ASEAN's Digital Economy is Projected to Exceed $240 Billion by 2025
ASEAN has a predominantly mobile digital space with over 90% of internet users connected via smartphones. With 914 million active mobile connections, almost 1.5 times its population, ASEAN is the world's fastest-growing internet market. A youthful and increasingly middle class population, along with the growth in reliable mobile connections and affordable smartphones, is further driving the region’s digital economy and making it one of the world's largest social media markets.
With digitization comes increased opportunities for both ASEAN and US businesses to reach new customers and suppliers. Online spending is expected to rise more than threefold to $240 billion by 2025, fueled by ride-hailing apps, e-commerce, online media, and increased intra-regional travel. E-commerce in ASEAN alone is expected to grow by 32% to over $88 billion in the next decade. ASEAN small and medium-size enterprises (SMEs)