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The digital market in Thailand - statistics & facts

Digital disruption and digital transformation are the two most important buzzwords which explain Thailand’s current digital scene that has rapidly progressed in recent years. Because of drastic consumer lifestyle changes from the recent COVID-19 pandemic, businesses are also forced to adapt their digital understanding and practices.

COVID-19 and digital disruption in Thailand

The recent COVID-19 pandemic has brought on rapid digital transformation in Thailand. Social distancing and concerns for health issues have become the new normal and have reshaped consumer preferences. Businesses are thus forced to cater to these new demands by implementing efficient digital systems. One of the shifts in demand that can be seen is the greater reliance on financial services to assist contactless payments. Mobile banking has become extremely useful and has shown a continuous increase in transactions in recent years. Additionally, businesses in the healthcare industry were also forced to battle against the challenges brought by the pandemic and must also rely on digital systems to improve efficiency.

The leap of digital services in Thailand

Digital transformation has arrived at a fast pace, much sooner than what was initially planned among the business sectors in Thailand. Despite this, digital services have managed to integrate into Thai society and have provided greater convenience to the everyday life of a typical consumer. As previously mentioned, financial technology and its services have become a part of everyday transactions and have become even more prominent due to the rising popularity of blockchain and cryptocurrencies. Businesses have also invested more in digital services, emphasizing more on e-logistics, e-retail, and online media to enhance customer experience. Additionally, businesses are also focusing their resources on e-advertisements since consumers are spending more time online.

Thailand's plan for the digital economy

Apart from recent events that pushed the country digitally, Thailand’s government is also supporting digital integration through the Thailand 4.0 economic scheme. Essentially, the plan aims to provide value-based productivity through innovation and reposition conventional businesses with smart technology. Despite these goals, Thailand is still struggling with the shortage of personnel in the digital field along with facing growing risks of cyberattacks. Although the country’s current digital state is presented as a challenge against reaching these goals, more spending has been allocated towards cyber security. Furthermore, the government has also implemented digital training programs to upskill workers to prepare Thailand for the new digital age.

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