Mu Space has affirmed its plan to develop the Internet of Things (IoT) here to support future 5G technology.
In Thailand, IoT awareness is growing through adoption but is still in the early stages. Mu Space is optimistic that companies will realise the business value of IoT when the 5G network becomes available, said James Yenbamroong, chief executive and founder.
The company is planning to develop an IoT product like smart apparel to record health data used for medical diagnosis.
"We are working on finalising the product design and functionality, which will be powered by the 5G network," Mr James said.
Mu Space plans to carry out product tests at the IoT Institute in the Digital Park Thailand, a technology hub expected to cover 960,000 square metres in Sri Racha.
The IoT Institute is scheduled to be completed in 2020, providing companies and startups with facilities to research, develop and test IoT solutions for agriculture, manufacturing, e-health and e-commerce.
The government hopes the institute will promote the tech startup segment here, supporting the country's digital transformation to an innovation hub in Southeast Asia.
According to Frost & Sullivan research, Thailand's IoT spending in 2014 amounted to US$58 million (1.88 billion baht) and is forecast to increase to $973 million by 2020.
"In the future, proliferation of IoT in Thailand is expected to be among the highest in Southeast Asia, due to lower initial IoT spending," Mr James said. "As IoT technology becomes more common, it's expected that it will shift towards decentralised computing and we will see more automation and less human-computer intervention.
"Privacy is a major challenge for IoT adoption. With smart and connected devices embedded in business processes bound to critical functions, we must ensure that the IoT systems we develop have secure encryption."
Adoption of IoT is forecast to grow in Thailand, with the majority of spending in the manufacturing and logistics sectors.
"It definitely will develop on multiple fronts," Mr James said. "Smart cities, industrial automation, and increasing numbers of 5G-enabled mobile devices in the future will be key factors for growing IoT demand."