MOBILE payments and the Internet of things (IoT) are shaping as the top two technology trends that will see high growth in Thailand next year.
Thanachart Numnonda, executive director of the IMC Institute, said these sectors headed a list of eight technology trends that businesses are watching as the country moves closer towards the Thailand 4.0 vision next year.
The institute’s findings come as the country shifts towards a cashless society and mobile paymentS.
The Bank of Thailand this year announced the development of a QR code-based payment system to support retailers, with more than 1.5 million shops in line to use the QR code system for money transfers and other financial services next year.
In addition, the government has championed the PromptPay electronic payments system under a national e-payment project to boost online transactions and mobile banking.
The moves are seen as positioning Thailand to quicken its step towards a cashless society.
Thanachart said the IoT technology and platform has high potential growth, especially after the National Broadcasting and Telecommunications Commission (NBTC) approved the use of the 920-925 megahertz spectrum to be used for IoT as the regulator seeks to promote the fast-growing technology.
The NBTC concluded that the 920-925MHz spectrum is the best unlicensed band to promote the IoT ecosystem in Thailand as it is not under a concession.
The approval of the use of the spectrum will enable business, farmers and manufacturers to apply IoT technology and solutions to support their operations. Meanwhile, a smart city project will use the IoT platform and solutions to lay down infrastructure in support of the project.
“Thai society will be more active with IoT services and e-payment, which is a new way to make payment for products and services fee charges,” said Thanachart.
“The movement of Thai IT Industry next year and over the next five years will be more dynamic, and start-ups are still strong and competitive in many countries.”
The other six technology trends that will be important for the country are artificial intelligence, cloud computing, Big Data, cyber security, blockchain systems and augmented reality/ virtual reality.
Thanachart said that cloud computing will become an increasingly important field of investment for enterprises. Cyber security and Big Data will be particularly relevant in the areas of telecommunications, government services and financial services.