Bangkok – The Digital Economy Promotion Agency (depa), in collaboration with the IMC Institute, unveiled the results of their 2023 survey on the state of Thailand’s digital industries. The survey found robust growth of 3.88%, with a total value surpassing 2 trillion baht. The software industry emerged as the star performer, boasting the highest growth rate at 12.80%.
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Dr. Kasititorn Pooparadai, Senior Executive Vice President of depa, stated that the survey encompassed four key industries: software, hardware and smart devices, digital services, and digital content. The software industry’s value reached 215.191 billion baht, followed by digital services at 307.630 billion baht. Hardware and smart devices remained the largest sector, valued at 1,457.116 billion baht, despite experiencing a growth of only 1.75%.
Assoc. Prof. Dr. Thanachart Numnonda, Director of the IMC Institute, pointed out that the growth of the software industry stemmed from investments in advanced technologies like AI, data analytics, cloud computing, and cybersecurity,which cater to current market demands. Software services, in particular, saw remarkable growth of 18.68%.
The software industry’s growth was also reflected in the 11.95% increase in revenue for businesses in 2023, with large companies playing a key role. Additionally, the growing adoption of digital technologies by Thai businesses, including website development, specialized software, and IT training, further fueled the industry’s expansion.
However, the hardware and smart devices industry faced limited growth amidst the global economic slowdown,particularly in consumer electronics. The demand for computers and hard disks also showed signs of saturation. Yet, a bright spot emerged with smart device imports surging by 52.68%, especially in data storage devices, as businesses adapted to digital transformation.
The digital services industry also experienced notable growth, driven by the rising popularity of digital services.HealthTech and EdTech led the way with impressive growth rates of 85.71% and 82.26%, respectively, reflecting consumers’ adaptation to the digital age. EdTech’s growth was further propelled by expanding its user base to include employees and individuals seeking new skills. While FinTech and HealthTech are still nascent, they hold promising growth potential.
Looking ahead to the next three years (2024-2026), all industries are expected to continue growing, with hardware and smart devices projected to have the highest growth rate of 11-16%. AI is anticipated to be a key driver of overall demand and growth.
The survey also shed light on the impact of economic conditions on employment, particularly in the software and hardware industries, which saw minimal change. In contrast, digital services witnessed a nearly 10% increase in employment, highlighting the ongoing demand for personnel in the service sector. The adoption of AI in the software industry also affected employment, replacing some jobs while creating demand for specialized roles like system analysts and software developers.
Overall, Thailand’s digital industry in 2023 demonstrated its potential and robust growth, with software leading the charge and AI as a crucial driving technology. Nevertheless, challenges posed by the global economic situation and labor market adjustments remain factors to watch.
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