Thailand’s software market grew 20.1% YoY in Q3 2022

Thailand’s software market grew 20.1% year-over-year (YoY) in 1H22, accelerating from 14.5% YoY in 2H21, according to recent research numbers from the International Data Corporation (IDC).

The software market is divided into 3 main categories, with the highest contribution revenue in 1H22 coming from the applications segment at 13.4 billion baht, up 23.3% YoY as spending on collaborative applications increases.

This was followed by system infrastructure software segment at 10.4 billion baht, up 17.5% YoY as more businesses pay attention to IT infrastructure optimization while application development and deployment contributed the least with 6.4 billion baht, up 18.0% YoY.

The chart below shows the time trend of the Thailand software market since 2019. It is evident that the country's software market has continued to experience sustained growth since that period.