Thailand IT And Security Market Size

Thailand IT and Security Market Analysis

The Thailand IT And Security Market size is estimated at USD 7.78 billion in 2024, and is expected to reach USD 15.71 billion by 2029, growing at a CAGR of 15.07% during the forecast period (2024-2029).

• Following the widespread proliferation of the Internet, the country is transitioning into a digital economy, which has opened up new sources of revenue for several industries in Thailand, including telecommunications service providers, digital entertainment and gaming, and consumer electronics.
• With digital transformation, organisations have become increasingly dependent on applications and extensions that make IT a critical competitive advantage for most organizations. Moreover, IT outsourcing has become more than a simple cost-reduction technique with cloud migrations and cloud service options. Therefore, this new form is driven by organizational initiatives regarding business growth, customer experience, and competitive disruption.
• Several initiatives by the government to propel digital technologies development and adoption are further supporting market growth. For instance, in December 2022, the Thailand-based government agency signed MoU with Tech Mahindra, one of the global IT solutions providers, to co-develop digital solutions and execute commercially viable projects and use cases for enterprises in areas of IoT, AI, 5G, Analytics, Blockchain, and Metaverse for various industries including Smart Cities, Telecom, among others.
• Various governmental defense agencies and Companies are moving more data to the cloud, designing new digital systems and increasing their network infrastructure's number of endpoints. The attackers have been given new opportunities to penetrate supply chains as a result of their increasing reliance on third parties and service providers.
• The increasing number of cyberattacks in the country, increasing demand for digitalization and scalable IT Infrastructure, the rising need to tackle risks from third-party vendor risks, the evolution of MSSPs, and the adoption of a cloud-first strategy, have been driving the growth of cybersecurity solutions and services in the country.
• However, the shortage of skilled IT professionals to meet the demand leads to businesses having difficulty in their operations and challenging the market in Thailand.
• The COVID-19 pandemic has accelerated the increase adoption of digital technologies and digital transformation initiatives across various end-user industries in the country, with increasing investment in cloud computing, collaborative tools, and IT infrastructure-related solutions to ensure business connectivity. This increased reliance on digital technologies and remote work has heightened security concerns, resulting in increased demand for security solutions in the market.