This Blog will show you about the new digital technology in Thailand is evolving constantly all over the world. Countries like the USA, China, India are heavily investing in technology to receive a high Foreign Direct Investment (FDI) in their country. While these countries have bigger GDP, know about some competitive countries like Thailand since they are investing a lot on their digital transformation. Their digital economy grew by 10% to almost $21 billion in 2020, and is expected to rise to $53 billion by 2025. This blog will show you about the new digital technology in thailand and the impact of digital technology in thailand on different field.
In-depth Analysis Of International Companies In Thailand
International companies should also have a deep understanding about Thailand’s artistic geography and regulations, as well as strategies to promote digital transformation. Thailand’s ongoing digital transformation will profit from the multi-faced approach to digitalization. It can also place itself as a major player in Southeast Asia. The strategic integration of original values with indigenous and international assignments heralds the forming of a digital period in Thailand.
How Is Thailand Improving In Their Digital Technology?
This Blog will show you about the new digital technology in Thailand e-commerce market is one of the fastest growing in Southeast Asia where gross online merchandise value increased by 68% in 2021 and is expected to expand by 14% between 2021 and 2025. To boost a competitiveness advantage in its digital industries. Thailand Board Of Investments (BOI) has introduced incentives to attract high value-add investments from local and foreign investments by tax holidays i.e., if any company who will contribute at least 200 million baht(or $5.4 million) or 1% of their sales of the first three years will get a longer tax breaks(upto 13 years)
Success Stories Of Thailand Till Now
This Blog will show you about the new digital technology in Thailand has many successful stories until now. Last year, Thailand celebrated its first unicorn company as Flash Group, an e-commerce logistics and delivery services provider which raised over. Which raised $150 million from Series D+ and E funding, reaching its total value to more than $1 billion.
Thailand was already on the road of digital transformation, making good progress with the development of its infrastructure, but COVID pandemic increased their pace. With resulting in increasing in digital economy. The demands for digital products or services such as e-payments began to rise for most Thais
Now, the government is focusing on areas like cloud computing and big data to power the next phase in the journey to become the world’s next digital powerhouse. For example, This Blog will show you about the new digital technology in Thailand data center market is expected to rise almost 8% annually over the next few years. Because of high demand from financial services, automotive, retail, and its content sectors.
Impacts of Technological Advancement in Thailand
The enhancement of technology in the business world has different impacts, which includes both positive and negative. As if we talk about the positive impact, it has made it easy to work for a company. Now, people can work for their organization delicately by sitting at home. If you are living in different area and want to connect with any specific company in Thailand, this beneficial technology can be helpful for you. On the other hand, it has some negative points too. As increasing the use of technology has made users addicted that makes them lazy and dependent. Along with this, by the boost of technology the cyber crimes has also been boosted. now the chances of getting attacked by cyber threats are increasing day by day. Thus, there are different impacts of the technological advancement in Thailand.
Is It Ready For A Technology Boost?
This Blog will show you about the new digital technology in Thailand has now more challenges to tackle, here are few of them
1. Lack of digital literacy: Even though Thailand has many digital talents, It is still less compared to Thailand’s population. Vietnam, on the other hand, produces a higher number of people with digital skills with respect to their population. Educational institutes should also promote digital skills among people.
2. Lack of legal frameworks: Thailand should launch regulations that are suitable to its environment to insure smooth digital transformation and cover consumers. ’ Benefits but noted that generative AI could offer results that violate others’ intellectual properties. Too strict regulations could spark difficulty in digital result trials.
3. Financial impact: Cyber attacks have led to substantial fiscal losses. With 65% of Thai associations reporting impacts of at least US$ 1 million. The fate has also affected functional aspects, including pool and growth plans.
Conclusion
This Blog will show you about the new digital technology in Thailand transformation is more late than expected, although it makes great progress. It still lacks in many places.Thailand’s digital transformational journey is complex, involving artistic adaptation, and international cooperation. Thailand’s path towards a successful and inclusive digital future. It is paved with embracing the assignments of bordering nations and weaving in digital inventions while incorporating traditional values.
FAQs
Ans- In the last 3 years, Thailand completed three unicorn startups. i.e., Flash Express, Ascend Money, and the latest one was Line Man Wongnai.
Ans- Based on the IMF’s outlook, Thailand will, in 2023, grow by 3.4%. Which indicates the country is heading in the right direction. Concerning 2024, the experts say an increase of 3.6%.
Ans- Thailand’s digital economy is expected to rise to $53 billion by 2025.
Ans- It is expected to expand by 14% between 2021 and 2025.
