Software - Thailand

Thailand

Revenue in the Software market is projected to reach US$1.07bn in 2024.
Enterprise Software dominates the market with a projected market volume of US$0.45bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 6.95%, resulting in a market volume of US$1.40bn by 2028.
In global comparison, most revenue will be generated in the United States (US$353.50bn in 2024).

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

Definition:

In general, software is defined as a set of instructions written as programming code to execute specific tasks on a computing device. The Software market covers a wide range of software products and solutions that are publicly sold by various companies. Most software solutions in this market are designed for professional use, but some can also be suitable for personal use. They can also range from basic productivity tools such as word processors and spreadsheets to complex software solutions such as project management tools, graphic design software, and enterprise resource planning software.

Products in the Software market can be obtained in two ways: as on-premises software that is sold via a transactional license or a subscription and as cloud-based software (software as a service/ SaaS) that is most frequently sold as a subscription.

Structure:

The market contains four markets that are based on the functionality of the software:

Productivity Software refers to application software that supports activities such as producing documents, spreadsheets, drawings, and presentations. This market includes Administrative Software, Collaboration Software, Office Software, Creative Software, and Construction and Design Software.
Enterprise Software refers to all software that supports essential large-scale business activities such as enterprise resource management, customer management, and supply chain activities. This market includes Enterprise Resource Planning Software, Customer Relationship Management Software, Business Intelligence Software, Supply Chain Management Software, Content Management Software, and Other Enterprise Software.
Application Development Software refers to software and tools that help the overall application development process.
System Infrastructure Software refers to software that provides the base framework for operating and managing organizational processes and services on hardware devices.

Additional Information:

The Software market comprises revenue and revenue change as the key performance indicators. Only revenues that are generated by primary vendors at the manufacturer price level either directly or through distribution channels (excluding value-added tax) are included, and revenues generated by resellers are excluded. Revenues are generated through both online and offline sales channels and include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Detailed definitions of each market can be found on the respective page where the market data is displayed.

Key players in this market include Microsoft, Adobe, SAP, Oracle, and Salesforce.

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Market

Region

Region comparison

Currency

Analyst Opinion

Thailand is a country that is known for its tourism, but it is also a country that is experiencing growth in the software market.

Customer preferences: Thai customers are becoming more tech-savvy and are increasingly using technology in their daily lives. This has led to an increase in demand for software that can make their lives easier, such as mobile apps and software that can help them manage their finances. Additionally, Thai customers are also showing a preference for software that is user-friendly and easy to navigate.

Trends in the market: The software market in Thailand is experiencing growth due to the increasing demand for software from both businesses and consumers. One trend that is emerging is the use of cloud-based software, which allows businesses to access software from anywhere, at any time. Another trend is the use of artificial intelligence and machine learning in software, which can help businesses make better decisions and improve efficiency.

Local special circumstances: One factor that is unique to the software market in Thailand is the government's push to promote the use of technology in the country. The government has launched several initiatives to encourage the adoption of technology, such as the Thailand 4.0 policy which aims to transform the country into a high-income nation through technology and innovation. Additionally, the government has also launched programs to help startups in the software industry, such as the Startup Thailand program.

Underlying macroeconomic factors: Thailand's economy is growing, and this growth is expected to continue in the coming years. This growth is being driven by several factors, including an increase in tourism, a growing middle class, and an increase in foreign investment. These factors are creating a favorable environment for the software market to grow, as businesses and consumers have more disposable income to spend on software. Additionally, Thailand's strategic location in Southeast Asia makes it an attractive market for businesses looking to expand in the region.

Methodology

Data coverage:

The data encompasses B2B, B2G, and B2C enterprises, except for the Enterprise Software segment, in which consumer (B2C) spending is not considered. Figures are based on the allocation to the country where the money was spent at manufacturer price level (excluding VAT).

Modeling approach / Market size:

Market sizes are determined through a top-down approach with a bottom-up validation, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and reports from our primary research. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, level of digitization, GDP sector composition, and observed level of software piracy. 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. The main drivers are the GDP and the level of digitization.

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 is considered at a country-specific level.