At a discussion panel titled “Opportunities, Challenges, and Adaptation of the Thai Digital Industry” held this Wednesday, the attendees explored the evolving landscape for digital companies in Thailand amidst a fiercely competitive digital economy era. Featured speakers like Supachai Sachaphibulkij from the Creative Digital Economy Committee of Thai Chamber of Commerce, Kanapol Wongphichayavisal, the vice president of Digital Industry Club within the Federation of Thai Industries, and Tinnakorn Laoraovirot, the previous president of Thailand’s Software Association, shared valuable insights.
According to these experts, Thai digital companies could immensely benefit by attracting global entities if their investments propel technological revolutions. They recommend that while drafting laws affecting investment and digital technology, the government should tread carefully. A public-private partnership was highlighted as the need of the hour to upskill workers and match the ever-evolving digital benchmarks. Notably, they voiced mutual agreement over the issue of a slow-paced growth of the nation’s digital workforce.
The panel proposed that the government should promote the adoption of digital technology among small- and medium-enterprises (SMEs), particularly in tourism and related sectors. This move could significantly enhance service delivery and overall customer experience. Moreover, they suggested that entrepreneurs in hardware, software, and digital service sectors adapt to new technological advances to enhance their operational efficiency. They also emphasized that Thai entrepreneurs and SMEs should explore opportunities beyond the country’s geographical boundaries. Remarkably, the future of Thailand’s digital realm hangs in the balance of continued infrastructural development and skilled personnel management.
The discussion followed the announcement of a 2022 data survey result by the Digital Economy Promotion Agency (Depa), in partnership with the IMC Institute, assessing the status of the Thai digital industry. Kasititorn Pooparadai, the Depa senior executive vice-president of its strategy and security group, unveiled that their study spotlighted four major sectors – software, hardware & smart devices, digital services, and telecommunications. It also offered a triennial trend forecast.
Kasititorn indicated that the Thai digital industry, with an annual growth rate of 14%, is currently valued at 2.6 trillion baht ($71 billion). Out of this, the digital-service sector, including online platforms, showed the fastest increase of 21% from the previous year, touching a monumental value of 281 billion baht. The software industry trailed closely as the second-quickest growing sector with an annual growth of 19%, valued at 190 billion baht last year.
“The consistent rise across all sectors is extremely encouraging. Digital services, particularly fintech and health tech, are registering the highest rate of growth, in sync with worldwide trends,” Kasititorn noted. She also assured that Depa along with its associates are prepared to champion the digital industry to further the government’s aims of constructing a solid foundation for the country’s digital economy and augmenting the effectiveness of public services.
Thanachart Numnonda, the executive director of the IMC Institute, disclosed that their survey assessed the worth of big data and artificial intelligence (AI), both of which intersect with the software and hardware sectors. On collating data from 213 companies, they found out that the big data and AI segment in 2022 scored a value of 25.5 billion baht – up 15% from the previous year. Numnonda stated, “This notable growth in the digital industry’s income and related businesses underscores the digital metamorphosis. Emerging technologies such as AI, the Internet of All Things, blockchain, Web 3.0, and quantum computing have considerably pushed the boundaries of industry’s growth.”
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