Google predicts lucrative digital future for Thailand
A report by Google predicts that Thailand’s digital transformation could produce $75 billion a year in economic value by 2030 and boost economic opportunity in the Kingdom.
Digital transformation includes adoption of data analytics, big data, cloud computing, additive manufacturing, Internet of Things-enabled inventory management, artificial intelligence, smart grids and predictive technology.
Google’s report entitled “Unlocking Thailand’s Digital Potential” said that the consumer, retail, hospitality, manufacturing and government sectors all stand to gain from an uptake in digital technologies. It estimated that 65 percent of the Kingdom’ digital opportunity could be driven by technology applications that help businesses mitigate the impact of the pandemic.
The report said that if ten sectors of the Thai economy pursued digital transformation that it would be a boom for the economy overall.
Jackie Wang, Country Director of Google Thailand, said that the pandemic has made the last two years quite difficult for Thailand with the pandemic. She also added that it is heartening to see Thais adapting to the unforeseen changes and seizing new opportunities by adopting digital tools and technologies.
The report recommended that Thailand could lower barriers to digital adoption, enhance digital skills and training, and develop a conducive environment for digital trade. This would help expand the opportunities and benefits of digitalization beyond Bangkok and major provinces in the country.
Google has forecast that Thailand’s digital economy will be worth $30 billion in 2021, a huge increase of 51 percent year-on-year. The report mentioned that 34 percent of digital merchants surveyed in Thailand have survived the pandemic because of online sales.