Google, Temasek and Bain & Company release results of digital economy research in Southeast Asia. Regarding the use of digital platforms by Thais growing 30% and is expected to create the value of the Thai digital economy at 52 billionUS Dollar in 2025
Google, Temasek and Bain & Company are working together to conduct research to monitor the growth of the digital economy in Southeast Asia for 2020 (e-Conomy SEA 2020), in the report.The digital economy in Southeast Asia is worth surpassing US $ 100 billion in 2020.
The number of new internet users has increased by 40 million from 2019, making it a total of 400 million internet users across the region, expected to generate an economic value of over US $ 300 billion by 2025. Way valueThe digital economy of 5.3 billionUS dollar, or about 25% growth in 2025.
Although the economic environment this year is full of challenges. The research results indicate that the Thai digital economy has grown 7% from the previous year. It will be valued at US $ 18 billion in 2020, making it the second largest digital economy market in Southeast Asia. After Indonesia
The growth rate in Thailand is still from the following industry segments.
- Ecommerce In Thailand it is growing rapidly and is the fastest growing business group.
- The average annual growth rate is 81% from a year ago, reaching $ 9 billion in 2020, and is expected to rise to $ 24 billion by 2025.
- E-commerce expansion offset the slowdown in online travel and shipping.
- Online media (Game ads, video on demand services And on-demand music services) continued to grow. With 20% growth from a year ago And it is expected to be valued at $ 4 billion this year and will surpass US $ 7 billion by 2025.
- Thai people spent 3.7 hours online (personal use) in the pre-COVID period. And jumped up to 4.6 hours during the lockdown And is currently constant at 4.3 hours per day
- A group of 8 out of 10 users found the technology very useful during COVID-19. Thus, technology has become indispensable in people’s daily life.
It also states that During the lockdown period, consumers using digital platforms experienced exponential growth. Many users are starting to try new digital services, with 30% of all digital users being new, and 95% of them intend to keep using it after the outbreak.
- Online transportation and food delivery service In Thailand it is worth US $ 1.1 billion in 2020, with a 12% drop in average annual growth despite growth in online food delivery services estimated to be worth US $ 7 billion. Or a 45% growth in 2025
- Online travel (Hotel, accommodation and flight booking businesses) in Thailand, hit hard by the COVID-19 outbreak, had a gross bookings value of US $ 4 billion in 2020. The average annual growth rate is down 47% and is expected to be worth US $ 15 billion by 2025.
In addition, the report Also provide updates on the part ofDigital financial services (Payments, transfers, lending, insurance, and investing) in the Southeast Asia region too. It stated that consumers and SMEs have switched to digital financial services like never before.
In addition to lending services The total digital payment (GTV) total transaction value in Southeast Asia in 2020 was $ 620 million. Higher than last year 20 million US dollars And it is expected to have a combined value of $ 1.2 billion by 2025.
And two new sectors that have been researched this year The rapid growth rates during the COVID-19 outbreak are: Health technology (HealthTech) andEducational technology (EdTech)
This year’s joint research by Google, Temasek and Bain & Company. Represents the next step in the future of the digital economy in Southeast Asia, which isThis is the result of a drastic change in consumer and ecosystems this year. Make the digital economy progress and grow to a strength that has never been done before. And from the research of the digital economy growth in Thailand has foundThe 7 essenceAs follows
- The move to digital platforms Internet use in Southeast Asia continues to grow. Including in Thailand where people try new digital services More and more during the COVID-19 outbreak
- Meaningful online People in Southeast Asia spend an average of more than 1 hour per day on the Internet during lockdown. As Thais spend more time on the Internet during COVID-19. And see that technology is necessary
- Adapt in a crisis E-commerce has driven growth in Thailand by 81% .This rapid leap has largely offset the slowdown in online travel and transportation.
- The path to profitability Unicorn financing in the mature sector has slowed since its boom in 2018. Turn to focus on their core businesses to focus on generating profits first.
- Pioneering new business Health technology (HealthTech) and education technology (EdTech) play a very important role during the epidemic. With an outstanding adoption rate
- Look carefully positive Investors make prudent investments in trades with less, but more attractive valuation. They expect higher returns in the long run.
- Move on This year’s research shows that internet businesses have grown to a strength like never before. Therefore, the continuous development of key constraints to the growth of the digital economy is necessary. In particular, the limitation of competent personnel.
