Popularity of online businesses in Thailand
Thailand is rapidly emerging as a digital commerce powerhouse. The growth is fueled by the country’s welcoming approach to global professionals through specialized visa programs, enhancing its appeal as an online business hub.
The iGaming sector is a significant contributor to this trend, set to expand by 26.71% by 2027. The growth registered in the iGaming sector is due to the variety of casino options and expanding crypto betting resources for iGaming fans.
Moreover, the rise in internet users in Thailand, which saw an increase of 13.7 million people over five years, reaching 61.2 million users, has provided a fertile ground for online businesses to flourish.
Thailand’s internet infrastructure has kept pace with its digital expansion. In early 2023, Thailand’s median mobile internet connection speed was 37.85 Mbps, while fixed internet connections boasted a much higher speed of 205.63 Mbps.
These speeds represent significant increases from the previous year, indicative of Thailand’s commitment to improving its digital infrastructure, a key enabler for the growth of online businesses​.
iGaming Industry: A Front-Runner in the Digital Race
Among the thriving sectors in Thailand’s online business landscape, the iGaming industry stands out. This sector, encompassing online gaming and betting platforms, has gained significant traction. The appeal of iGaming lies in its interactive and engaging content, which offers a unique blend of entertainment and potential financial rewards.
The growth of the iGaming industry is also a reflection of Thailand’s robust IT infrastructure, which supports high-speed internet and advanced gaming technologies. These technological advancements have created sophisticated and immersive gaming experiences, attracting a diverse audience ranging from casual gamers to serious betting enthusiasts.
The Surge in E-commerce
The Thai e-commerce market, valued at $23.4 billion in 2022, is projected to reach $26.5 billion in 2023 and soar to $34 billion by 2025.
The growth is driven by high mobile phone penetration, widespread use of mobile banking, and active social media engagement. These elements make Thailand a prime location for e-commerce development, contributing significantly to the economy​​​.
Live Commerce
A noteworthy trend that’s shaping the e-commerce landscape in Thailand is live commerce. Powered by the high social media usage, live commerce contributed to 38% of the social media market value.
Platforms like TikTok have been instrumental in igniting this segment, leading to the prediction that the year 2023 will be a defining period for live shopping in Thailand
Government Policies and Regulations
As Thailand positions itself as a leader in the online business arena, the role of government policies and regulations becomes increasingly significant. These policies are crucial in shaping the digital marketplace, ensuring consumer protection, and fostering a secure online environment.
In the iGaming sector, stringent regulations and licensing requirements are in place to safeguard players and maintain industry standards. Additionally, data protection laws play a vital role in bolstering consumer confidence creating a more trustworthy and stable platform for online transactions.
The Outlook
The future of online businesses in Thailand, particularly in sectors like iGaming, looks bright. With ongoing technological advancements and a supportive ecosystem, these digital platforms are poised to redefine the Thai market, offering both challenges and opportunities in equal measure.
