2022年东南亚数字经济报告(英文版)

GoogleTEMASEKBAIN&COMPANYO Referencee-ConomySEAisamulti-yearresearchprogrammelaunchedbyGoogleandTemasek in2o16.Bain&Companyjoinedprimary research,expertinterviews,and industry sources to shed lighton thedigital economyin Southeast Asia.Theinformationincludedinthisreportissourcedas'Google,TemasekandBain,e-ConomySEA2o22',unlessotherwisespecifiedDisclaimerother third parties involved as of the date ofwriting,and is subject to change.It hasbeen prepared solely for informationpurposesoveralimitedperiodoftimetoprovideaperspectiveonthemarket.Itisnotintendedforinvestmentpurposes.GooaleinternaldatawasnotusedinthedevelopmentofthisreportAllfinancialanalvsisjsderivedorestimatedbyBainanalysisusingbothnon-GoogleproprietaryandpubliclyavailableinfornationGooglehasnotsuppliedanyadditionaldataforfinancialanalysis,nordoesGothereport.Whereinformationhasbeenobtainedfromthirdpartyedinthefootnotes.Proiectedmarketandfinancialinformation,analconstruedasdefinitiveforecasespectiveaffiliatesoranyotherastotheaccuracyorcompletenessoflossarisingfromtheuseofthisreportGoogleTEMASEKBAIN&COMPANYO 7th edition of e-Conomy SEA by Google, Temasek, Bain:Southeast Asia's digitaleconomyresearchprogramme2016201720182019UnlockingUnprecedentedSEA'sinternetpuednadimsTowards athe$200BgrowthforSEA'seconomyhitsanto theright:sustainableopportunity$50BinternetinflectionpointSEA's$100Bdigital economyinSEAeconomyinterneteconomySEA's Digital Decade2020202120222030AtfullRoaring20s:Throughthevelocity:TheSEAwaves,Resilient andDigital DecadetowardsasearacingaheadofopportunityGoogleTEMASEKBAIN&COMPANYO e-Conomy SEA research methodologyGooglePrimaryTemasekinsightsExpertinterviewsBainanalysisTrendsresearch*&industrysourcesWithcontributionsfromDSGKKROPENSPACEPLSEQUOIAAYvertexNETWORKSPARTANGoogleTEMASEKBAIN&COMPANYO e-ConomySEAcovers6countriesinSoutheastAsiaVIETNAM98MTHAILAND70MPHILIPPINES113MMALAYSIA33M600MSINGAPOREtotalpopulation6MacrossthecountriesINDONESIA280MSource: Worid BankGoogleTEMASEKBAIN&COMPANYO15 Marketcoverage:Leading sectors5leadingand4nascentsectorsinthedigitaleconomyE-commerceTransport&foodOnline travelMarketplacesTransportFlightsDirect-to-consumerFooddeliveryHotelsNascentsectorsGroceriesVacationrentals国SHealthtechSaasOnlinemediaFinancialservicesAdvertisingPaymentsGamingRemittancesVideo-on-demandLendingMusic-on-demandInsuranceInvestmentsWeb3EdtechNotes:E-commerce does notincludeinformalcommerceduetolackofreliabledata,FinancialservicesisexcudecGoogleTEMASEKBAIN&COMPANYOfrommarketsizing estimates due to differences in units of measurementcomparedto otherleadingsectors. Contents01020304ExecutiveNavigatingApproachingPrudencesummarymacroeconomic$200Bincloudstechheadwindsroughseasinvestments0506TowardsaChartingthePorts of call:sustainablecoursefortheCountrydatadigitaleconomydigitaldecadeGoogleTEMASEKBAIN&COMPANYO ExecutivesummaryNavigatingJust as countries in SEA embarked on a return to pre-pandemic normality,global headwinds started to blow,macroeconomicthreateningtoderailafulleconomicrecovery.Rising interestratesand highinflationarypressurehavealsobeenheadwindsimpactingconsumerdemand,particularlythediscretionarysectorsthatsitatthecoreofthedigital economy.Despitethesemacroeconomicheadwinds,SEA'sdigitaleconomyremainsoncoursetoreach~s2ooBingrossApproaching$20oBmerchandisevalue(GMV)in2022.Infact,it isreachingthis thresholdthreeyears earlierthan wehadexpected inourinroughsease-ConomySEA2O16report.Digitaladoptioncontinuestoriseeventoday.albeitataslowerpacethanthesteepaccelerationseenattheheightofthepandemic.Acrossurbanareas,affluentconsumersandtheiryoungdigitalnativecounterpartscontinuetorepresentthelargestUrbanconsumersstillportionofthedigitaleconomy.Forthesetwosegments,theopportunityforgrowthliesindeeperengagement,drivetheeconomyincludingmorefrequentand valuableorders, subscriptions,or cross-selling services suchas consumerlending.Meanwhile,adoption and spend by urban consumers'onabudget'and suburban consumers remain lower,leavingdigital playerstofigureoutmoreeconomicallysustainablewaystoservethem.SEA'sdigitaleconomysectorsarefollowingthreedistincttrendlines.E-commercefollowsanS-shapedgrowthcurveSectorsencounterinwhichitcontinuesonitsgrowthtrajectory,butfromahigherstartingpointafterthesteepaccelerationduringthedifferentgrowthtrendspandemic.Others,suchasfooddeliveryandonlinemedia,arereturningtotheirtrendlinesafteratwo-yearspike.Andlastly,travelandtransportaremovingalongaU-shapedrecovery,withpre-pandemiclevelsstill somemilesaway.Theadoptionandusageofdigitalfinancialservices (DFs)haveflourishedacrosstheboard,propelledbyashiftfromFavourableconditionsofflinetoonlineandthepositivefinancial marketconditionsofthe lastfewyears.With rising interestrates andaupliftfinancialservicesriskierlendingenvironment,however,fintechplayers,platforms,andnewlylauncheddigibankswill seetheirbusinessmodelsstress-tested.Meanwhile,banksandinsurancecompaniesarerapidlydigitalisingtheirservicesandmaintainingastrongholdonaffluentconsumers.GoogleTEMASEKBAIN&COMPANY ExecutivesummaryTechinvestme