SE Asia digital economy to reach $240b in valuation
21 November, 2018, 07:32 | Author: Sammy Rose
Moreover, given the growing trend of consumer trust in e-commerce players in the region, the sector is set to be worth US$102 billion by 2025.
South East Asia has 350 million internet users across its six largest countries - that's more than the entire United States population - and the latest data suggests its internet economy will reach $72 billion this year, up from $50 billion last year and $19.1 billion in 2015.
Google released the report with Temasek. It is expected to exceed US$100 billion by 2025.
In that same timeframe, Thailand's digital economy is projected to triple from current US$12 billion to US$43 billion and Vietnam from US$9 billion to US$33 billion.
"Powered by the ambitions of Go-Jek and Grab to become Southeast Asia's "everyday apps", we project that ride hailing will reach nearly $30 billion by 2025", the Google-Temasek study said.
"There might be only five million connected users in Singapore versus 150 million in Indonesia, but Singapore's consumers do have significantly higher incomes and buy more products and services online than a user in Indonesia", said Mr Rajan Anandan, Google's vice-president for South-east Asia and India.
"2018 has been the year for e-commerce in Southeast Asia".
The study has estimated the region's digital economy to triple in size, from its current value and reach $240 billion over the next seven years. The industry's three biggest regional players were Lazada, Shopee, and Tokopedia.
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The report is a multi-year research project that aims to shed light on Southeast Asia's internet company by covering four key sectors: online travels, online media such as gaming and subscription music, ride hailing in terms of transport and food delivery, and e-commerce.
A total of six economies - the region's largest - have been covered in the report. Ride-hailing services are popular in Singapore, the second-largest market in the region by value, worth an estimated $1.8 billion in 2018. In 2015, funding by venture capitalists, private equities and corporate investors crossed the US$1 billion mark.
Growth in revenue is actually coming faster for food delivery services over core transportation services, which is a good sign for Grab and Go-Jek since the two businesses have aggressively expanded into additional on-demand services.
Among these sectors, Fintech was by far the most dynamic, attracting over $500 million of investments in the first half of 2018 alone, more than twice as much as in all of 2017.
Go-Jek, Lazada and Tokopedia on the other hand successfully closed billion-dollar funding rounds, whilst Razer and Sea Group successfully tapped into public markets to fund their growth plans in 2017, the e-Conomy SEA report highlighted.
Also worth noting is that companies valued between US$10 million and US$100 million raised a record US$1.4 billion in the first half of 2018.
It added that this year was on track to be a record year for fund-raising for the region's Internet economy companies, with US$9.1 billion raised in the first half of the year, almost as much as in all of last year.
The report also presents the advances made by many regional tech companies in formulating their own digital payments platforms and mobile wallets.
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