Thailand ICT Market Size (2024 - 2029)

Thailand ICT Market Analysis

The Thailand ICT Market size is estimated at USD 19.84 billion in 2024, and is expected to reach USD 29.77 billion by 2029, at a CAGR of 8.45% during the forecast period (2024-2029).

The Increased Technology Adoption Across Diverse Industries to Drive the ICT Sector in Thailand

• Thailand's information and communication technology (ICT) industry is experiencing rapid growth fueled by the widespread adoption of technology in society. This surge presents significant business opportunities for innovative firms catering to discerning users and customers. Thailand, with its rich history in international business and a populace known for its openness and curiosity, provides an optimal setting for the development and swift commercialization of new products and services, particularly in the ICT realm. As various industries increasingly embrace technological advancements, the ICT market in Thailand is poised for continued expansion.
• Thailand's technology sector has experienced remarkable growth in recent years, positioning the nation as a leading Southeast Asian player. Thailand's ICT industry is witnessing rapid growth, drawing heightened interest from foreign investors. As businesses, government entities, and households embrace digitalization, Thai consumers are becoming increasingly tech-savvy, evident from the brisk sales of the latest IT gadgets in local stores.
• Furthermore, after the COVID-19 pandemic, Thailand promptly integrated digital technologies across both public and private sectors. This transition is bolstered by government initiatives, positioning Thailand as a potential regional ICT hub. Key sectors, including Manufacturing, BFSI, Retail, and Government, significantly harness the country's ICT capabilities.

Thailand's Digital Economy and Investments in the Convergent Technologies Poised for Growth

• The information and communications technology (ICT) industry plays a pivotal role in the digital economy, acting as a key indicator of its performance. The proliferation of ICT across various business sectors bolsters productivity, underpinning the digital economy. In Thailand, as the digital economy flourishes, ICT is driving economic expansion by extending the reach of technologies like high-speed internet, mobile broadband, and advanced computing. Moreover, the very expansion of these technologies fuels further growth.

Thailand's fragmented ICT market, coupled with a surge in data breaches and a lack of robust infrastructure, poses significant hurdles to its growth.

• Thailand grapples with a deficit of skilled ICT professionals, especially in cybersecurity, cloud computing, and data management. This skills gap hampers companies' abilities to adopt and sustain advanced ICT solutions, subsequently diminishing the overall quality of services. Although initiatives have been launched to bolster ICT education and training, the benefits will take time to manifest, potentially stunting the industry's growth.

Furthermore, government-led initiatives and local banks are propelling the growth of digital payments in Thailand. Projects such as PromptPay have significantly boosted adoption rates, witnessing exponential growth in recent years. The region's surge in digital payments and fintech services can be attributed to heightened internet and smartphone usage, alongside advancements in logistics and e-payment systems, driving the market.

Thailand ICT Industry Segmentation

The Thailand ICT market is defined based on the revenues generated from the type such as hardware, software, IT infrastructure, public cloud services, IT services and telecom services that are being used in various end-user industry across the country. 

The Thailand ICT market is segmented by type (hardware (storage devices, networking equipment (switches, routers, access points, network security appliances, etc.),computing devices (PCs, tablets, smartphones, etc.),others (peripherals including printers, copiers, etc.)), software (enterprise software (ERP, CRM, SCM, HCM, BI etc.), IT Management (ITSM, Storage & Archiving, Network software, etc.) , BPM and other software (collaboration tools, business process management, etc.), IT infrastructure (data centers,high-performance computing, including processors and servers), public cloud service (infrastructure as a service (IaaS), platform as a service (PaaS) software as a service (SaaS)), IT services (application (or software) services, professional technology services (IT consulting & implementation services, deployment and support, training and education services) outsourcing and managed service (BPO services, application management, IT outsourcing, network and endpoint outsourcing services)), telecommunication services (voice services, data services)), size of enterprise (small and medium enterprise and large enterprise), and industry vertical (BFSI, IT & telecom, government, retail, and e-commerce, manufacturing, energy and utilities and other industry verticals). The market sizes and forecasts are provided in terms of value in USD for all the above segments.