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November 28, 2023

Southeast Asia's Digital Economy Projected to Hit US$100 Billion in Revenue in 2023

November 28, 2023

Southeast Asia’s digital economy is estimated to reach US$100 billion in revenue in 2023, an eight-fold increase from 2015, according to the 2023 e-Conomy SEA report by Google, Temasek, and Bain & Company. In addition to revenue, transaction values have also grown 11% in 2023 to reach US$218 billion.  The overall value of ASEAN’s digital economy is now expected to reach US$295 billion by 2025, a significant decrease from previous estimates valuing it at US$330 billion by 2025. The reassessment comes as private funding in 2023 declined to its lowest level in six years after record highs. 

Key drivers of continued digital economy growth include increasing engagement of high-value users by e-commerce platforms, growing consumer confidence and transaction sizes, and prioritizing revenue streams that can drive long-term expansion, such as advertising and delivery services. Nascent sectors, such as health and education technology, are also reported to be experiencing growing percentages of deal activity, a signal that investors may be diversifying portfolios. ASEAN’s digital economy is projected to triple by the end of the decade, growing to almost US$1 trillion by 2030. ASEAN member states’ interests in harnessing the power of this market are underscored by commitments to launch negotiations to develop a Digital Economy Framework Agreement, an agreement which aims to double the value contribution of the ASEAN digital economy to unlock US$2 trillion by 2030.

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