Thailand’s digital landscape continues to thrive, establishing itself as a dynamic hub for various online sectors. E-commerce, in particular, has been a standout performer, witnessing a remarkable surge with a staggering 140% growth in sales between 2019 and 2021. This surge, the fastest in the ASEAN region, has propelled Thailand into the ranks of the top-twenty global e-commerce markets.
The success behind this growth story is multifaceted. A robust digital finance infrastructure, offering a spectrum of services from online payments to digital loans, has played a pivotal role. Market players like Grab and Foodpanda have cleverly integrated these services, enhancing the overall e-commerce ecosystem.
Thailand’s impressive internet penetration, with approximately three-quarters of its population engaging in e-commerce through platforms like Line, TikTok, and Facebook, generated a substantial USD 5.78 billion in sales last year alone. This widespread online engagement underscores the country’s fertile ground for digital growth.
Looking ahead, the trajectory remains promising, with projections indicating a consistent Compound Annual Growth Rate (CAGR) of 11.93% from 2023 to 2027, resulting in an anticipated market volume of USD 32.81 billion by the end of this period. This optimism is firmly rooted in the nation’s ongoing commitment to nurturing digital infrastructure, innovative financial services, and sustained internet penetration.
Moreover, Thailand’s endorsement of digital expansion extends beyond e-commerce. The streaming and online media sectors have also taken flight, with over half of Thai netizens using the internet for video and music streaming. The digital content industry, too, presents a realm of opportunity, with its value soaring from USD 890.86 million in 2019 to USD 1.21 billion in 2021, and a promising trajectory ahead. The Digital Economy Promotion Agency (DEPA) forecasts the industry’s continued growth, projecting a value of USD 1.79 billion by 2024. Notably, despite the setbacks caused by the COVID-19 pandemic, the gaming, animation, and characters sectors within the digital content industry are displaying robust signs of recovery and progress.
Thailand’s influence extends regionally as well, positioning itself as the second fastest-growing gaming market in Southeast Asia. DEPA’s forecasts from 2022 predicted the Thai gaming industry to reach a value of USD 38.96 billion last year.
In this landscape of relentless growth and innovation, Thailand emerges as a supportive haven for businesses operating in the digital realm. With strategic investments in critical areas and a commitment to technological advancement, the nation is poised to not only consolidate its position within the global digital arena but also pave the way for new economic vistas and technological breakthroughs in the foreseeable future.