technologies, according to the consultancy.

About 36 survey respondents said they have adopted AI in chatbots and customer services, while 35 respondents said they use the technology for select internal applications such as performance insights and alerts.

Artificial intelligence in Hong Kong enterprises has been adopted in chatbots and customer services. Photo: Shutterstock

The survey also showed that nearly 40 per cent of respondents have not established comprehensive systems for data collection and reconciliation, which are foundational elements for training AI systems. About 29 per cent of respondents said they are still in the early stage of building such systems.