IT Services Fuel Global Growth: Market to Reach $10.19 Billion by 2029, Driven by Connectivity and Innovation

Information technology (IT) services fosters global connectivity and business expansion. IT services empower businesses to transcend geographical boundaries by enabling seamless communication and data exchange and tap into wider markets, facilitating the establishment of a robust global presence. The digital infrastructure provided by IT services supports cross-border collaboration and enhances efficiency and innovation through real-time information sharing. As businesses increasingly rely on technology to streamline operations, IT services become indispensable for fostering a connected global ecosystem, fostering economic growth, and promoting international cooperation.

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Data Bridge Market Research analyses the Thailand Information Technology (IT) Services Market which was growing at a value of 7.22 billion in 2021 and is expected to reach the value of USD 10.19 billion by 2029, at a CAGR of 4.4% during the forecast period of 2022-2029. The surge in digital transformation initiatives within Thailand reflects a strategic shift among companies to leverage advanced technologies for heightened operational efficiency, improved customer experiences, and increased competitiveness. This trend propels a rising demand for IT services, as businesses seek technological solutions and expertise to navigate and implement transformative digital strategies.

Key Findings of the Study

Rise in adoption of cloud computing is expected to drive the market's growth rate

In the Thailand information technology (IT) services market, the driver of cloud computing adoption is pivotal. Businesses in Thailand are increasingly embracing cloud-computing services to enhance operational efficiency and scalability. The demand for IT services arises as organizations migrate to cloud infrastructure, platforms, and software solutions. IT services play a crucial role in facilitating the seamless transition to the cloud, managing the complexities of migration, and ensuring optimal performance post-adoption. This trend is fueled by the desire for cost-effective solutions, improved collaboration, and the ability to access cutting-edge technologies without significant upfront investments. As a result, the growth in cloud computing adoption serves as a prominent driver shaping the landscape of IT services in Thailand.

Report Scope and Market Segmentation

Segment Analysis:

The Thailand information technology (IT) services market is segmented on the basis of type, business function, deployment model, organization size and end user.

• On the basis of type, the Thailand information technology (IT) services market is segmented into managed services, and professional services
• On the basis of business function, the Thailand information technology (IT) services market is segmented into manufacturing/development, finance and accounting administration, sales and marketing, operations and support, supply chain management, human resources and procurement
• On the basis of deployment model, the Thailand information technology (IT) services market is segmented into on-premises, and cloud
• On the basis of organization size, the Thailand information technology (IT) services market is segmented into large enterprise, small and medium enterprises (SMES)
• On the basis of end user, the Thailand information technology (IT) services market is segmented into banking, financial services and insurance (BFSI), telecommunication, manufacturing, media and entertainment, government and defence, healthcare, retail, utility and gas, and others

Major Players

Data Bridge Market Research recognizes the following companies as the major Thailand information technology (IT) services market players in Thailand information technology (IT) services market are TechSpace Co., Ltd. (Thailand), Atos SE (Thailand), Clarity IT Co., Ltd., (Thailand), Infinity IT Success Ltd., (Thailand), Jan IT Co., Ltd., (Thailand), Dimension Data (Thailand), Innovation (Thailand), SafeComs (Thailand), AD System Asia Co., Ltd. (Thailand)

Market Developments

• In April 2023, Ribbon Communications Inc., a US-based global provider of real-time communication technology and optical networking solutions, expressed its commitment to Thailand's Digital Transformation. The company, known for serving major IP service providers, enterprises, and key infrastructure operators worldwide, intensified its presence in Thailand. The primary objective was to modernize and secure networks in the region. Ribbon Communications aimed to contribute to Thailand's technological advancement by leveraging its expertise in real-time communication and optical networking solutions
• In November 2022, FPT Software, a Vietnam-based IT solutions provider, made a strategic move by announcing the expansion of a new office in Bangkok, Thailand. This expansion was a part of the company's plan to target the top 30 IT companies in Thailand and extend its global footprint. The establishment of the Bangkok branch was driven by the growing demand for digital transformation in Thailand. FPT Software aimed to capitalize on this demand and position itself as a key player in the Thailand IT industry
• In April 2022, Cyber Elite, a subsidiary of the Benchachinda Group and a digital solutions provider, collaborated with Menlo Security Inc. to strengthen cyber defenses for businesses in Thailand. Menlo Security Inc. introduced the first managed cloud security platform in the country, focusing on offering a simplified cybersecurity solution. The platform aimed to empower customers to protect against cyber threats with flexible budget options through subscription models
• In March 2021, Ascend Technologies LLC, a prominent Midwest IT solution provider, achieved notable certifications. The company completed MSPAlliance's MSP Verify Program (MSPCV) certification, SOC 2 Type 2 certification, and the MSPAlliance Cyber Verify Risk Assurance Rating for Managed Services and Cloud Providers. These certifications showcased Ascend Technologies' commitment to meeting industry standards in managed services, ensuring the security and reliability of its offerings
• In January 2021, Atos and IBM announced the expansion of their strategic collaboration in Thailand. The collaboration aimed to assist businesses in accelerating digital transformation and optimizing processes across various sectors, including manufacturing, energy, utilities, oil and gas, retail, and transportation. The focus areas included asset lifecycle management solutions, asset monitoring and maintenance, repair, and operations (MRO) optimization, packaging, transportation, and logistics optimization solutions, as well as smart waste/energy monitoring and optimization solutions

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