As time changes, the future generation will rely completely on the internet. (Image via The Strait Times)

ASEAN’s internet economy to reach US$100 billion in 2019

Alfonsus Adi Putra
Business & Industry
Internet & IT
Oct 03, 2019
2301
As online shops and ride-hailing services are flourishing in the ASEAN region, the region’s internet economy also was predicted to flourish as well. By the end of 2019, ASEAN’s internet economy was predicted to grow by 39% to US$100 billion. Throughout the region, there are around 360 million internet users, compared to 260 million four years ago.

The experts predicted that the figure will double by 2025 to US$300 billion. Previously, the estimation was US$240 billion. And, it is all thanks to smartphones. The current generation lowers their heads to consult their smartphones to buy or to pay. From banking to booking flight, it is all in the pocket.

Over the last four years, as much as US$37 billion went to the digital investment in the ASEAN region. Its average economic growth, recorded at 5% in 2014, makes ASEAN a fertile soil for some companies amid the trade war between China and the United States (U.S).

One of the ride-hailing services in ASEAN, Grab from Singapore, holds the title as one of the decacorns. Meanwhile, its Indonesian counterpart, GoJek, held the title as one of the unicorns. Indonesia has five unicorns already.

Since 2015, the ride-hailing business has been on the rise. Once only worth US$13 billion, the worth is expected to quadruple by 2015 to US$40 billion as ride-hailing also covers food delivery.

Source: https://reut.rs/2o4VUwD

Business , Economy , Unicorn , Decacorn , Start-Up , Internet , ASEAN