In 2016, Google and Singaporean investment firm Temasek launched a multi-year research program to delve into the internet economies of Southeast Asia.
This year, global management consultancy Bain & Company has joined in as a lead research partner, as Google and Temasek continue to track the growth of the internet economy in the region.
The latest “e-Conomy SEA 2019” report from this study shows that Southeast Asia’s internet economy reached $100 billion for the first time this year, with 360 million people now linked up to cyberspace – 100 million more than just four years ago.
The region’s internet economy in terms of gross merchandise value currently only accounts for 3.7 per cent of the national GDP, lower than United States’ 6.5 per cent in 2016. This represents a huge opportunity for accelerated growth.
The report forecast that by 2025, the regional internet economy will have tripled to $300 billion.
For Thailand, the internet economy hit $16 billion in 2019, making it the second largest in Southeast Asia after Indonesia. It has been growing at 29 per cent per year and is expected to reach $50 billion by 2025.
Online travel (flights, hotels, vacation rentals) remains the largest segment in Thailand and is the most mature, with $7.2 billion in gross bookings value in 2019, growing at 17 per cent CAGR (compound annual growth rate).
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