The Digital Economy Promotion Agency (depa), in collaboration with the IMC Institute, has revealed the results of its 2024 survey and assessment of the digital industry, along with a three-year forecast. The report indicates that the overall industry has expanded by 23.35%, reaching a total value of over 2.496 trillion baht. The hardware and smart devices industry experienced the highest growth at 26.6%. The report also analyzes the impact of U.S. import tariff hikes and points out opportunities for the Thai digital industry amidst the competition between the two global powers.
Kasama Kongsmak, Acting Executive Vice President of depa, stated that the digital industry survey and assessment, conducted jointly by depa and the IMC Institute, focused on four main industries: Software, Hardware and Smart Devices, Digital Services, and Digital Content. The 2024 survey revealed that Thailand’s digital industry expanded by 23.35% from the previous year, reaching a total value of 2.5 trillion baht. Hardware and Smart Devices led the growth with a 26.62% increase to 1.85 trillion baht, followed by Digital Services at 367.7 billion baht (19.54% growth), Digital Content at 50.6 billion baht (14.41%), and Software at 233.4 billion baht (8.46%).
The survey also found that overall growth in Thailand’s digital workforce. The Software Industry recorded the highest increase, rising 23.77% to 175,254 people. The Digital Services Industry grew 6.23% to 86,177 personnel, while the Hardware and Smart Devices Industry employed 305,875 people, down 5.05% due to shifts in production models and greater automation.
The three-year forecast (2025-2027) projects the Digital Services Industry to lead growth at 10-14% annually, followed by the Hardware and Smart Devices at 6-7%, Software Industry at 4-6%, and Digital Content at 1-5%. By 2027, the combined value of these four industries is expected to average 3 trillion baht. This outlook reflects the momentum of emerging technologies, particularly Artificial Intelligence (AI), which is set to play a key role in driving higher demand across the sector.
Assoc. Prof. Dr. Thanachart Numnonda, Director of the IMC Institute and project manager, along with project researcher Supachai Satchapaiboonkit, revealed that Hardware and Smart Devices recorded the highest expansion in 2024, growing 26.62% to 1.85 trillion baht. The surge was driven by the global economic recovery and increasing demand for smart devices. Imports climbed 34.40% to 624.1 billion baht, while exports rose 23% to 1.22 trillion baht.
Although the Software Industry grew modestly at 8.46%, its total value reached 233.4 billion baht. This is broken down into software products, valued at 88.1 billion baht (8.26% growth), and software services at 145.3 billion baht (8.57% growth). Domestic software production was valued at 172.8 billion baht (8.38% growth), while exports reached 2.63 billion baht (8.80% growth) and imports 57.9 billion baht (8.68% growth).
The Digital Services Industry grew 19.54% to 367.7 billion baht, driven by rising demand for digital services. Within this sector, e-Retail led by 117.1 billion baht (46.29% growth), followed by e-Logistics at 108.7 billion baht (17.60% growth).
The event also analyzed the impact of U.S. import tariff increases on Thailand’s digital industry, highlighting potential effects–both positive and negative–on the import and export of Thai digital goods, particularly for the export-reliant Hardware and Smart Devices Sector. A special lecture was delivered by Pathom Indarodom, board member of the Digital Council for Economy and Society of Thailand, on “Reading the Game: The Choice Between Two Powers and the Opportunity for Digital Thailand.” He emphasized Thailand’s prospects for developing its digital industry amidst the technological competition between the United States and China, as well as the adjustments the sector must make to navigate new challenges and opportunities.
“depa and its partners sincerely hope that the results of the 2024 Digital Industry Survey and Assessment, along with the three-year forecast, will support the government in shaping policies and guiding the development of the digital industry within the National Economic and Social Development Plan. The findings will also serve as a key reference for the private sector’s business planning and decision-making,” said the Acting Executive Vice President of depa.
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