The Thailand security market is viewed with optimism. Growth is expected in various security subsectors including video surveillance and access control. Such growth is in part driven by government projects, which trigger demand for security.
The Thailand security market is viewed with optimism. Growth is expected in various security subsectors including video surveillance and access control. Such growth is in part driven by government projects, which trigger demand for security.
Economically speaking, Thailand is called a “development success story” by the
World Bank. According to the organization, the country’s economy grew 2.5 percent in 2024, “surpassing expectations” due to an unexpected improvement in exports and the rollout of fiscal stimulus. As for this year, the World Bank forecasted Thailand’s GDP growth may range between 1.8 and 2.2 percent.
The overall positive sentiment is reflected in the country’s security industry. “Thailand’s video surveillance market is gaining momentum, with growth expected in the range of 7 to 9 percent this year – broadly in line with Southeast Asia,” said Ekarin Watcharayingyong, MD of Keenfinity Thailand. In a separate
report, the Thailand access control market reached US$155.76 million in 2024 and is projected to reach $349.34 million by 2033, exhibiting a growth rate of 9.39 percent.
Government spending as a major driver
The Thai security market is driven by various factors. Growth in part comes from government spending on infrastructure, smart city and smart transportation projects which represent opportunities for security players.
“Transport infrastructure – airports, roads, metro – together with government buildings and city surveillance remain core areas of investment. Demand now goes beyond cameras, extending to integrated command centers, enterprise VMS, license-plate recognition, and AI analytics. Importantly, government tenders are increasingly calling for end-to-end solutions rather than standalone products,” Watcharayingyong said.
EEC examples
Specifically, government projects abound in Thailand’s Eastern Economic Corridor or EEC, which is a special economic zone tasked with the mission of promoting economic integration across the Eastern seaboard. Government projects inside the EEC include the 220-kilometer high-speed rail linking Bangkok’s Don Mueang and Suvarnabhumi airports with the U-Tapao Airport; the expansion of the U-Tapao airport adding new terminals, a second runway, and cargo and aircraft maintenance (MRO) facilities; and Phase 3 of the Laem Chabang Port expansion project boosting capacity at Thailand’s biggest container port.
“Recently, Bosch Video Surveillance systems were selected for the Thai government-led initiative, Thailand Digital Valley (IoT2, IoT3, IoT4), in the EEC. This validates the role of world-class technologies in the EEC and opens opportunities for Thai security players to collaborate and scale with global standards,” Watcharayingyong said.
Smart city development
Meanwhile, Thailand is also actively developing smart cities. As of mid-2023, 36 towns/municipalities in 25 provinces had already been
certified as “smart cities,” while Thailand plans to certify 105 smart cities by 2027. Smart city examples include Phuket, where sensors are used for real-time air quality, water level and temperature monitoring, and 1,300 video cameras are deployed to enhance security; and Ban Chang, billed as Thailand’s first 5G-based smart city where smart poles and other systems are used to collect real-time data on the environment, traffic, and surveillance for immediate intervention.
This is also seen as conducive to security. “Thailand is rolling out smart-city initiatives in provinces such as Bangkok, Phuket, and Chiang Mai, generating strong demand for cameras, video management systems, and AI analytics. These cities have already deployed some AI-driven solutions to improve safety and traffic management in urban areas,” Watcharayingyong said. “For the security industry, these projects mean long-term service contracts, recurring revenues, and opportunities to showcase AI-driven solutions that enhance both public safety and urban efficiency.”
Caution still needed
Despite the optimistic sentiment, certain concerns still remain. One of them is a contraction in lending. “Due to household debt exceeding 90 percent of GDP, banks have become increasingly reluctant to lend, which has significantly slowed down Thailand’s key industries. One of that is the automotive industry. Weak car sales and slowing production in the country’s core manufacturing sectors affect badly the whole economy. At the same time, stricter loan screening has dampened the real estate market, leading to stagnation in new developments and related businesses,” said Ken Arimura, MD of OPTEX Thailand.
It is therefore advised that these factors be taken into consideration by security players eying the Thai market.