The market value of software and software services in Thailand was forecast to grow by 14.9 percent in 2022, indicating the highest growth rate among other segments in the IT and digital market. This was followed by digital content and digital services segment. In Thailand, one of the fastest-growing digital services is digital advertising. Since online business channels have been showing success, digital advertising spending seemed to also increase on a yearly basis for various industries.
Digital advertising
Since the Thai government introduced the Thailand 4.0 economic model in 2016, digitalization became crucial in economic and commercial activities. Traditional advertisements on publications such as newspapers and magazines were reduced while digital advertising became a popular choice among marketers and advertisers. The expenditure of digital advertising in Thailand had been steadily increasing since 2012.
Leading spenders on digital advertising
Unsurprisingly, many sectors in Thailand have adapted their conventional advertising methods to correspond with the current digital economy. In 2020, the motor vehicle sector was the highest spender on digital advertising in Thailand, accounting for 14 percent of the total digital advertising expenditure in the country. In addition, Facebook ads appeared to be the most popular platform for the motor vehicle sector to launch its digital advertisements in 2019.
Forecasted growth rate of the IT and digital market value in Thailand in 2022, by type
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Bangkok Post. (September 23, 2020). Forecasted growth rate of the IT and digital market value in Thailand in 2022, by type [Graph]. In Statista. Retrieved August 25, 2024, from https://www.statista.com/statistics/1019062/thailand-forecasted-it-and-digital-market-growth-by-type/
Bangkok Post. "Forecasted growth rate of the IT and digital market value in Thailand in 2022, by type." Chart. September 23, 2020. Statista. Accessed August 25, 2024. https://www.statista.com/statistics/1019062/thailand-forecasted-it-and-digital-market-growth-by-type/
Bangkok Post. (2020). Forecasted growth rate of the IT and digital market value in Thailand in 2022, by type. Statista. Statista Inc.. Accessed: August 25, 2024. https://www.statista.com/statistics/1019062/thailand-forecasted-it-and-digital-market-growth-by-type/
Bangkok Post. "Forecasted Growth Rate of The It and Digital Market Value in Thailand in 2022, by Type." Statista, Statista Inc., 23 Sep 2020, https://www.statista.com/statistics/1019062/thailand-forecasted-it-and-digital-market-growth-by-type/
Bangkok Post, Forecasted growth rate of the IT and digital market value in Thailand in 2022, by type Statista, https://www.statista.com/statistics/1019062/thailand-forecasted-it-and-digital-market-growth-by-type/ (last visited August 25, 2024)
Forecasted growth rate of the IT and digital market value in Thailand in 2022, by type [Graph], Bangkok Post, September 23, 2020. [Online]. Available: https://www.statista.com/statistics/1019062/thailand-forecasted-it-and-digital-market-growth-by-type/