Thailand Smart Cities Market (2023-2029) | COVID-19 IMPACT, Trends, Size, Share, Forecast, Revenue, Growth, Value, Analysis, Industry & Companies

Thailand Smart Cities Market Synopsis

Thailand smart cities market has witnessed substantial growth, primarily attributed to advancements within the ASEAN Smart Cities Network (ASCN). In 2018, Bangkok, Chonburi, and Phuket were designated as pilot smart cities within the ASCN, making significant contributions to Thailand's smart city development. However, in 2020, the market registered a slow growth owing to the COVID-19 outbreak due to which government-imposed restrictions and lockdowns halted many smart city projects. However, in 2021, the market grew at a decent rate as the Smart City Development Subcommittee certified 15 smart city projects, indicating progress in Thailand's smart city development initiatives.

According to 6Wresearch, Thailand Smart Cities Market size is anticipated to grow at a CAGR of 13.2% during 2023-2029. The Thailand smart cities market is poised for substantial growth, driven by increased investments and strategic initiatives. The Thai government plans to develop 100 smart cities across 77 provinces by 2040, as the urban population is expected to reach 72% of the total population by 2050, up from 50% in 2021. This plan is supported by significant national policies like the "Smart City Development Plan" and "Thailand 4.0." Additionally, the Eastern Economic Corridor in Thailand has secured investments totalling 6.43 billion USD, representing 56% of the total investment value in Thailand. These concerted efforts and investments are expected to propel the smart city market in Thailand in the upcoming years.

Thailand faces the risk of data breaches in both the public and private sectors, which are hindering the growth of smart city development. Moreover, challenges such as organizational silos, and tensions between central and local authorities, still hinder progress in the smart city market, although e-procurement reforms aim to enhance transparency and quality, pointing to a promising trajectory for the smart city market in Thailand in the coming years.

Market by Components

During the forecast period, hardware is expected to register substantial growth in the Thailand smart cities market as hardware such as smart sensors, IoT devices and others are essential for enabling various smart city initiatives such as the development of smart hospitals, municipalities and smart traffic management under the Thailand Policy 4.0 and government aims to develop 100 smart cities by 2024.

Market by Application

By Applications, smart mobility is expected to grow at a higher rate in the future on account of rising government investment in smart mobility projects. For instance, the Thai government has allocated $606 million for smart mobility initiatives in over 30 cities including the $408 million Hat Yai monorail project which is expected complete by 2027.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 11 Years Market Numbers.
• Historical Data Starting from 2019 to 2022.
• Base Year: 2022
• Forecast Data until 2029.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report

• Thailand Smart Cities Market Overview
• Thailand Smart Cities Market Outlook
• Thailand Smart Cities Market Forecast
• Thailand Smart Cities Market PESTEL Analysis
• Historical Data and Forecast of Thailand Smart Cities Market Revenues, for the Period 2019-2029F
• Market Drivers and Restraints
• Historical Market Data and Forecast of Revenues, By Components, for the Period 2019-2029F
• Historical Market Data and Forecast of Revenues, By Applications, for the Period 2019-2029F
• Smart Cities Outlook
• Key Performance Indicators
• Market Opportunity Assessment
• Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Market Scope and Segmentation

The report provides a detailed analysis of the following market segments:

By Components

• Hardware
• Software
• Services

By Application

• Smart Governance
• Smart Digital Infrastructure
• Smart Mobility
• Smart Environment
• Smart Living
• Smart People
• Smart Economy

Frequently Asked Questions About the Market Study (FAQs):