Google, Temasek, and Bain & Company report that the internet economy in Southeast Asia has reached US$100bn this 2019 accounting for the 39% increase from the $72bn earnings in 2018 and amazingly tripling over the last for years.
The report also added that come 2025, the internet economy in the region will triple to $300bn.
The six largest markets in Asia that include Indonesia, Malaysia, Philippines, Thailand, and Vietnam got analyzed for the report.
Though Indonesia and Vietnam account for more than 40% of growth each, the other four countries contributed to growth rates of 20% to 30%.
Notable is Jakarta, Indonesia accounting for more than half of the region's internet economy due to its population just being 15% of the region.
Rohit Sipahimalani, joint head of investment at Temasek, Singapore's sovereign wealth fund said, "Mobile technology is changing the way Southeast Asians work and live," which in turn gives them "greater access to new opportunities and markets."
The $100bn digital economy of Southeast Asia is attributable to the 100 million growth of users over the past four years which has led to the region shaping technology trends as the world's most engaged internet users are also found here.
This number of customers has incentivized businesses ranging from unicorns to small and medium-sized enterprises.
With Southeast Asia's internet sectors booming, people eat, get around and shop differently now.
People in the region use the internet for entertainment, learning purposes and work while also staying connected with family and friends.
Much of the growth brought about by the millions of internet users was driven by e-commerce which is now at $38bn compared with just $5.5bn from five years ago.
More than 150 million Southeast Asians now buy online and the sector is valued at $38 billion today compared with just $5.5 billion in 2015.
The report also said e-commerce will hit $150bn by 2025.
Ride-Hailing, from the likes of Gojek and Grab, has 40 million people availing of transport, food and other services compared with just 8 million in 2015.
Likewise, financial services are now more accessible with the projection of 100 million more Southeast Asians getting reached.
Digital payments from this year $600 billion will grow to more than $1 trillion by 2025.
Experts also attributed Southeast Asia's tremendously successful digital economy to affordable internet access.
As the digital ecosystem matures, companies focus on higher engagement by offering different products and doing enticing streaming content, gamified promotions, live news and more.
Companies do not only benefit from such moves but consumers as well because they have access to lower prices due to more choices.
Florian Hoppe, partner and leader of Asia Pacific Digital Practice at Bain & Company, however, said that with nearly 100 million adults in the region are with limited access to financial services, digital financial services have the biggest opportunity for more growth in the region.
