Fastest Growing Market Sectors in Thailand.
In this blog, I am going to review and list 5 of the fastest growing industries and market sectors in Thailand and South East Asia in 2023. Our world is evolving every year at a rapid rate with new market sector advances in key economic sectors including the sports, health, technology and education. As the world becomes more advanced and interconnected, industries are adapting themselves according to the changing markets around them to stay on top. These industries include,
The global sports industry is expected to grow at a compound annual growth rate of 42 percent in 2023. Furthermore, the sports market is expected to be worth over 700 billion U.S. dollars by 2026. There has also been a significant rise in investments in the sports brand and fitness industry in Asia.
The rising demand for improved sports data analytics and wearable devices amongst athletes to gain insights on their performance and fitness is key to this growth. These include acceleration, heartbeat, and speed tech. In addition, the demand for high-quality wearables is also being affected by rising health and wellness consciousness amongst consumers, especially after covid. This is positively influencing sports product growth.
Top sports trends in 2023.
1. Seamless, mobile-first experiences. Flexible mobile-friendly solutions that simplify the purchase process are particularly important in a tough economic climate, where consumers are often wary of spending on non-essentials.
2. Sport in the digital era. Engaging consumers on smart mobile devices has never been more important to sports fans or clubs. The increased sophistication of both devices and measurement methods makes the smartphone an invaluable tool for marketers and a powerful engagement tool for fans.
3. Enhanced Match day Engagement. Sports match day experience has evolved in recent years thanks to social media, with teams turning press conferences, line-up announcements and match events into content creation opportunities. With so many clubs and events competing for fans’ attention, the importance of fan engagement and experience is on the rise.
4. Web 3.0 sports digital content. In early 2022 there were countless examples of web 3 crypto based sports brand sponsorship deals and NFT projects. Crypto.com became an F1 and FIFA World Cup sponsor, blockchain company Tezos became a Manchester United sponsor. Red Bull Racing and Liverpool FC all sold NFTs on various marketplaces.
5. More enhanced social media content. Sports trends must take notice of rise of TikTok and ever increasing original sports streaming media content.
Healthcare is another rapidly expanding global industry. Revenue in the healthcare segment is projected to reach US$55 billion in 2023. The healthcare industry includes medical professionals as well as critical services such as mental health, social care and the pharmaceutical industry.
Top Heathcare trends include Artificial intelligence (AI); specifically machine learning (ML) tools in healthcare. Various AI-aligned technologies and pattern recognition algorithms are already deeply embedded in the healthcare ecosystem. Examples of AI use include drug discovery, where it assists with predicting outcomes of clinical trials and potential side effects of new drugs. In addition AI is used to analyse medical imagery, using computer vision algorithms to spot early warning signs of disease in x-rays or MRI scans.
Wearable Medical Devices. Wearable devices will be increasingly used by individuals to track their own health and exercise activity, as well as by clinicians to monitor patients remotely. Retail Healthcare. It is predicted the amount of healthcare business conducted through retail outlets will double in 2023. This is becoming more evident as retailers like Amazon offer healthcare services such as blood tests, vaccinations, and medical check-ups that have traditionally been delivered by hospitals.
After covid, there will be a big retail bounce in 2023. Especially for online where shopping apps will dominate. In an age where the binge watch generation has taken over, brands are streaming professional, crisp live video flash sales through apps (Amazon, TikTok and Instagram) offering live streaming. The rise of Live stream shopping is a rapidly growing e-commerce trend.
Five retail trends to look out for include 1. Social commerce; the act of selling products directly over social media channels, 2. Omnichannel; the business strategy that promotes a seamless shopping experience across all media channels, including in store, mobile, and online. 3. Augmented reality (AR). Retailers want ways to substitute in-store shopping with immersive online experiences. Cue the rise of AR: with 3D visualisations, product demos and virtual try-ons, consumers can trial items without leaving home.
4. Direct-to-Consumer (DTC). With a DTC channel, companies can sell their products or services directly to consumers, eliminating the need for intermediaries like third-party distributors. 5. Livestream e-commerce. Through livestream shopping, customer representatives can respond to and execute customer requests in real time.
The global education and university technology market size was valued at USD 106 billion in 2022 and is expected to expand at a compound annual growth rate 16 % from 2023 to 2030. Making smart and effective investments in people’s education in South East Asia is critical for developing the region further. Leading the way is Education technology.
Education includes hardware and software technology used to educate students on a virtual level to improve learning in classrooms. EdTech platforms assist students overcome hurdles to receive a comprehensive education by utilising technology for learning and teaching. Furthermore, digital content is comparatively easy to generate than printed content, which tends to incur higher production costs. Digital books are available in different languages and can be easily translated and retrieved by a wider user base.
With more interest in health and fitness, sales of sports clothing and equipment have surged. The sports retail market has grown as a result of more people setting up home gyms, taking part in online workouts, or buying home exercise equipment like Peloton, bikes and turbo trainers online. Top fitness brands in South East Asia such as Virgin Active and Trues Fitness are constantly expanding their gym product range to deliver a better users experience for their members.
Fitness trends in 2023 include. 1. Portable Tech Wearables. This is not a big surprise, we are in the digital age. 2. Training from Home. For many of the people who started training from home this has become a habit that they have no intention of giving up. 3. Strength Training. Strength training with dumbbells, bars and medicine balls, among other free weights. 4. Exercise for Weight Loss. The weight problems derived from confinement, working in front of the TV and the increase in sedentary lifestyle would be driving this trend this year. 5. Outdoor Activities. such as walking and light running have outstanding benefits to the mind and body.
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