Thailand’s economy is catching up with the economic boom in Southeast Asia experienced by countries like Vietnam, Malaysia and the Philippines. The Thai government statistics agency predicted that the economy will probably expand 3.9 percent for the whole of 2017, and 3.6 percent to 4.6 percent in 2018, a growth that will be boosted by government spending and an expected export growth of about 5 percent.
Thailand has laid out its long-term economic goals in its 20-Year National Strategy (2017-2036). The strategy includes the implementation of public infrastructure projects which consist of smart city developments and Eastern Economic Corridor (EEC) projects, drawing in multinational enterprises to invest in Thailand. These investments will lead to the establishment of an extensive transportation network, 30 industrial estates and over 5,000 factories. The country's recent reforms and large-scale projects in infrastructure and transportation have led to increasing demand for products in the commercial security and fire industry.
"There are many solutions and applications for smart city, but CCTV is the most common one, then smart living, health, transportation, etc. Safe city projects are implemented in Phuket, Chiang Mai and Khon Kaen province. The use of CCTV is growing mainly in the transportation vertical and real-time CCTV monitoring for seaports,"said Srangrath Hatthawong, MD of Inspire Communications.
Security and safety is set to grow with the economy, with the commercial segment seeing strong demand from the retail vertical. Local players are also predicting that the household segment will grow the most with video surveillance taking about 80 percent of the market.
"Both the commercial and the household verticals are growing, but due to different catalysts. For example, fire alarms are now mandated by law for buildings above 28 meters. So the increase in building heights drives the demand for fire alarms. In the eastern area of Thailand there is now focus on government investment and building factories. But in general, retail is still the strongest vertical that will grow faster," said Ratch Talabhat, CEO of Maxwell Security System.
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