Digital transformation in Thailand to generate 795 billion USD by 2030

December 5, 2021 | 10:18 am GMT+7

Digital transformation could generate up to 2.5 trillion THB (795 billion USD) in economic value for Thailand, according to the Bangkok Post, which cited a report published by Google.


The report, entitled "Unlocking Thailand's Digital Potential", estimated that 65 percent of Thailand's digital opportunities, valued at 1.6 trillion THB, are likely to come from the use of technology that helps businesses mitigate the impact of the pandemic.

Genevieve Lim, principal of consulting firm AlphaBeta, said 40 digital tech applications across 10 industrial sectors would be a boon for the country's economic opportunity.

They include data analytics, big data, cloud computing, additive manufacturing, Internet of Things-enabled inventory management, smart grids and predictive technology.

Bangkok and its vicinities are expected to catch 40 percent of the digital opportunity by 2030, suggesting a geographic digital divide that is important to bridge, Lim told the Bangkok Post.

The report also stated that the digital adoption rate of businesses in Thailand is still low due to a shortage of digital skills, technology knowledge and graduates in technology as well as the high cost of investing in technology infrastructure such as 5G networks.

It also identified three pillars of action for Thailand that lead to fully seizing digital opportunities. They cover lowering barriers to digital adoption, enhancing digital skills training and education, and developing a conducive environment for digital trade. Digital talent gap and slow adoption of digital solutions by businesses are the two main barriers to digital transformation, the report said.

According to the latest Southeast Asia Digital Economy Report released by Google, Temasek and Bain, the region’s digital economy is expected to reach 1 trillion USD by 2030. The digital economy is expected to reach 1 trillion THB (30 billion USD) in 2021, representing a growth rate of 51 percent compared to the previous year.