Thailand’s Digital Economy Skyrockets: 14% Growth Hits 2.6 Trillion Baht in 2022

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Bangkok, September 21, 2023 – In a groundbreaking report released by the Digital Economy Promotion Agency (DEPA), Thailand’s digital economy marked a staggering 14% growth in 2022, propelling its market value to an impressive 2.6 trillion baht.

Dr. Kasititorn Pooparadai, the Senior Executive Vice President at DEPA, highlighted the remarkable sustained growth that has permeated multiple industrial sectors within the country. This robust expansion has been powered by shifts in consumer behavior and the relentless march of technological advancements.

DEPA’s extensive survey, encompassing five key sectors—software, hardware and smart devices, digital services, digital content, and communications—revealed that the digital services sector spearheaded the charge with an astonishing 21% increase. This surge in growth was underpinned by significant strides in FinTech, Health Tech, and the retail sector, all of which collectively contributed to an impressive combined market value approaching 300 billion baht.

Notably, the software and software services industry were not far behind, boasting a remarkable 19% expansion and a market value hovering close to 200 billion baht. Projections indicate that this sector is on track to achieve a market value of approximately 270 billion baht between the years 2023 and 2025.

These compelling statistics underscore a comprehensive shift towards full digitization within Thailand’s digital economy and its associated sectors. The nation’s digital landscape continues to evolve rapidly, driven by consumer demand and cutting-edge technological innovations.

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