Thailand Smart Cities market size is anticipated to grow at a CAGR of 13.2% during 2023-2029

In terms of application, the smart mobility segment attained the highest revenue share in Thailand Smart Cities Market – 6Wresearch

Smart mobility segment garnered a major revenue share in the Thailand smart cities market in 2022, as the government is putting extra efforts into making the transportation sector smarter with an aim to reduce two major challenges, including the readiness and ability to reduce traffic congestion due to rapidly increasing urbanization and growing environmental pollution. Additionally, the Bangkok Metropolitan Administration (BMA) has recently introduced an AI-based automated traffic management system to enhance urban mobility, which contributed to the segment's growth.”

According to 6Wresearch, Thailand Smart Cities market size is anticipated to grow at a CAGR of 13.2% during 2023-2029. Thailand is actively engaged in the development of smart cities to enhance the quality of life and drive economic growth and has received 144 smart city proposals by September 2023, including 138 original city proposals, 6 new city proposals, and 36 officially designated smart cities. Thailand is engaged in economic transformation, with a strategic focus on innovation and technological advancement. Key initiatives such as 'Thailand 4.0' and the development of Smart Cities are positioned to play a pivotal role in propelling the country's smart city market in the near future. Thailand's government along with DEPA aims to have 3 Thai cities in the world's smart city ranking by 2032 and one Thai city in the world's top 10 smart cities by 2026. The push towards smart cities in Thailand is likely to have a significant impact on the growth of the smart technology market which would boost the growth of the smart city market in Thailand in the coming 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 the coming years.

According to Shubham Deep, Senior Research Analyst, 6Wresearch, the hardware segment dominates the revenue share in Thailand smart city industry as they are the crucial component which are vital for connecting devices and sensors, enabling data transmission and communication between different elements of the smart city ecosystem such as smart traffic management, waste management etc.

The Thailand Smart Cities Market (2023-2029) report provides an in-depth analysis with 12 figures and 6 tables, covered in 85 pages. The report comprehensively covers the market by components and applications. The report provides a detailed as well as unbiased analysis of the ongoing drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per the latest and future market dynamics.