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Thailand Industry Vertical Modernization Services Market By Type (Industry Vertical Portfolio Assessment, Cloud Industry Vertical Migration, Industry Vertical Replatforming, Industry Vertical Integration, Industry Vertical Retirements); By Industry Vertical (BFSI, IT and Telecom, Retail and E-commerce, Healthcare, Others); By Deployment Mode (On-Premises, Cloud); By Enterprise Size (Small and Medium Enterprises (SMEs), Large Enterprises) – Growth, Share, Opportunities & Competitive Analysis, 2024 – 2032

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Published: | Report ID: 72444 | Report Format : PDF
REPORT ATTRIBUTE DETAILS
Historical Period 2019-2022
Base Year 2023
Forecast Period 2024-2032
Thailand Industry Vertical Modernization Services Market Size 2023 USD 6.63 million
SThailand Industry Vertical Modernization Services Market, CAGR 15.17%
Thailand Industry Vertical Modernization Services Market Size 2032  USD 20.51 million

Market Overview

The Thailand Industry Vertical Modernization Services market is projected to grow from USD 6.63 million in 2023 to USD 20.51 million by 2032, reflecting a compound annual growth rate (CAGR) of 15.17%.

The Thailand Industry Vertical Modernization Services market is driven by the rapid adoption of advanced technologies across various sectors, including manufacturing, healthcare, and retail. Businesses are increasingly investing in automation, digital transformation, and cloud-based solutions to enhance operational efficiency and competitiveness. Additionally, the government’s focus on industrial modernization and smart city initiatives is fueling demand for services that improve infrastructure and integrate cutting-edge technologies. The growing emphasis on data analytics and AI-driven solutions is also shaping the market, enabling businesses to make data-informed decisions and improve productivity. Trends in this market include the shift toward Industry 4.0, where traditional industries are embracing IoT, robotics, and AI for streamlined operations. As companies seek to remain competitive in an evolving landscape, the demand for vertical modernization services is expected to accelerate, providing substantial growth opportunities in the coming years.

Thailand’s Industry Vertical Modernization Services market is primarily concentrated in regions such as Bangkok, the Eastern Economic Corridor (EEC), Chiang Mai, and Southern Thailand, each contributing to the nation’s digital transformation efforts. Bangkok, as the economic hub, leads the adoption of advanced technologies, followed by the EEC, which is emerging as a key player in high-tech manufacturing and industrial modernization. Chiang Mai, with its growing startup ecosystem, and Southern Thailand, focusing on sustainable tourism and green industries, are also becoming important contributors. Key players driving the market include global technology and consulting giants such as Infosys, TCS, Wipro, HCL Technologies, Tech Mahindra, and Accenture, alongside regional firms offering tailored solutions. These companies are leveraging their expertise in automation, AI, cloud computing, and data analytics to support industries in adopting digital transformation and optimizing operational efficiency.

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Market Insights

  • The Thailand Industry Vertical Modernization Services market was valued at USD 6.63 million in 2023 and is expected to grow to USD 20.51 million by 2032, with a CAGR of 15.17%.
  • Rapid adoption of advanced technologies such as AI, automation, and IoT is driving the market’s growth across various sectors.
  • Increasing government support for industrial modernization and smart city initiatives is fueling demand for modernization services.
  • Key market trends include the rise of Industry 4.0, cloud adoption, and the increasing reliance on data-driven insights.
  • The competitive landscape is marked by the presence of global players like Infosys, TCS, Wipro, and Accenture, alongside regional service providers.
  • High implementation costs and the shortage of skilled professionals are major market restraints.
  • Regional growth is concentrated in Bangkok and the Eastern Economic Corridor, with growing adoption in Chiang Mai and Southern Thailand.

Market Drivers

Adoption of Advanced Technologies

The rapid adoption of advanced technologies across industries is a primary driver of the Thailand Industry Vertical Modernization Services market. As businesses seek to remain competitive, there is a growing need to incorporate automation, artificial intelligence (AI), machine learning, and the Internet of Things (IoT) into their operations. These technologies help organizations streamline processes, reduce operational costs, and enhance productivity. For instance, a report by the International Trade Administration highlighted that Thailand’s digital economy contributed approximately 6% to the national GDP in 2023, driven by widespread technology adoption across industries. With industries such as manufacturing, healthcare, and retail embracing digital transformation, the demand for modernization services is increasing, further accelerating market growth.

Government Initiatives and Industrial Modernization

The Thai government’s push toward industrial modernization through initiatives such as the Thailand 4.0 policy has significantly contributed to the market’s growth. These efforts aim to transform traditional industries into high-value, innovation-driven sectors by integrating cutting-edge technologies. By promoting digital infrastructure and smart city development, the government is fostering a conducive environment for businesses to invest in modernization services. For instance, according to the National Innovation Agency, the Thailand 4.0 policy aims to elevate the country’s industrial and service systems to connect with the global value chain. The government’s focus on improving the competitiveness of Thai industries is expected to drive demand for services that enable digital transformation, automation, and data-driven decision-making.

Increasing Focus on Operational Efficiency

Businesses across Thailand are prioritizing operational efficiency to reduce costs and improve performance. Vertical modernization services, such as enterprise resource planning (ERP) solutions, data analytics, and cloud-based technologies, are helping companies optimize their workflows and resource management. With the ability to improve efficiency, reduce downtime, and enable real-time decision-making, businesses in various sectors are actively seeking modernization solutions. This trend is particularly evident in sectors like manufacturing, where automation and digital solutions are enhancing the production process.

Growth of Data Analytics and AI Solutions

The growing reliance on data analytics and AI-driven solutions is another key driver of the market. As businesses collect vast amounts of data, they are increasingly turning to analytics to gain insights into customer behavior, operational performance, and market trends. AI and machine learning technologies are being integrated into various verticals to provide smarter, more efficient solutions. This trend is particularly relevant in sectors like retail and healthcare, where data plays a crucial role in improving customer experiences and streamlining services. The increasing reliance on these technologies is fueling the demand for modernization services.

Market Trends

Emphasis on Industry 4.0 Integration

A key trend in the Thailand Industry Vertical Modernization Services market is the growing adoption of Industry 4.0 principles. This involves the integration of advanced technologies like IoT, automation, robotics, and AI into traditional industrial processes. Companies are increasingly focused on creating smarter factories and systems that can operate autonomously, improve efficiency, and reduce human error. For instance, a survey by the Digital Economy Promotion Agency (DEPA) found that while many firms are still using outdated production technologies, there is a significant interest in adopting Industry 4.0 technologies within the next five to ten years. As businesses in manufacturing and logistics sectors embrace these Industry 4.0 technologies, they are driving the demand for modernization services that enable seamless integration and optimization of these technologies.

Cloud-Based Solutions and Digital Transformation

The shift towards cloud-based solutions is another significant trend in the market. As businesses in Thailand undergo digital transformation, cloud computing offers the flexibility and scalability needed to modernize their operations. Companies are moving away from traditional on-premise IT infrastructure and adopting cloud platforms to manage data, collaborate, and improve access to real-time information. Cloud adoption is transforming industries like healthcare, retail, and finance, providing them with more efficient, secure, and cost-effective ways to deliver services. As cloud-based services continue to grow, the demand for modernization services that support cloud migration is on the rise.

Growing Demand for Data-Driven Insights

The increasing reliance on data-driven insights is shaping the market for vertical modernization services. Companies in Thailand are investing heavily in data analytics and business intelligence solutions to enhance decision-making, customer experiences, and operational performance. With industries like retail, healthcare, and manufacturing generating vast amounts of data, businesses are looking for modernization services that can harness this information effectively. The use of predictive analytics, AI, and machine learning algorithms is enabling companies to gain actionable insights, streamline operations, and improve productivity, making data-driven decision-making a central aspect of modernization.

Focus on Sustainability and Green Technologies

Another notable trend is the growing emphasis on sustainability and green technologies in Thailand’s industrial modernization efforts. As environmental concerns become more pressing, companies are adopting eco-friendly practices and sustainable technologies to reduce their carbon footprint. Vertical modernization services that focus on energy efficiency, waste reduction, and sustainable practices are gaining traction. Industries such as manufacturing and energy are increasingly turning to green technologies to improve resource utilization, reduce emissions, and comply with environmental regulations, making sustainability an important driver of modernization efforts.

Market Challenges Analysis

High Implementation Costs

One of the significant challenges facing the Thailand Industry Vertical Modernization Services market is the high cost of implementation. Adopting advanced technologies such as automation, AI, and cloud computing requires substantial investment in infrastructure, software, and training. Small and medium-sized enterprises (SMEs), which make up a large portion of Thailand’s economy, often face budget constraints, making it difficult for them to adopt these modernization services. For instance, a report by the Small Enterprise Development Agency (SEDA) highlighted that many SMEs in Thailand face financial constraints that hinder their ability to invest in modernization efforts. Additionally, the complexity of integrating new technologies with legacy systems can lead to higher upfront costs, further discouraging investment in modernization efforts. These financial barriers may slow down the widespread adoption of vertical modernization services, particularly in industries that are more reliant on traditional methods.

Skills and Talent Shortage

Another challenge in the market is the shortage of skilled professionals capable of implementing and managing advanced technologies. Vertical modernization services require specialized knowledge in fields such as data analytics, AI, cloud computing, and IoT. As industries in Thailand increasingly adopt these technologies, there is growing demand for professionals who can design, deploy, and maintain these systems. However, the lack of a sufficiently skilled workforce poses a significant hurdle, especially in sectors where digital transformation is in its nascent stages. Companies often struggle to find and retain the talent necessary to drive modernization efforts, which can lead to delays in implementation and hinder the overall progress of industry vertical modernization.

Market Opportunities

Expansion of Smart Manufacturing and Industry 4.0

A significant market opportunity in Thailand’s Industry Vertical Modernization Services lies in the expansion of smart manufacturing and the adoption of Industry 4.0 technologies. As Thai industries, particularly manufacturing, seek to modernize their operations, there is a growing demand for automation, robotics, and data-driven solutions. The integration of IoT, AI, and machine learning into manufacturing processes offers tremendous potential for increasing productivity, reducing costs, and enhancing product quality. As the country aims to transform its industrial landscape through the Thailand 4.0 initiative, there is a clear opportunity for service providers to offer modernization solutions that enable manufacturers to adopt smart technologies and remain competitive in the global market.

Government Support for Digital Transformation and Sustainability

The Thai government’s push for digital transformation and sustainability also presents a wealth of opportunities for industry vertical modernization services. With initiatives such as the Thailand 4.0 policy and the focus on developing smart cities, there is an increasing demand for modernization services that support digital infrastructure and sustainable technologies. Service providers can capitalize on this by offering solutions that facilitate the transition to greener, more energy-efficient operations while enhancing digital capabilities. The growing emphasis on environmental sustainability across industries further opens up opportunities for modernization services focused on energy efficiency, waste management, and carbon footprint reduction. By aligning with these national priorities, service providers can tap into a growing market that seeks to adopt innovative, eco-friendly solutions.

Market Segmentation Analysis:

By Type:

Thailand’s Industry Vertical Modernization Services market is segmented by type into key offerings that cater to different aspects of digital transformation. Industry Vertical Portfolio Assessment helps businesses evaluate their existing systems and identify areas for modernization. Cloud Industry Vertical Migration facilitates the transition of legacy systems to cloud platforms, enhancing scalability and flexibility. Industry Vertical Replatforming focuses on upgrading outdated infrastructure to modern platforms, improving performance and security. Industry Vertical Integration ensures seamless connectivity between various systems and technologies within an organization, enabling improved data flow and collaboration. Lastly, Industry Vertical Retirements involves decommissioning obsolete systems, ensuring a smooth transition to new solutions. These service types are critical in helping businesses navigate the complexities of modernizing their operations and ensuring they remain competitive in the rapidly evolving digital landscape.

By Industry Vertical:

The market also segments based on industry verticals, with BFSI, IT and Telecom, Retail and E-commerce, Healthcare, and others leading the demand for modernization services in Thailand. BFSI companies are increasingly investing in digital solutions to enhance customer experience and streamline operations. The IT and Telecom sector is a key adopter of modernization services, as companies seek to integrate advanced technologies like cloud computing and IoT. Retail and E-commerce businesses are leveraging modernization services to optimize their supply chains, improve customer interactions, and boost operational efficiency. Healthcare organizations are focusing on digital transformation to improve patient care, optimize resource allocation, and comply with regulatory standards. Other sectors, such as manufacturing and energy, are also increasingly adopting industry vertical modernization services to enhance efficiency, reduce costs, and improve sustainability. These diverse industry verticals are driving the overall growth of the market in Thailand.

Segments:

Based on Type:

  • Industry Vertical Portfolio Assessment
  • Cloud Industry Vertical Migration
  • Industry Vertical Replatforming
  • Industry Vertical Integration
  • Industry Vertical Retirements

Based on Industry Vertical:

  • BFSI
  • IT and Telecom
  • Retail and E-commerce
  • Healthcare
  • Others

Based on Deployment Mode:

  • On-Premises
  • Cloud

Based on Enterprise Size:

  • Small and Medium Enterprises (SMEs)
  • Large Enterprises

Based on the Geography:

  • Bangkok
  • Eastern Economic Corridor (EEC)
  • Chiang Mai
  • Southern Thailand

Regional Analysis

Bangkok

Bangkok, as the capital and economic hub of Thailand, holds the largest share of the Industry Vertical Modernization Services market, accounting for approximately 45% of the total market. This dominance can be attributed to the city’s well-established infrastructure, high concentration of businesses, and government support for digital transformation initiatives. Many large-scale enterprises, including those in the manufacturing, healthcare, and finance sectors, are headquartered in Bangkok, driving the demand for advanced technologies such as AI, automation, and data analytics. The city also benefits from its proximity to key decision-makers and service providers, making it an attractive location for businesses seeking to adopt modernization solutions. As Thailand’s economic center, Bangkok is expected to continue leading the market, with businesses increasingly adopting Industry 4.0 technologies to improve operational efficiency.

Eastern Economic Corridor (EEC)

The Eastern Economic Corridor (EEC) holds a significant 30% market share and is emerging as a major center for industry vertical modernization. The region includes Chonburi, Rayong, and Chachoengsao provinces and is being heavily developed as a high-tech industrial zone by the Thai government. The EEC’s focus on attracting foreign investments and fostering advanced manufacturing industries makes it a key player in the modernization of Thailand’s industrial landscape. With the government’s emphasis on smart cities and digital infrastructure, businesses in the EEC are increasingly adopting automation, IoT, and cloud-based solutions to enhance productivity and sustainability. The EEC’s strategic location near ports and industrial estates also positions it as a key region for international trade and innovation, further driving the need for modernization services.

Chiang Mai

Chiang Mai, a key province in northern Thailand, represents approximately 15% of the market share for Industry Vertical Modernization Services. While traditionally known for its agricultural and tourism sectors, Chiang Mai has seen significant growth in its digital economy, particularly in startups and SMEs seeking modernization solutions. The region’s government is actively promoting digital transformation, with initiatives aimed at expanding the tech sector and encouraging businesses to adopt modern technologies. As more businesses in Chiang Mai begin to embrace digital tools such as cloud computing, AI, and data analytics, the demand for modernization services is expected to increase. The region’s focus on innovation and sustainable growth provides ample opportunities for service providers to expand their presence in the area.

Southern Thailand

Southern Thailand, including provinces such as Phuket, Surat Thani, and Krabi, holds around 10% of the market share for Industry Vertical Modernization Services. While the region has been traditionally focused on tourism, agriculture, and natural resources, there is growing interest in modernizing its industrial base. With the rise of sustainable tourism and the push toward eco-friendly industries, businesses in the south are beginning to adopt technologies aimed at improving resource efficiency and reducing environmental impact. Additionally, the government’s initiatives to promote digital infrastructure and smart city projects in coastal areas are spurring the adoption of modernization services. Although Southern Thailand holds a smaller market share compared to Bangkok and the EEC, its potential for growth in the modernization services sector is significant, particularly in the context of green technologies and sustainable business practices.

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Key Player Analysis

  • Infosys
  • TCS (Tata Consultancy Services)
  • Wipro
  • HCL Technologies
  • Tech Mahindra
  • Fujitsu
  • Accenture
  • IBM Corporation
  • Cognizant
  • Capgemini

Competitive Analysis

The competitive landscape of Thailand’s Industry Vertical Modernization Services market is dominated by a mix of global and regional players that offer a range of services to facilitate digital transformation. Leading global players include Infosys, TCS (Tata Consultancy Services), Wipro, HCL Technologies, Tech Mahindra, Accenture, IBM Corporation, Cognizant, and Capgemini. These companies have strong footholds in the market, leveraging their vast experience in industries such as banking, retail, healthcare, and manufacturing. They offer comprehensive solutions including cloud migration, platform integration, automation, and modernization of legacy systems, which are critical for businesses looking to improve operational efficiency and scalability. For instance, a report by Deloitte Thailand highlighted that many companies are accelerating their digital transformation efforts, investing in cloud, connectivity, and cybersecurity. In addition to global giants, regional players are becoming increasingly competitive by providing customized solutions that cater specifically to Thailand’s local business needs. These players focus on cost-effective solutions, regional expertise, and tailored services to meet the unique requirements of Thai businesses, particularly SMEs. As the demand for modernization services grows, both local and global players are collaborating, forming strategic partnerships, and continuously innovating to stay ahead in a competitive market. The competition is intense, with companies focusing on innovation, customer satisfaction, and agile service delivery to secure their market position.

Recent Developments

  • In August 2024, Capgemini signed an agreement to acquire Syniti, one of the leading companies in the enterprise data management software and services including platform and migration services. This acquisition will strengthen Capgemini’s data-driven solutions, especially for large-scale SAP transformations like the shift to SAP S/4HANA.
  • In June 2024, Cognizant expanded its partnership with Cengage Group. This move highlights the trend of modernizing educational platforms by integrating advanced technologies to enhance digital learning experiences, reflecting the broader push towards modernizing application infrastructures across sectors.
  • In January 2024, IBM Corporation acquired application modernization capabilities from Advanced, increasing IBM Consulting’s offerings in mainframe application and data modernization services. The acquisition is intended to enhance IBM’s ability to provide a comprehensive range of options for modernizing mainframe applications, aligning with the abilities of IBM Watsonx Code Assistant for Z, a generative AI-assisted tool designed to expedite mainframe application modernization.
  • In January 2024, Accenture acquired Work & Co, enhancing its capabilities in creating innovative digital products. This acquisition reflects the increasing importance of blending design and technology to modernize applications, helping clients improve user experiences and stay competitive in the digital age.

Market Concentration & Characteristics

The market concentration of Thailand’s Industry Vertical Modernization Services is characterized by a blend of global technology giants and regional service providers. While large multinational companies like Infosys, TCS, Accenture, IBM, and Wipro dominate the market due to their extensive resources, vast expertise, and ability to handle large-scale digital transformation projects, the market also sees a significant presence of local players. These regional providers cater to the growing demand for tailored, cost-effective solutions, offering flexibility and a deeper understanding of Thailand’s unique business and regulatory environment. The market is moderately concentrated, with a few key players controlling a substantial portion of the market share. However, the influx of innovative local companies and startups focusing on niche verticals or specific technologies is steadily increasing competition. The characteristics of the market reflect the diverse needs of businesses across different sectors, such as BFSI, healthcare, retail, and manufacturing, each seeking specific modernization solutions to enhance efficiency, reduce costs, and improve customer experiences. The demand for customized, scalable, and secure solutions is high, pushing companies to innovate and provide flexible offerings that address industry-specific challenges. As the market matures, further consolidation and strategic partnerships between global and regional players are expected.

Report Coverage

The research report offers an in-depth analysis based on Type, Industry Vertical, Deployment Mode, Enterprise Size and Geography. It details leading market players, providing an overview of their business, product offerings, investments, revenue streams, and key applications. Additionally, the report includes insights into the competitive environment, SWOT analysis, current market trends, as well as the primary drivers and constraints. Furthermore, it discusses various factors that have driven market expansion in recent years. The report also explores market dynamics, regulatory scenarios, and technological advancements that are shaping the industry. It assesses the impact of external factors and global economic changes on market growth. Lastly, it provides strategic recommendations for new entrants and established companies to navigate the complexities of the market.

Future Outlook

  1. The market for Thailand Industry Vertical Modernization Services is expected to continue its strong growth, driven by increasing digital transformation initiatives across sectors.
  2. Rising demand for cloud migration and automation services will shape the future of the market as businesses look for scalable and efficient solutions.
  3. Advanced technologies like AI, IoT, and machine learning will play a significant role in modernizing industry verticals, enhancing productivity and operational efficiency.
  4. The Thai government’s push for digitalization and smart cities will boost adoption rates of modernization services in urban and industrial areas.
  5. Small and medium-sized enterprises (SMEs) in Thailand will increasingly adopt modernization services to remain competitive in the digital age.
  6. Industry verticals such as BFSI, healthcare, and retail will see heightened demand for tailored modernization solutions to improve customer experiences and streamline operations.
  7. Sustainability-focused modernization solutions, including energy-efficient systems and eco-friendly practices, will gain traction in line with growing environmental concerns.
  8. Regional disparities will persist, with Bangkok and the Eastern Economic Corridor continuing to dominate adoption while emerging areas like Chiang Mai and Southern Thailand grow steadily.
  9. Partnerships and collaborations between global and local players will become more common as companies seek to enhance service offerings and expand their market reach.
  10. The focus on cybersecurity and data privacy will intensify, with businesses increasingly prioritizing secure modernization solutions to protect sensitive information.

CHAPTER NO. 1 : INTRODUCTION 20

1.1.1. Report Description 20

Purpose of the Report 20

USP & Key Offerings 20

1.1.2. Key Benefits for Stakeholders 20

1.1.3. Target Audience 21

1.1.4. Report Scope 21

CHAPTER NO. 2 : EXECUTIVE SUMMARY 22

2.1. Industry Vertical Modernization Services Market Snapshot 22

2.1.1. Thailand Industry Vertical Modernization Services Market, 2018 – 2032 (USD Million) 23

CHAPTER NO. 3 : GEOPOLITICAL CRISIS IMPACT ANALYSIS 24

3.1. Russia-Ukraine and Israel-Palestine War Impacts 24

CHAPTER NO. 4 : INDUSTRY VERTICAL MODERNIZATION SERVICES MARKET – INDUSTRY ANALYSIS 25

4.1. Introduction 25

4.2. Market Drivers 26

4.2.1. Increasing adoption of cloud-based technologies 26

4.2.2. Growing need for enhanced scalability and flexibility in IT infrastructure 27

4.3. Market Restraints 28

4.3.1. High costs associated with legacy system transformation 28

4.4. Market Opportunities 29

4.4.1. Rising demand for AI-driven modernization solutions 29

4.5. Porter’s Five Forces Analysis 30

4.6. Buying Criteria 31

CHAPTER NO. 5 : IMPORT EXPORT ANALYSIS 32

5.1. Import Analysis by Thailand 32

5.1.1. Thailand Industry Vertical Modernization Services Market Import Volume/Revenue, By Thailand, 2018 – 2023 32

5.2. Export Analysis by Thailand 33

5.2.1. Thailand Industry Vertical Modernization Services Market Export Volume/Revenue, By Thailand, 2018 – 2023 33

CHAPTER NO. 6 : DEMAND SUPPLY ANALYSIS 34

6.1. Demand Analysis by Thailand 34

6.1.1. Thailand Industry Vertical Modernization Services Market Demand Volume/Revenue, By Thailand, 2018 – 2023 34

6.2. Supply Analysis by Thailand 35

6.2.1. Thailand Industry Vertical Modernization Services Market Supply Volume/Revenue, By Thailand, 2018 – 2023 35

CHAPTER NO. 7 : PRODUCTION ANALYSIS 36

7.1. Production Analysis by Thailand 36

7.1.1. Thailand Industry Vertical Modernization Services Market Production Volume/Revenue, By Thailand, 2018 – 2023 36

CHAPTER NO. 8 : PRICE ANALYSIS 37

8.1. Price Analysis by Type 37

8.1.1. Thailand Industry Vertical Modernization Services Market Price, By Type, 2018 – 2023 37

8.1.2. Thailand Type Market Price, By Type, 2018 – 2023 37

CHAPTER NO. 9 : RAW MATERIALS ANALYSIS 38

9.1. Key Raw Materials and Suppliers 38

9.2. Key Raw Materials Price Trend 38

CHAPTER NO. 10 : MANUFACTURING COST ANALYSIS 39

10.1. Manufacturing Cost Analysis 39

10.2. Manufacturing Process 39

CHAPTER NO. 11 : ANALYSIS COMPETITIVE LANDSCAPE 40

11.1. Company Market Share Analysis – 2023 40

11.2. Value Chain Analysis 40

11.2.1. Thailand Industry Vertical Modernization Services Market: Company Market Share, by Volume, 2023 41

11.2.2. Thailand Industry Vertical Modernization Services Market: Company Market Share, by Revenue, 2023 42

11.2.3. Thailand Industry Vertical Modernization Services Market: Top 6 Company Market Share, by Revenue, 2023 42

11.2.4. Thailand Industry Vertical Modernization Services Market: Top 3 Company Market Share, by Revenue, 2023 43

11.3. Thailand Industry Vertical Modernization Services Market Company Volume Market Share, 2023 44

11.4. Thailand Industry Vertical Modernization Services Market Company Revenue Market Share, 2023 45

11.5. Company Assessment Metrics, 2023 45

11.5.1. Stars 45

11.5.2. Emerging Leaders 45

11.5.3. Pervasive Players 45

11.5.4. Participants 45

11.6. Start-ups /SMEs Assessment Metrics, 2023 45

11.6.1. Progressive Companies 46

11.6.2. Responsive Companies 46

11.6.3. Dynamic Companies 46

11.6.4. Starting Blocks 46

11.7. Strategic Developments 47

11.7.1. Acquisitions & Mergers 47

New Product Launch 47

Thailand Expansion 47

11.8. Key Players Product Matrix 48

CHAPTER NO. 12 : PESTEL & ADJACENT MARKET ANALYSIS 49

12.1. PESTEL 49

12.1.1. Political Factors 49

12.1.2. Economic Factors 49

12.1.3. Social Factors 49

12.1.4. Technological Factors 49

12.1.5. Environmental Factors 49

12.1.6. Legal Factors 49

12.2. Adjacent Market Analysis 49

CHAPTER NO. 13 : INDUSTRY VERTICAL MODERNIZATION SERVICES MARKET – BY TYPE SEGMENT ANALYSIS 50

13.1. Industry Vertical Modernization Services Market Overview, by Type Segment 50

13.1.1. Industry Vertical Modernization Services Market Revenue Share, By Type, 2023 & 2032 51

13.1.2. Industry Vertical Modernization Services Market Attractiveness Analysis, By Type 52

13.1.3. Incremental Revenue Growth Opportunity, by Type, 2024 – 2032 52

13.1.4. Industry Vertical Modernization Services Market Revenue, By Type, 2018, 2023, 2027 & 2032 53

13.2. Industry Vertical Portfolio Assessment 54

13.3. Cloud Industry Vertical Migration 55

13.4. Industry Vertical Replatforming 56

13.5. Industry Vertical Integration 57

13.6. Application Retirements 58

CHAPTER NO. 14 : INDUSTRY VERTICAL MODERNIZATION SERVICES MARKET – BY INDUSTRY VERTICAL SEGMENT ANALYSIS 59

14.1. Industry Vertical Modernization Services Market Overview, by Industry Vertical Segment 59

14.1.1. Industry Vertical Modernization Services Market Revenue Share, By Industry Vertical, 2023 & 2032 60

14.1.2. Industry Vertical Modernization Services Market Attractiveness Analysis, By Industry Vertical 61

14.1.3. Incremental Revenue Growth Opportunity, by Industry Vertical, 2024 – 2032 61

14.1.4. Industry Vertical Modernization Services Market Revenue, By Industry Vertical, 2018, 2023, 2027 & 2032 62

14.2. BFSI 63

14.3. IT and Telecom 64

14.4. Retail and E-commerce 65

14.5. Healthcare 66

14.6. Others 67

CHAPTER NO. 15 : INDUSTRY VERTICAL MODERNIZATION SERVICES MARKET – BY DEPLOYMENT MODE SEGMENT ANALYSIS 68

15.1. Industry Vertical Modernization Services Market Overview, by Deployment Mode Segment 68

15.1.1. Industry Vertical Modernization Services Market Revenue Share, By Deployment Mode, 2023 & 2032 69

15.1.2. Industry Vertical Modernization Services Market Attractiveness Analysis, By Deployment Mode 70

15.1.3. Incremental Revenue Growth Opportunity, by Deployment Mode, 2024 – 2032 70

15.1.4. Industry Vertical Modernization Services Market Revenue, By Deployment Mode, 2018, 2023, 2027 & 2032 71

15.2. On-Premises 72

15.3. Cloud 73

CHAPTER NO. 16 : INDUSTRY VERTICAL MODERNIZATION SERVICES MARKET – BY ENTERPRISE SIZE SEGMENT ANALYSIS 74

16.1. Industry Vertical Modernization Services Market Overview, by Enterprise Size Segment 74

16.1.1. Industry Vertical Modernization Services Market Revenue Share, By Enterprise Size, 2023 & 2032 75

16.1.2. Industry Vertical Modernization Services Market Attractiveness Analysis, By Enterprise Size 76

16.1.3. Incremental Revenue Growth Opportunity, by Enterprise Size, 2024 – 2032 76

16.1.4. Industry Vertical Modernization Services Market Revenue, By Enterprise Size, 2018, 2023, 2027 & 2032 77

16.2. Small and Medium Enterprises (SMEs) 78

16.3. Large Enterprises 79

CHAPTER NO. 17 : INDUSTRY VERTICAL MODERNIZATION SERVICES MARKET – THAILAND ANALYSIS 80

17.1. Type 80

17.1.1. Thailand Industry Vertical Modernization Services Market Revenue, By Type, 2018 – 2023 (USD Million) 80

17.2. Thailand Industry Vertical Modernization Services Market Revenue, By Type, 2024 – 2032 (USD Million) 80

17.3. Industry Vertical 82

17.3.1. Thailand Industry Vertical Modernization Services Market Revenue, By Industry Vertical, 2018 – 2023 (USD Million) 82

17.3.2. Thailand Industry Vertical Modernization Services Market Revenue, By Industry Vertical, 2024 – 2032 (USD Million) 82

17.4. Deployment Mode 83

17.4.1. Thailand Industry Vertical Modernization Services Market Revenue, By Deployment Mode, 2018 – 2023 (USD Million) 83

17.4.2. Thailand Industry Vertical Modernization Services Market Revenue, By Deployment Mode, 2024 – 2032 (USD Million) 83

17.5. Enterprise Size 84

17.5.1. Thailand Industry Vertical Modernization Services Market Revenue, By Enterprise Size, 2018 – 2023 (USD Million) 84

17.5.2. Thailand Industry Vertical Modernization Services Market Revenue, By Enterprise Size, 2024 – 2032 (USD Million) 84

CHAPTER NO. 18 : COMPANY PROFILES 85

18.1. Infosys 85

18.1.1. Company Overview 85

18.1.2. Product Portfolio 85

18.1.3. Swot Analysis 85

18.1.4. Business Strategy 86

18.1.5. Financial Overview 86

18.2. TCS (Tata Consultancy Services) 87

18.3. Wipro 87

18.4. HCL Technologies 87

18.5. Tech Mahindra 87

18.6. Fujitsu 87

18.7. Accenture 87

18.8. IBM Corporation 87

18.9. Cognizant 87

18.10. Capgemini 87

List of Figures

FIG NO. 1. Thailand Industry Vertical Modernization Services Market Revenue, 2018 – 2032 (USD Million) 23

FIG NO. 2. Porter’s Five Forces Analysis for Thailand Industry Vertical Modernization Services Market 30

FIG NO. 3. Thailand Industry Vertical Modernization Services Market Import Volume/Revenue, By Thailand, 2018 – 2023 32

FIG NO. 4. Thailand Industry Vertical Modernization Services Market Export Volume/Revenue, By Thailand, 2018 – 2023 33

FIG NO. 5. Thailand Industry Vertical Modernization Services Market Demand Volume/Revenue, By Thailand, 2018 – 2023 34

FIG NO. 6. Thailand Industry Vertical Modernization Services Market Supply Volume/Revenue, By Thailand, 2018 – 2023 35

FIG NO. 7. Thailand Industry Vertical Modernization Services Market Production Volume/Revenue, By Thailand, 2018 – 2023 36

FIG NO. 8. Thailand Industry Vertical Modernization Services Market Price, By Type, 2018 – 2023 37

FIG NO. 9. Raw Materials Price Trend Analysis, 2018 – 2023 38

FIG NO. 10. Manufacturing Cost Analysis 39

FIG NO. 11. Manufacturing Process 39

FIG NO. 12. Value Chain Analysis for Thailand Industry Vertical Modernization Services Market 40

FIG NO. 13. Company Share Analysis, 2023 41

FIG NO. 14. Company Share Analysis, 2023 42

FIG NO. 15. Company Share Analysis, 2023 42

FIG NO. 16. Company Share Analysis, 2023 43

FIG NO. 17. Industry Vertical Modernization Services Market – Company Volume  Market Share, 2023 44

FIG NO. 18. Industry Vertical Modernization Services Market – Company Revenue Market Share, 2023 45

FIG NO. 19. Industry Vertical Modernization Services Market Revenue Share, By Type, 2023 & 2032 51

FIG NO. 20. Market Attractiveness Analysis, By Type 52

FIG NO. 21. Incremental Revenue Growth Opportunity by Type, 2024 – 2032 52

FIG NO. 22. Industry Vertical Modernization Services Market Revenue, By Type, 2018, 2023, 2027 & 2032 53

FIG NO. 23. Thailand Industry Vertical Modernization Services Market for Industry Vertical Portfolio Assessment, Revenue (USD Million) 2018 – 2032 54

FIG NO. 24. Thailand Industry Vertical Modernization Services Market for Cloud Industry Vertical Migration, Revenue (USD Million) 2018 – 2032 55

FIG NO. 25. Thailand Industry Vertical Modernization Services Market for Industry Vertical Replatforming, Revenue (USD Million) 2018 – 2032 56

FIG NO. 26. Thailand Industry Vertical Modernization Services Market for Industry Vertical Integration, Revenue (USD Million) 2018 – 2032 57

FIG NO. 27. Thailand Industry Vertical Modernization Services Market for Application Retirements, Revenue (USD Million) 2018 – 2032 58

FIG NO. 28. Industry Vertical Modernization Services Market Revenue Share, By Industry Vertical, 2023 & 2032 60

FIG NO. 29. Market Attractiveness Analysis, By Industry Vertical 61

FIG NO. 30. Incremental Revenue Growth Opportunity by Industry Vertical, 2024 – 2032 61

FIG NO. 31. Industry Vertical Modernization Services Market Revenue, By Industry Vertical, 2018, 2023, 2027 & 2032 62

FIG NO. 32. Thailand Industry Vertical Modernization Services Market for BFSI, Revenue (USD Million) 2018 – 2032 63

FIG NO. 33. Thailand Industry Vertical Modernization Services Market for IT and Telecom, Revenue (USD Million) 2018 – 2032 64

FIG NO. 34. Thailand Industry Vertical Modernization Services Market for Retail and E-commerce, Revenue (USD Million) 2018 – 2032 65

FIG NO. 35. Thailand Industry Vertical Modernization Services Market for Healthcare, Revenue (USD Million) 2018 – 2032 66

FIG NO. 36. Thailand Industry Vertical Modernization Services Market for Others, Revenue (USD Million) 2018 – 2032 67

FIG NO. 37. Industry Vertical Modernization Services Market Revenue Share, By Deployment Mode, 2023 & 2032 69

FIG NO. 38. Market Attractiveness Analysis, By Deployment Mode 70

FIG NO. 39. Incremental Revenue Growth Opportunity by Deployment Mode, 2024 – 2032 70

FIG NO. 40. Industry Vertical Modernization Services Market Revenue, By Deployment Mode, 2018, 2023, 2027 & 2032 71

FIG NO. 41. Thailand Industry Vertical Modernization Services Market for On-Premises, Revenue (USD Million) 2018 – 2032 72

FIG NO. 42. Thailand Industry Vertical Modernization Services Market for Cloud, Revenue (USD Million) 2018 – 2032 73

FIG NO. 43. Industry Vertical Modernization Services Market Revenue Share, By Enterprise Size, 2023 & 2032 75

FIG NO. 44. Market Attractiveness Analysis, By Enterprise Size 76

FIG NO. 45. Incremental Revenue Growth Opportunity by Enterprise Size, 2024 – 2032 76

FIG NO. 46. Industry Vertical Modernization Services Market Revenue, By Enterprise Size, 2018, 2023, 2027 & 2032 77

FIG NO. 47. Thailand Industry Vertical Modernization Services Market for Small and Medium Enterprises (SMEs), Revenue (USD Million) 2018 – 2032 78

FIG NO. 48. Thailand Industry Vertical Modernization Services Market for Large Enterprises, Revenue (USD Million) 2018 – 2032 79

List of Tables

TABLE NO. 1. : Thailand Industry Vertical Modernization Services Market: Snapshot 22

TABLE NO. 2. : Drivers for the Industry Vertical Modernization Services Market: Impact Analysis 26

TABLE NO. 3. : Restraints for the Industry Vertical Modernization Services Market: Impact Analysis 28

TABLE NO. 4. : Thailand Industry Vertical Modernization Services Market Revenue, By Type, 2018 – 2023 37

TABLE NO. 5. : Key Raw Materials & Suppliers 38

TABLE NO. 6. : Thailand Industry Vertical Modernization Services Market Revenue, By Type, 2018 – 2023 (USD Million) 80

TABLE NO. 7. : Thailand Industry Vertical Modernization Services Market Revenue, By Type, 2024 – 2032 (USD Million) 80

TABLE NO. 8. : Thailand Industry Vertical Modernization Services Market Revenue, By Industry Vertical, 2018 – 2023 (USD Million) 82

TABLE NO. 9. : Thailand Industry Vertical Modernization Services Market Revenue, By Industry Vertical, 2024 – 2032 (USD Million) 82

TABLE NO. 10. : Thailand Industry Vertical Modernization Services Market Revenue, By Deployment Mode, 2018 – 2023 (USD Million) 83

TABLE NO. 11. : Thailand Industry Vertical Modernization Services Market Revenue, By Deployment Mode, 2024 – 2032 (USD Million) 83

TABLE NO. 12. : Thailand Industry Vertical Modernization Services Market Revenue, By Enterprise Size, 2018 – 2023 (USD Million) 84

TABLE NO. 13. : Thailand Industry Vertical Modernization Services Market Revenue, By Enterprise Size, 2024 – 2032 (USD Million) 84

 

Frequently Asked Questions

What is the current size of the Thailand Industry Vertical Modernization Services market?

The Thailand Industry Vertical Modernization Services market was valued at USD 6.63 million in 2023 and is projected to grow to USD 20.51 million by 2032, reflecting a compound annual growth rate (CAGR) of 15.17%.

What factors are driving the growth of the Thailand Industry Vertical Modernization Services market?

Key drivers include the rapid adoption of advanced technologies like AI, automation, and IoT, government support through initiatives like Thailand 4.0 and smart city projects, and a growing focus on operational efficiency and data-driven decision-making across various industry verticals.

What are the key segments within the Thailand Industry Vertical Modernization Services market?

The market is segmented by type (Industry Vertical Portfolio Assessment, Cloud Migration, Replatforming, Integration, and Retirements), industry vertical (BFSI, IT and Telecom, Retail and E-commerce, Healthcare, and others), deployment mode (On-Premises and Cloud), enterprise size (SMEs and Large Enterprises), and geography (Bangkok, Eastern Economic Corridor, Chiang Mai, and Southern Thailand).

What are some challenges faced by the Thailand Industry Vertical Modernization Services market?

High implementation costs and a shortage of skilled professionals pose significant challenges. Small and medium-sized enterprises (SMEs) often struggle with financial constraints, and there is a lack of talent equipped to manage advanced technologies like AI and cloud computing.

Who are the major players in the Thailand Industry Vertical Modernization Services market?

Major players include Infosys, TCS (Tata Consultancy Services), Wipro, HCL Technologies, Tech Mahindra, Fujitsu, Accenture, IBM Corporation, Cognizant, and Capgemini, alongside regional service providers offering tailored solutions for local businesses.

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