IT Services - Thailand

  • Thailand
  • Revenue in the IT Services market is projected to reach US$2.34bn in 2024.
  • IT Outsourcing dominates the market with a projected market volume of US$0.93bn in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 7.28%, resulting in a market volume of US$3.10bn by 2028.
  • The average Spend per Employee in the IT Services market is projected to reach US$60.00 in 2024.
  • In global comparison, most revenue will be generated in the United States (US$495.30bn in 2024).

Key regions: United States, China, India, Japan, Germany

 
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Analyst Opinion

The IT Services market in Thailand has been experiencing a steady growth in recent years.

Customer preferences:
Thai customers have become increasingly reliant on technology, with a rising demand for IT services, such as cybersecurity, cloud computing, and data analytics. The COVID-19 pandemic has accelerated the adoption of digital services, leading to a surge in demand for IT services in Thailand.

Trends in the market:
One of the trends in the IT Services market in Thailand is the growing demand for cloud computing services. Many businesses in Thailand are migrating to the cloud to reduce costs and improve efficiency. The rise of e-commerce in Thailand has also led to an increase in demand for cybersecurity services. Another trend is the adoption of artificial intelligence (AI) and machine learning (ML) technologies, which are being used to improve business operations and customer experiences.

Local special circumstances:
Thailand has a large and growing startup ecosystem, which is driving innovation in the IT Services market. The Thai government has also been promoting the development of the digital economy, with initiatives such as the Thailand 4.0 policy, which aims to transform the country into a high-income nation through technology and innovation.

Underlying macroeconomic factors:
The Thai economy has been growing steadily in recent years, with a GDP growth rate of around 3% in 2019. The government has been investing in infrastructure and promoting foreign investment, which has helped to boost the economy. The IT Services market in Thailand is also benefiting from the country's strategic location, which makes it an attractive location for multinational companies to set up regional headquarters.

Methodology

Data coverage:

The data encompasses B2G, B2B, and B2C enterprises. Figures are based on enterprises' technology spending on products, consulting, and outsourcing services.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players in the industry, Statista's primary research and surveys, and IT associations. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, internet users, and telecommunication. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing method is used based on the market data characteristics. The main drivers are the GDP and its sector composition, internet penetration, the level of digitization, and the attitude toward IT security.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.

Overview

  • Revenue
  • Key Players
  • Analyst Opinion
  • Global Comparison
  • Methodology
  • Key Market Indicators
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