Thailand continues to assert its dominance as the second-largest digital economy in Southeast Asia. According to the 10th edition of the e-Conomy SEA Report titled “From Digital Decade to AI Reality: Accelerating the future in ASEAN,” jointly released by Google, Temasek, and Bain & Company, the nation’s digital economy is demonstrating remarkable resilience against macroeconomic headwinds.
Despite challenges such as sluggish domestic consumption and high household debt, Thailand’s digital Gross Merchandise Value (GMV) is projected to reach $56 billion in 2025, marking a 16% increase from $49 billion in 2024.
The E-Commerce Engine: Powered by Video
The primary engine driving this economic expansion is the e-commerce sector, which is currently experiencing the fastest growth in the region at 22% year-over-year. The sector is on track to hit $33 billion in 2025.
A critical factor in this surge is the explosion of video commerce. The report highlights a dramatic shift in consumer behavior, noting that the number of video sellers in Thailand has skyrocketed by 175% year-over-year, reaching 850,000. This makes Thailand home to the region’s largest and fastest-growing population of video commerce sellers.
With transaction volumes hitting 1.3 billion, Thailand has secured its place as the second-largest video commerce market in Southeast Asia. High-engagement categories, particularly fashion and accessories, are leading the charge, accounting for 21% of the sector’s GMV.
“The convergence of commerce and content is undeniable,” said Rafael Scislowski, Country Manager, Google Thailand. “Thailand is now the fastest-growing e-commerce and second-largest video commerce market in Southeast Asia. This success is largely driven by Thai consumers’ digital-first lifestyles which is translating directly to other sectors.”
Resilience in Travel and Transport
While the tourism sector has faced a delayed recovery, the online travel market remains robust. Projected to grow by 6% to reach $11 billion in GMV by 2025, Thailand remains one of the largest online travel markets in the region. Growth is being stimulated by government policy support, including expanded visa-free entry to 93 countries—targeting high-growth markets like India and the Middle East—and efforts to position Thailand as a global wellness hub.
Similarly, online transport and food delivery are growing steadily. The sector is expected to grow 15% year-over-year to reach $5 billion in 2025, nearly doubling from 2023 figures. Following a period of intense market consolidation, platforms are now pivoting toward profitability and sustainable business models through diversified revenue streams like subscription bundles and in-app advertising.
The Financial Shift: Digital Wealth and Banking
Thailand’s financial landscape is undergoing a digital transformation. Digital Financial Services (DFS) are ascending rapidly, driven by:
- Digital Wealth: Projected to grow 29%, reaching $25 billion in Assets Under Management (AUM).
- Digital Lending: Poised to reach $17 billion in loan book balance (21% growth).
- Digital Payments: Expected to record a Gross Transaction Value (GTV) of $163 billion in 2025 (11% growth).
The sector is set for further disruption with three new digital banks expected to launch by 2026, focusing on underbanked consumers and micro-SMEs.
Unlocking Growth with AI
As the region transitions into an AI-driven reality, Thailand is exhibiting high user readiness. The report reveals that 76% of Thai users interact with AI tools daily, and 56% actively engage with AI chatbots.
This consumer enthusiasm is translating into tangible economic value; apps featuring AI functionalities saw a sharp revenue growth of 79% between the first half of 2024 and the first half of 2025.
To support this shift, the government is executing a nationwide talent development strategy. This is mirrored by a public rush to upskill, evidenced by a 3.3x increase in generative AI course enrollments among Thais.
“We are optimistic that AI will drive the next wave of growth as long as businesses can innovate, navigate challenges, and turn AI innovation into long-term value creation,” noted Willy Chang, Partner at Bain & Company.
Source: e-Conomy SEA Report 2025 by Google, Temasek, and Bain & Company (November 2025).
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