Thailand Cybersecurity Market Size

Thailand Cybersecurity Market Analysis

The Thailand Cybersecurity Market size is estimated at USD 446.00 million in 2024, and is expected to reach USD 871.71 million by 2029, growing at a CAGR of 14.10% during the forecast period (2024-2029).

The increasing usage of software solutions, Internet, and connected devices across the end-user industries in Thailand, in line with the country's priority on developing a digital economy, infrastructural development for high-speed Internet, growth of online banking services, and the demand for cloud-based software, are raising the risk of cyber attacks in Thailand is driving the requirement of cyber security solutions in the country, which may fuel the market's growth.

The country has been prioritizing developing frameworks for making its digital economy cyber-resilient; however, the lack of skilled cyber security personnel makes it a challenge for the stakeholders of the cyber security market and may lower the market's growth during the forecast period. For instance, in September 2023, the Secretary General of the National Cyber Security Agency (NCSA) highlighted a significant talent gap in Thailand's cybersecurity workforce, mentioning that only 0.5% of Thai bureaucrats are in the IT field and an even more minor fraction work in cybersecurity, which may impact the country's objective in strengthening national cybersecurity. This lack of a cyber security workforce may affect the growth of cyber security solutions as, without skilled cyber security personnel, the market may witness a significant shortage in implementing cyber security solutions during the forecast period.

The widespread shift in multiple industries toward digital transformation has driven companies to reassess their cybersecurity measures. As the country adopts digital transformation across various sectors, organizations recognize the critical requirement to safeguard their digital assets against growing cyberattacks. This surge in demand may be attributed to the widespread adoption of digital technologies, including cloud computing, big data, and the Internet of Things (IoT), which has expanded the attack surface and increased the complexity of safeguarding sensitive information.

The widespread adoption of a cloud-first strategy is driving the need for robust cybersecurity measures in Thailand. As organizations migrate their operations and data to cloud environments to enhance scalability and flexibility, they face distinctive security challenges. The inherent risks associated with cloud computing, including data breaches, unauthorized access, and compliance issues, have propelled the demand for specialized cloud security solutions. Adopting a cloud-first strategy necessitates cybersecurity measures that can secure data in transit, protect cloud infrastructure, and ensure robust identity and access management in the cloud. The cybersecurity market in Thailand is actively responding to these challenges by offering tailored solutions to address the complexities of cloud security, reflecting the industry's adaptability to evolving technology trends.

The need for qualified and experienced cybersecurity specialists has increased as the digital landscape evolves and cyber threats get more complex. The need for more skilled professionals in this field hinders the effective implementation and management of cybersecurity solutions, creating a bottleneck that impacts the overall cybersecurity market in Thailand.

The growth of digital payments in Southeast Asian countries, including Thailand, has emerged due to the growth of online banking services and the growth of online transactions, which has raised the risk of cyber attacks on the digital infrastructure of these payment activities in the country, increasing the demand for cyber security solutions during the forecast period.

In the post-pandemic period, the growth of online payments in the country and other online-based business activities has raised the risk of breaching network, infrastructure, cloud, and data security by the cyber attacks, fueling the demand for cyber security market in the country after the pandemic. For instance, in March 2023, Thailand's government introduced new Cybercrime Measures for Banks and other Service Providers to minimize cybercrimes in the country by providing legal measures applying to offenders, which shows the increasing governmental priority in the cybersecurity sector after the pandemic, supporting the market's growth in the future.