2024东南亚数字经济报告

Disclaimer Reference The information in this report is provided on an ‘as is’ basis. This document was produced byGoogle, Temasek, Bain, and other third parties involved as of the date of writing and issubject to change. It has been prepared solely for information purposes over a limited periodof time to provide a perspective on the market. It is not intended for investment purposes. Allfinancial analysis is derived or estimated by Bain analysis using both non-Google proprietaryand publicly available information. Google has not supplied any additional data for financialanalysis, nor does Google endorse any financial analysis made in the report. Whereinformation has been obtained from third-party sources and proprietary research, this isclearly referenced in the footnotes. Projected market and financial information, analyses, andconclusions contained in this report should not be construed as definitive forecasts orguarantees of future performance or results. Google, Temasek, Bain, their respectiveaffiliates, or any other third party involved make no representation or warranty, eitherexpress or implied, as to the accuracy or completeness of the information in the report andshall not be liable for any loss arising from the use of this report. e-Conomy SEA is a multi-year research programme launched by Googleand Temasek in 2016. Bain & Company joined the programme as leadresearch partner in 2019. The research leverages Temasek insights, Bainanalysis, Google Trends, data from research partners, expert interviews,and industry sources to shed light on the digital economy in Southeast Asia(SEA). The information included in this report is sourced as ‘Google,Temasek, and Bain, e-Conomy SEA 2024’, unless otherwise specified. 9th edition of e-Conomy SEA by Google, Temasek, Bain:Southeast Asia’s digital economy research programme e-Conomy SEA research methodology e-Conomy SEAcovers 6 countriesin Southeast Asia… 612Mtotal populationacross the countries … and 6 leading sectors in the digital economy 2 Food delivery Transport E-commerce MarketplacesDirect-to-consumerGroceriesVideo commerce Financial services Online media Online travel FlightsHotelsVacation rentals PaymentsLendingWealthInsurance AdvertisingGamingVideo-on-demandMusic-on-demand Content Executive summary Clearing the path toinvestment exits Profitabilityon the horizon Surveying theterrain ahead Growth sustained across core metrics Maintaining digital trust is imperative Private funding remains subdued SEA’s digital economy has made significant progress,demonstrating solid performance in 2024 with double-digityear-on-year growth across GMV ($263B, +15%), revenue($89B, +14%), and profit ($11B, +24%). Although fraud rates are declining due to heighteneduser awareness and strengthened fraud controls,online scams remain prevalent, with half of all digitalusers falling victim despite expressing confidence inspotting them. Higher interest rates and shifts in thegeopolitical landscape have contributedto a decline in deal volume. Investors turn their focus to future potential Profitability on the rise across sectors Despite muted funding activity, investorsexpress confidence in SEA's long-termpotential, directing nearly 50% of investmentstowards nascent sectors. Harnessing SEA’s AI infrastructure advantage Tighter commissions, targeted incentives, and new revenuestreams, such as advertising, have contributed to profitmultiplying 2.5X over the past two years. Key players havemade significant strides towards profitability milestones. The region is attracting significant AI investment, withover $30B committed to AI infrastructure in the firsthalf of 2024 alone. SEA is positioned well to competeboth in data centres and end-layer applications. Ongoing initiatives clear exit pathways E-commerce reaccelerates, fuelled by video commerce In a challenging exit environment, early-stagecompanies are making significant progresstowards profitability. Efforts are in motion toimprove capital market conditions, such ascross-border collaborations and regulatorychanges to support IPOs. AI applications see accelerated time to value E-commerce growth surges to +15% year-on-year, propelledby video commerce – which now accounts for 20% ofe-commerce GMV, up from less than 5% in 2022. AI is starting to drive transformative value for SEA’sdigital economy, through both broad and sector-specific business use cases. Early adopters arerealising returns on their investments within 12months of implementation. SEA emerges as a gaming export hub Developers in the region are capturing an outsized share ofthe global mobile gaming market, driving 12% of downloadsin 2024. In parallel, gaming content is booming, with moretop creators and uploads than any other consumer category. Profitability onthe horizon Following years of investment ingrowth, key players in the SEAdigital economy have progressedtowards profitability by doublingdown on monetisation strategies.