61% of Thai economy to be ‘digitalised’ by 2022: IDC

By The Nation

 

 

IDC on Monday unveiled its top predictions for Thailand’s information-technology industry for this year and beyond, predicting that by 2022 more than 61 per cent of the country’s gross domestic product will be digitalised.

 

By that time, growth in every industry will be driven by digitally enhanced offerings, operations and relationships, driving US$72 billion (Bt2.25 trillion) in IT-related spending from 2019 through 2022, the Thai arm of the US-based market-intelligence company said.

 

IDC believes the digitalised economy will lead to more intense competition, especially when digital disruptors are heavily penetrating the local market.

 

Therefore, it urges business leaders to embrace emerging technologies in order to gain opportunities with the rise of the new digital-transformation economy. 

 

Local organisations should move towards becoming digitally determined entities, which are organisations that demonstrate the ability to visualise how the markets and customers will change and reinvent themselves to better respond to the needs of these future stakeholders through new and emerging technologies, capabilities and business models. 

 

“The race to reinvent is inevitable, and we foresee a steady growth in adoption of emerging technologies in the country, mainly because Thailand is working to improve economic growth by shifting its economy from an industry-driven country to one that is driven by high-tech innovations,” said Anchalee Sudechawongsakul, software market analyst for IDC Thailand.

 

“Innovation will continue to disrupt every industry and business leader should focus on technologies that enable business outcomes. This is the right time to realise that enabling the digital industry will drive other industries to grow as well,” the analyst added.

 

Source: http://www.nationmultimedia.com/detail/breakingnews/30364741

 

-- © Copyright The Nation 2019-02-25

 

I suspect the analyst has never actually visited Thailand. Certainly never seen business at street level. Pretty much anywhere you buy anything, without a calculator, they would be totally unable to work out how much your bill is. Having the right money ready before they tap in the prices and then see the two amounts the same, often sees startled and unbelieving looks. (OOOOooo! How did you do that in your head?) To see 61% of these folk utilising such new technologies within such a short time frame, seems to me, to be bordering somewhere between the hysterical and the delusional.

Edited February 25, 20197 yr by ThreeEyedRaven
Typo

No chance, don't even need to know your own pin number when  purchasing something, contactless??  Forget it. Thailand is still in the stone age in some respects. 

Seems someone has applied for some weed amnesty beforehand 

There's a long way to go but look how popular Lazada and Shopee have become. So popular that people are borrowing from the local money lenders to pay for their online spending! (True!)

 

But so much is still in the dark ages, especially government departments. Oddly enough the outsourcing of Thailand's e-visa system is a step in the right direction and it may be my imagination but I think the use of fax is finally diminishing! Just get some of these offices to accept electronic money transfers and stop needing photocopies of everything and that'd be another step forward.

 

Contactless payments may seem a long way off but the acceptance of WePay and AliPay is a sign that cashless transactions are increasing.

 

 

 

They can do it. The technology is there. Even the street vendors in China accept digital payments visa WeChat. The hardest part is changing the mindset of the locals.

28 minutes ago, dcnx said:

They can do it. The technology is there. Even the street vendors in China accept digital payments visa WeChat. The hardest part is changing the mindset of the locals.

And everyone CAN improve their health with diet and exercise, but as you pointed out - "The hardest part is changing the mindset of the locals."

1 hour ago, dcnx said:

They can do it. The technology is there. Even the street vendors in China accept digital payments visa WeChat. The hardest part is changing the mindset of the locals.

and my mindset ,im against it too 

cash is best, but that will not create growth to governments and banks, only freedom to the people 

dont fool yourself, you will have to pay for everything all over the world 

put one ekstra cost on ,there even tells on you ,doesnt benefit you 

even if you think it makes it easy to pay, it create more problem in a large scale ,than take out cash of your wallet and pay

 

The trouble with a digital economy is that it leaves a digital paper trail. It records who did what, so "brake failure" becomes very difficult. This will challenge a number of aspects of Thai culture,

6 hours ago, madmitch said:

There's a long way to go but look how popular Lazada and Shopee have become. So popular that people are borrowing from the local money lenders to pay for their online spending! (True!)

 

But so much is still in the dark ages, especially government departments. Oddly enough the outsourcing of Thailand's e-visa system is a step in the right direction and it may be my imagination but I think the use of fax is finally diminishing! Just get some of these offices to accept electronic money transfers and stop needing photocopies of everything and that'd be another step forward.

 

Contactless payments may seem a long way off but the acceptance of WePay and AliPay is a sign that cashless transactions are increasing.

 

 

 

Agree. And, every single one of the things you list are FOREIGN innovations and adopted somewhere NOT in Thailand first. Thais are reasonably capable of being users of other people's innovations. But, they are not good at building anything on their own or maintaining anything complex without foreign help.

Can't wait to see the digital brown envelope

I suspect the analyst has never actually visited Thailand. Certainly never seen business at street level. Pretty much anywhere you buy anything, without a calculator, they would be totally unable to work out how much your bill is. Having the right money ready before they tap in the prices and then see the two amounts the same, often sees startled and unbelieving looks. (OOOOooo! How did you do that in your head?) To see 61% of these folk utilising such new technologies within such a short time frame, seems to me, to be bordering somewhere between the hysterical and the delusional.

I thought about this the other day because I am currently building our new home and have started to incorporate “ smart home” features.

 

Doing research on the internet I suddenly realized that here in Thailand - except for some very basic features- I will probably never be able to use the full potential these appliances offer - it would just be too risky as I would not trust most online companies here with my payment details and the entire supporting environment is missing.

Even simple online orders they can not handle - I have ordered an air purifier online with a well known Thai electronic/ appliances chain and will never deal with them again - after one month now I am still waiting - no answer from their service email - phone hotline you give up after 30 minutes - should have checked their Facebook reviews page first - nothing but complaints.

 

Talking about high tech innovations ?? Are they kidding ? Thailand can not even built their own car in the 21st century.

Protectionism and monopolies preventing the country from moving forward economically.

 

Probably 80 % of Thai companies would go bust if foreign companies where allowed in on a leveled, fair playing field.

 

Thai consumers are taken to the cleaners every single day because only a few large conglomerates divide the market between them.

 

The article here is nothing but wishful thinking especially the timeframe - Thailand is at least 20 years behind when it comes to “digital economy” and everything else.

 

 

 

 

 

Sent from my iPhone using Thailand Forum - Thaivisa mobile app

 

Artificial intelligence is no substitute for naturally stupidity. 

12 hours ago, snoop1130 said:

61% of Thai economy to be ‘digitalised’ by 2022

The IDC are playing with themselves. Thailand has two economies. The official economy and the "black" economy which some experts say is one of the largest "black" economies in the world. It is claimed the "official" economy is only 59% of the total economy. 

So what they are effectively saying is that 61% of 59% of the "official" economy will be digitised. Or more accurately only 36% of the total economy will be digitised, perhaps....if they are lucky.

The 41% "black" economy is hardly going to be digitised when it is made up of street vendors, food stalls, souvenir sellers, repair shops, prostitution, illegal lotteries, taxi mafia, bribes and extortion, street drug trade, smuggling, human trafficking, informal money lending and small weapons trade etc, etc. The one exception to that would be the online scam artists who seem to 100% digitised. 

12 hours ago, ThreeEyedRaven said:

I suspect the analyst has never actually visited Thailand. Certainly never seen business at street level. Pretty much anywhere you buy anything, without a calculator, they would be totally unable to work out how much your bill is. Having the right money ready before they tap in the prices and then see the two amounts the same, often sees startled and unbelieving looks. (OOOOooo! How did you do that in your head?) To see 61% of these folk utilising such new technologies within such a short time frame, seems to me, to be bordering somewhere between the hysterical and the delusional.

Nah

Things are on the up. Somchai is on the case. 

 

"Digitalised", is that the latest meaningless buzzword they like to throw around now?

 

Because if this really meant something and if 61% of Thai GDP was to become "digitalised", then they are going to be looking at an unemployment rate of 80%. 

16 hours ago, ThreeEyedRaven said:

Certainly never seen business at street level. Pretty much anywhere you buy anything, without a calculator, they would be totally unable to work out how much your bill is.

Presume that's why they need to be "digitalised"...

17 hours ago, snoop1130 said:

61% of Thai economy to be ‘digitalised’ by 2022: IDC

6 hours ago, grumbleweed said:

Can't wait to see the digital brown envelope

Maybe this is the whole point?

Just to be clear, IDC is not a Thai company. They are an international company based in the United States with offices on every continent on the planet. There is a very high probability that they know what they are doing. The original post by IDC might help some understand the difference between what IDC said and what The Nation newspaper wrote.

13 hours ago, Cadbury said:

The official economy and the "black" economy which some experts say is one of the largest "black" economies in the world. It is claimed the "official" economy is only 59% of the total economy. 

Do you have a link to assert the number?

8 hours ago, onera1961 said:

Do you have a link to assert the number?

I do as a matter of fact. Surely you wouldn't think I just pull those numbers out of my ass. For me 40.9% is close enough to 41% leaving 59% as the "official" economy.

Anything thing else you might like me to provide for you?

https://www.gulf-times.com/story/448401/Thailand-s-shadow-economy-among-biggest-worldwide

what needs to be digitized are all govt offices, extensions etc are a joke with the amount of paper involved, digitizing everything and having it on computers would speed it up so much it isnt funny. Yesterday we went to a land office to have the names changed of the owners, not a lot of people but took over 3 1/2 hours with only 4 in front of us as it was all paper work. Digitizing would speed up all govt office and save a fortune on paper but would also mean less need for workers and higher unemployment rates, would also make it harder for graft/corruption to occur, could well explain why they dont do it

I do as a matter of fact. Surely you wouldn't think I just pull those numbers out of my ass. For me 40.9% is close enough to 41% leaving 59% as the "official" economy.
Anything thing else you might like me to provide for you?
https://www.gulf-times.com/story/448401/Thailand-s-shadow-economy-among-biggest-worldwide

Informal economy is not same as black economy. Yes casual observars in the street can prove that. Every developing country has that.

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