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Reference
e-Conomy SEA is a multi-year research program launched by Google and Temasek in 2016. Bain &

Disclaimer

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Content
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Time is money: competing for engagement 41
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Executive summary
Mobile Internet transforming Southeast Asia.

Southeast Asia’s Internet economy hits $100 billion.

Fast and faster growth: dual-speed Southeast Asia.

Time is money: competing for user engagement.

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Funding remains healthy despite global headwinds.

Ecosystem challenges are being resolved.

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e-Conomy SEA 2019

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“e-Conomy SEA — Unlocking the $200 billion digital

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Mobile Internet
transforming Southeast Asia

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World Bank 9
 Number of
Internet
users added
since 2015

and 13 minutes.

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World Bank
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three years.

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Towards a more productive and purposeful use

restaurants and hotels.

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hits $100 billion

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 How fast the
number of Ride
Hailing users has
grown since 2015
5X from just eight million in 2015.

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shopping more regularly.

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Fast and faster:

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Size of Indonesia’s
Internet economy
by 2025
$130B

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 Funds raised by
SEA’s regional
gateway since 2016
$23B

much larger neighbors.

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in them through their local subsidiaries.

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Indonesia

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Malaysia

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Philippines

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Singapore

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Thailand

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Vietnam

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beyond Metros

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 Share of SEA’s
Internet economy
made up by 7 52%
Metro areas

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Fundamental changes
in consumer behavior

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e-Commerce blazes through $38 billion, turbocharged by shopping festivals

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more than doubled in the last four years.13

Google Trends for selected e-Commerce promotions

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Average number
of e-Commerce
orders a day
5M

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Ride Hailing approaches $13 billion, with booming Food Delivery services

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 in Metro areas.

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Size of Online
Food Delivery
sector by 2025
$20B

Google Trends for selected Online Food Delivery brands

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Online Media hits $14 billion, boosted by unmatched user engagement

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Google Trends for selected Subscription Streaming Video brands

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Online Travel grows to $34 billion, backed by the rise of budget hotel chains

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the trip itself.

than nine times compared to 2015.17

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 Google Trends for selected Online Travel brands

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As a

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Time is money:
competing for engagement

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 turn into orders.

Number of sessions
for Indonesia’s
e-Commerce apps
over 6 months
30B

time it takes to select products and making it simple for users to submit orders.

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Digital Financial Services

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Millions of small and medium enterprises also face large funding gaps.

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Digital Financial Services

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A uniquely diverse and fragmented competitive landscape

Pure-play Fintechs

sustainable. The ability to fund their balance sheets to scale their business models is also untested.

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Established Consumer Players include the likes of telcos and retailers. These companies can reach a

Established Financial Services Players

and data science.

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banked consumers.

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businesses can scale remarkably.

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Funding remains healthy

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that mark.

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 Two in three dollars raised by e-Commerce and Ride Hailing players

Funds raised
for Ride Hailing
in 4 years
$14B

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 tens of millions in the last 18 months.

similar ballpark of the funding that has gone into Fintech companies.

Unicorns and Aspiring Unicorns take center stage with funding

Funds that went

to SEA Unicorns
in 4 years
$24B Unicorns22

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 that received
over $7B in
combined funding

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Ecosystem challenges
are being resolved

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comparable to storied household brands.

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economy are clearly ahead.

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e-Commerce

Online Travel

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Online Media

Ride Hailing

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