Thailand is in the spotlight and all set to grow into a solid digital economy in the coming years. The Royal Thai Government initiated a 20-year National Strategy Framework that had the aim to put Thailand on the list of developed countries and grow into a sustainable digital economy.
The plan had four phases and today, the country has entered into Phase 4 which is the final one. The country has invested in digital infrastructure leading to digital inclusion and is currently on the way to global digital leadership. Phase 4 will focus on using the power of digital technologies for long-term sustainable development in Thailand.
This blog will show you about the new digital technology in Thailand and other related elements. So, without any further ado, let us dive into the details.
New Digital Advancements In Thailand
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Cloud First Policy
The Digital Economy Ministry of Thailand is all set to harness the power of cloud computing and leverage the cloud infrastructure to transform the country into a cloud hub. The prime focus of adopting this technology is to enhance government operations by securing the digital infrastructure of the country and modernizing it.
This will attract domestic and foreign investment companies and save up to 30% to 50 % of the processing infrastructure budget of the nation.
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Iot (Internet Of Things)
IoT combines the power of data analytics, cloud computing, connected devices, and sensors to optimize the operations of the business. The IoT market is expected to grow with a CAGR of 30.18% from 2018 to 2033 in Thailand which will reach a total value of 188 billion THB.
Almost all of the verticals in the country are impacted by technology. Manufacturing 4.0, the energy sector, smart education, smart home, and smart healthcare are some of the traditional domains that are revamping their operations with this technology in the country.
The healthcare domain is using power technology in three major areas namely, the creation of new drugs and diagnostics, disease management, and disease prevention. The education sector is further using technology for easy provision, better material creation, and proper learning at all levels of education.
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AI & Robotics
Another digital advancement happening in Thailand is fueled by the power of AI and Robotics. The immense power of AI and robotics will create several new job opportunities in the country. According to the source, there will be 150K new jobs in Thailand by the year 2030.
Moreover, the technologies will transform the education sector which will enhance the overall learning process. It will bring automation which will speed up all the administrative and grading processes which will reduce the stress on working personnel.
Besides this, both these technologies have a lot of potential in the healthcare sector. The sector will become more efficient and professionals will be able to offer a healthier life to patients with these modern technologies. The market value of AI in Thailand is expected to reach 114 billion THB by 2030.
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Yes To 5G
Thailand was one of the first countries to adopt 5G and expand its network capabilities. With the lack of skilled labor in the digital space, the government is looking to target the younger generation to develop the necessary skills to stand in the digital economy.
A resident in Thailand spends around 9 hours on average on smartphones so there is a deep penetration of the internet and smart devices among the population of the country. The country is looking to leverage the power of 5G with other modern technologies to promote skill development in the masses.
Moreover, the advancement in network capabilities will further allow the corporate world to carry out their operations seamlessly converting the county into a hub that will attract new businesses.
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Blockchain
With Thailand 4.0 spearheading the growth of the country, the government is tapping into the potential of blockchain technology to offer value-added services to industries. This technology is helping the country in several industries like trade, finance, agriculture, etc.
The Ministry of Finance leveraged the power of technology to ameliorate the systems to detect tax fraud and track tax payments.
Blockchain technology is spreading its roots in all sectors as businesses and people have trust in the technology. According to the source, there were approximately 120K new accounts opened in January 2024 in cryptocurrency trading in the country.
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Government Initiatives
The government is actively participating in supporting the growth of Thailand 4.0. The BOI( Board of Investment) of Thailand has come with several incentives to further promote the strategy of investment in the country.
The incentives focus comprises tax and non-tax incentives which further spread to end-to-end services and business ecosystems. These incentives will exempt businesses from corporate tax, boost the expansion of existing ones, and help investors to relocate easily.
Final Verdict
With the rising technologies, Thailand is on the way to marking its presence in the global digital economy. With the rise of eCommerce platforms, digital payment solutions, and blockchain protection, businesses are able to expand their operations seamlessly which is fueling the growth of the country’s economy. In short, this blog will show you about the new digital technology in Thailand.
