Thailand's software vendor industry witnessed remarkable growth in 2022, with revenues reaching an impressive 38.5 billion baht ($1.12 billion) – representing a substantial 15.8% year-over-year increase in local currency during the second half of the year, according to the International Data Corporation.
The growth was primarily driven by key areas such as artificial intelligence (AI) platforms, endpoint management software, and collaborative applications.
According to the report, the AI platform market in Thailand experienced an impressive 46.3% year-over-year growth in local currency during the second half of 2022 driven by increasing reliance on digital technologies, technological advancements in AI, the wide range of benefits across industries, and the supportive government initiatives promoting AI development. Notably, Thailand's banking and finance sector, in particular, has been at the forefront of leveraging AI solutions.
Meanwhile, the software vendor revenue in the endpoint management software market grew by an impressive 33.7% in local currency H2 2022 period. The driving factors include the evolving work landscape, device complexity, security concerns, and the need to simplify IT tasks. These factors have compelled organizations to invest in endpoint management software to effectively manage their diverse endpoint devices, enhance security, and streamline IT operations.
Additionally, investment in collaborative applications by organisations in Thailand grew, as evidenced by a significant double-digit growth rate in the collaborative application market at 29.9% YoY in local currency in H2 2022. This was driven by the growing adoption of collaborative applications which enable workers to collaborate virtually – a trend that picked up as a result of the COVID-19 pandemic.