SINGAPORE, Nov 10 (Businesshala) – Southeast Asia’s internet economy is projected to reach $1 trillion by 2030, as tens of millions more people shop online and embrace food delivery, an industry report said on Thursday. .
Alphabet (GOOGL.O) Google, Singapore state investor Temasek Holdings and global business advisor Bain & Co said the sector has added 60 million new internet users since the start of the coronavirus pandemic, taking a total of 440 million are gone.
The region of 11 countries is one of the fastest growing Internet markets in the world due to a young population, rapid smartphone use and urbanization, and a growing middle class.
The online industry for Southeast Asia is projected to grow from $174 billion in gross business volume (GMV) by the end of 2021 to $360 billion by 2025 and $1 trillion by 2030, primarily driven by e-commerce and food delivery. Driven by growth. As soon as the consumers stuck at home turned to the internet.
The report, which includes Indonesia, Thailand, Vietnam, Singapore, Malaysia and the Philippines, found that e-commerce GMV is expected to nearly double to $120 billion by the end of the year and reach $234 billion by 2025.
All countries will see double-digit growth in 2021, with Indonesia alone, the region’s most populous country, contributing 40% of Southeast Asia’s $70 billion to total GMV.
The Philippines saw a growth of 93%, becoming a $17 billion digital economy.
Bain’s Asia-Pacific Head of Digital Practice, Florian Hoppe, said, “GMV (for Southeast Asia) increased 49% year-on-year, as the seismic consumer and ecosystem changed rapidly, leading to The momentum for mass digital adoption continues.”