e-conomy SEA
Unlocking the $200 billion digital opportunity in
Southeast Asia
Google & Temasek's joint perspectives were developed
using 4 independent data sources
Proprietary
Google data
Temasek
research
Expert
interviews
Secondary
data sources
Query and click data to assess demand by country; internet
usage data by country; smartphone penetration by country
VC and startup activity by country (including number of
deals, exits, size of startups, number of startups by funding
stage, etc.)
59 expert interviews (21 startups, 12 VCs, 23 analysts at
leading banks, and 3 industry experts across 6 countries)
to validate research ndings
Numerous sources such as Worldbank, UN, EIU,
Euromonitor, McKinsey, WEF, and government websites
were used to calculate economic development indicators
such as population trends, GDP growth, etc.24
DATA SOURCEDESCRIPTIONResearch scope
INCLUDEDEXCLUDED
3 major sectors:
1.First-hand eCommerce (i.e.
online spend on electronics,
apparel/clothing, household
goods, food/grocery)
2.Travel (online spend on
hotels, airlines and ride
hailing)
3.Media (online spend on ads
and gaming)
Sectors
Geographies
Online spending in sectors
which have not materially been
disrupted by the internet in
SEA, such as:
1cation
2.Entertainment/movies
3.Health (insurance, etc.)
4.Financial services
Second-hand eCommerce
purchases
6 major SEA countries including
Indonesia, Singapore, Malaysia,
Philippines, Thailand and
Vietnam
Other SEA countries such as
Cambodia, Laos and MyanmarExecutive summary (1/2)
SEA1 is the world’s fastest growing internet region (~14% 5-year CAGR) with an existing internet user
base of 260m growing to ~480m users by 2020 (~3.8m / month)
Consequently, the SEA1 internet economy2 is expected to grow to ~$200+ billion by 2025; driven mostly
by the growth of rst-hand eCommerce market (32% CAGR over next 10 years) followed by online
media (18% CAGR), and online travel (15% CAGR)
The total rst-hand eCommerce market in SEA1 is expected to reach ~$88 billion by 2025; signicantly
outpacing the growth of offline retail (32% vs. 7% 10-year CAGR) with potential to reach ~$120 billion
3 factors that are unique to SEA1 will drive growth:
which are abundant in PH and ID
Number of transactions expected to be biggest growth driver (27% 10-year CAGR), as more people gain
access to the internet and availability of products online increases
All SEA countries are expected to have an eCommerce market $5b
Online travel (hotels, airlines, and rides) is expected to reach ~$90 billion by 2025 (15% CAGR);
Carriers will drive majority of growthdue to their prominence in SEA (35% of gross booking vs 13% in rest of
APAC) and higher online penetration (55% vs 35% for regional carriers)
1 includes PH, VN, TH, SG, MY, ID
2 includes first-hand eCommerce (apparel, electronics, household goods, food/grocery),
travel (hotels, airlines, ride hailing), and online media (ads + gaming)SOURCE: Google, Temasek, World Bank, UN3
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