In 2012, Thailand will overtake Singapore once again to regain the number-two spot for IT spending in Southeast Asia after falling behind the lion city in the last two years, says the International Data Corporation.
Despite the current gloomy global economy and the recent flood crisis that brought the nation's business activities to a standstill, consumers and enterprises alike are spending big money on technology.
From 2012-2016, IDC projects that IT spending in Thailand will leapfrog ahead of Singapore, growing at a compound annual rate (CAGR) of 10.8%.
According to IDC's latest IT spending forecast, the total IT spending for Southeast Asia will reach US$54.7 billion by 2012. Asia's new economic giant, Indonesia, will continue to lead the pack.
Thailand is expected spend US$11.0 billion on IT while Singapore is forecasted to spend US$10.6 billion.
IDC attributes the growth of IT spending in Thailand to two key areas: the public's insatiable appetite for smartphones and the continual growth of the IT services market in the nation.
IDC expects 2012 to continue on this strong growth path and the IT spending market is expected to reach US$16.6 billion by 2016.
Thailand has been one of the fastest-growing smartphone markets in Southeast Asia, with 76% year-on-year (YOY) revenue growth in 2011, reaching over US$1.5 billion.
"Thailand will be one of the region's rising smartphone stars in 2012, as tech-savvy consumers continue to snap up iPhones at the high-end while international and domestic brands alike drive greater mass adoption by pushing smartphone prices below the US$150 mark," says Melissa Chau, Research Manager, Client Devices at IDC Asia/Pacific.
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