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16 Oct 2020

Econ Digest

Cloud solutions services grow despite the COVID-19 crisis

            After being hit by the COVID-19 pandemic, especially during the lockdown period, many business organizations in Thailand have implemented work-from-home measures. Therefore, the continuity of business activities has become an urgent task and will support cloud solutions services in 2020 to grow exponentially, as cloud solutions can reduce time of investment and installation of information technology (IT) systems, which is in line with the subdued economic conditions.

            KResearch estimates that the cloud solutions services market in 2020 will be valued at around THB157.18 billion, growing by about 19.4%, and continuing to expand from the previous year. The growth has mainly been driven by financial institutions, energy businesses and online food ordering businesses.

            Going forward, as the economy recovers from COVID-19, business challenges faced by cloud solutions operators will change accordingly, because more business organizations from small to large sizes have shifted to the use of cloud solutions services. Since the difference in competitiveness between operators is not significant, operators should adjust their business models in the future to focus on providing services that create new experiences for consumers. In doing this, operators may differentiate their businesses through development of digital solutions that can respond to overall picture of organizations’ business (such as target customer, product or service highlights, production or service capacity, etc.), combined with big data, to deliver new experiences to consumers.

             Under such circumstances, the market for cloud solutions services in 2021 will likely continue to grow, due to factors of increasing competition among business organizations in the digital age and economic recovery. However, since many businesses have shifted to the use of cloud solutions at a relatively high level in 2020, the demand for cloud solutions may grow at a slower pace next year. KResearch assesses that the market for cloud solutions services in 2021 will likely grow by 8.2%, with an estimated market value of THB17.003 billion.

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Econ Digest