Thailand is a newly industrialized country. Its economy is heavily export-dependent, with exports accounting for more than two-thirds of its gross domestic product (GDP).
Thailand, through all its rapid evolutions, reached a GDP of 15.450 trillion baht (US$455 billion) in 2017 and is the 8th largest economy of Asia.
This is coupled with an extremely low unemployment rate of 1.1%.
Thailand HR Tech market has also evolved into an exciting one. Founded in Thailand, Getlinks is probably the first HR Tech in Southeast Asia that is invested in by Alibaba.
Around the same time, Workday, a leader in enterprise cloud solutions for finance and human resources (HR) have also officially launched its business in Thailand supporting both local businesses such as Agoda Thailand, Principal Healthcare Co Ltd (a subsidiary of Principal Capital Public Co Ltd) and Bangchak Corporation Public Co Ltd, as well as Workday’s global and regional customers, many of which have operations in Thailand.
With the recent launch of Adecco Group X (the Adecco Group’s digital innovation unit) in Asia Pacific, we undertook a quick market study and identified 30+ businesses of appropriate stature to still be called Start ups or growth stage businesses.
Attached is our market map for Thailand 2018 which is dominated by players in flexible hiring, time management and an emerging employee engagement segment.