Thailand’s Software Vendor Revenue Hits 38.5 Billion THB in 2022, a 15.8% Year-over-Year Growth

IDC: Thailand’s Software Vendor Revenue Hits 38.5 Billion THB in 2022, a 15.8% Year-over-Year Growth in Local Currency in 2H22

The software vendor revenue in Thailand hits 38.5 billion THB in 2022, a 15.8% Year-over-Year (YoY) growth in local currency in 2H22, according to International Data Corporation’s (IDC) Worldwide Semiannual Software Tracker. Key growth areas include artificial intelligence platforms, endpoint management software, and collaborative applications.

“In the past few years, organizations in Thailand have become increasingly reliant on digital technologies to overcome existing business challenges. With the slowdown of global economic growth and changes in the ways of working, businesses now require more intelligent tools to adapt to these transformations,” said Kavisara Korkong, Market Analyst, IDC Thailand.

As businesses grapple with increasing complexities, AI emerges as the key to smarter decisions, superior customer service, and data optimization, not only to enhance business insights but to unlock growth opportunities across industries. Thailand's banking and finance sector, pioneers in this technological revolution, is utilizing AI in a wide number of use cases such as customer service, fraud detection, risk assessment, and trading. AI-powered solutions enable hyper-personalized product suggestions, virtual assistants for customer inquiries, enhanced fraud detection capabilities, and improved credit score assessments for more accurate lending decisions. The AI platform market in Thailand grew by 46.3% YoY in local currency in 2H2022. IDC expects to see continuous investment and ongoing advancements in AI technology in Thailand, especially since the Thai government aims to promote AI development and application to enhance the economy and quality of life by 2027.

As the nature of work has changed, where hybrid or remote working has become more common, empowering employees to perform their work securely and productively becomes increasingly difficult. As organizations have a variety of endpoint devices with various access end-user authorization policies, managing devices remotely and maintaining security must be more sophisticated than ever. Organizations need tools that can manage endpoint devices, ensure security, and simplify IT tasks.

“Investment in endpoint management software has become crucial for Thai enterprises to provide seamless connections and secure access to all devices to get the job done,” adds Korkong. Consequently, software vendor revenue in the endpoint management software market grew by 33.7% in local currency in 2H22.

Additionally, due to the commonality of remote work, the need for effective virtual collaboration tools became paramount for employees as well as the customers and partners. As a result of the COVID-19 pandemic, organizations have adopted collaborative applications to enable them to collaborate virtually. Notably, organizations in Thailand continue to invest in collaborative applications, as evidenced by a significant double-digit growth rate in the collaborative application market at 29.9% YoY in local currency in 2H22.