Southeast Asian Internet economy is burgeoning beyond expectations, the regions internet economy was expected to hit $200 billion by 2025 which is now going to hit $240 billion by 2025.
The most prominent countries in the region include Malaysia, Indonesia, Singapore, Philippines, Vietnam, and Thailand. Earlier it was projected that Southeast Asian internet economy would hit $200 billion by 2025 but the region has already hit a third of the target with 8 years still to go. The tech firms in the region have already raised half of the expected $40 to $50 billion funds by 2025, according to the report by Google.
It didn’t happen overnight but in a fortnight, the Southeast Asian region is surpassing the expected growth of the internet economy, the countries have a solid foundation of accelerated digital economic growth in place.
According to the report, regions internet economy is set to reach $72 billion in 2018 which is more than double as compared to 2015. Moreover, the region’s internet sector has generated a GDP of more than 100 countries in the world in just 3 years.
The region now has more than 350 million internet users, after 2015 more than 3 million people joined and started using the internet for the first time.
It is also expected that the Southeast Asian E-commerce market size would reach $102 billion by 2025
The ride-hailing services in the region are also growing fast, almost 35 million people use ride-hailing services across 500 cities everyday Grab and Go-JEK are surpassing the growth expectations.
The region’s tech firms have raised $24 billion in funding since 2015, the investor confidence is boosting with promising growth,
The region is likely to create 1.7 million jobs with this internet economy by 2025 for highly skilled people as well as for flexible work in various internet related sectors.