Thailand's strong business fundamentals and the government'sbusiness-friendly agenda will drive the country into the new era of Thailand 4.0, moving it up the economic value chain and accelerating technology investments.
A new report from Michael Page says that the country will attract investments in the areas of artificial intelligence, automation, manufacturing, infrastructure, and agritech.
The growth is bolstered by strong macro-economic fundamentals in Thailand, including a 4% growth forecast (off the back of a 3.3% 10-year average), and record-low inflation and unemployment
"Thailand's business leaders have acknowledged the importance of embracing emerging technologies to maximise opportunities in the new digital transformation economy. Local companies have also started to adopt more digitally-focused solutions. Technology will lead the value add across businesses and encompass all areas of growth to drive the economy forward,” comments Michael Page Thailand regional director Kristoffer Pauldan.
The report reveals that Thailand's workforce will also need to attain skills in artificial intelligence, big data, cybersecurity, the internet of things, and IT infrastructure. The application of these technology skills will be seen in most industries including transport, distribution, FMCG, business serves and real estate.
“Amidst this climate, technology and digital are fast-moving disciplines, and the ones we see to enjoy strong potential in 2020 and beyond,” the report notes.
Within technology, local Thai businesses are embracing emerging technologies as part of the country's push towards a digital future, the report suggests.
Furthermore, the most active hiring functions are within digital, sales, marketing, and technology. There is also demand for disruptive innovation, which is pushing up salary potential.
Technology is also a strong hiring function within the healthcare and life sciences sector, as well as business services.
With continued progress in eCommerce, an increasing number of professionals tasked with implementing new software technologies across mobile and skilled in mobile development will be in demand. Qualified candidates can expect a 25 - 30% average salary increase when switching jobs within similar industries.
"Businesses outside of technology are also implementing automation and digitising processes in order to streamline operations. This is increasingly evident in the transport and distribution sector due to Thailand's eCommerce boom as well as moves from FMCG companies to adopt omnichannel strategies when acquiring new consumers," says Paludan.
The Michael Page Thailand Employment Outlook 2020 is derived from 1,000 data points in our proprietary data and network in Thailand, which includes job advertisements and placements from July 2018 to June 2019.