2022年东南亚数字经济报告(英文版)

Google TEMASEK BAIN&COMPANYO Reference e-ConomySEAisamulti-yearresearchprogrammelaunchedbyGoogleandTemasekin2o16.Bain&Companyjoined primaryresearch,expertinterviews,andindustrysourcestoshedlightonthedigitaleconomyinSoutheastAsia.The informationincludedinthisreportissourcedas'Google,TemasekandBain,e-ConomySEA2o22',unlessotherwisespecified Disclaimer otherthirdpartiesinvolvedasofthedateofwriting,andissubjecttochange.Ithasbeenpreparedsolelyforinformation purposesoveralimitedperiodoftimetoprovideaperspectiveonthemarket.Itisnotintendedforinvestmentpurposes. GooaleinternaldatawasnotusedinthedevelopmentofthisreportAllfinancialanalvsisjsderivedorestimatedbyBain analysisusingbothnon-GoogleproprietaryandpubliclyavailableinfornationGooglehasnotsuppliedanyadditionaldataforfinancialanalysis,nordoesGothereport.Whereinformationhasbeen obtainedfromthirdpartyedinthefootnotes.Proiectedmarket andfinancialinformation,analconstruedasdefinitive forecasespectiveaffiliatesoranyother astotheaccuracyorcompletenessof lossarisingfromtheuseofthisreport GoogleTEMASEKBAIN&COMPANYO 7theditionofe-ConomySEAbyGoogle,Temasek,Bain: SoutheastAsia'sdigitaleconomyresearchprogramme 2016201720182019 UnlockingUnprecedentedSEA'sinternetpuednadimsTowardsa the$200BgrowthforSEA'seconomyhitsantotheright:sustainable opportunity$50BinternetinflectionpointSEA's$100B inSEAeconomyinternet economy SEA'sDigitalDecade 2020202120222030 digitaleconomy Atfull Roaring20s: Throughthe velocity: TheSEA waves, Resilientandracingahead DigitalDecade towardsasea ofopportunity GoogleTEMASEKBAIN&COMPANYO e-ConomySEAresearchmethodology Temasekinsights Bainanalysis GooglePrimary Expertinterviews Trendsresearch*&industrysources Withcontributionsfrom DSGKKR SEQUOIA PL AYvertex SPARTAN OPENSPACE NETWORK GoogleTEMASEKBAIN&COMPANYO e-ConomySEAcovers 6countriesinSoutheastAsia VIETNAM 98M THAILAND 70M MALAYSIA 33M 600MSINGAPORE 6M PHILIPPINES 113M totalpopulation acrossthecountries INDONESIA 280M Source:WoridBankGoogleTEMASEKBAIN&COMPANYO15 Marketcoverage:Leadingsectors 5leadingand 4nascentsectorsin thedigitaleconomy E-commerceTransport&foodOnlinetravel MarketplacesTransportFlights Direct-to-consumerFooddeliveryHotels NascentsectorsGroceriesVacationrentals 国S HealthtechSaasOnlinemediaFinancialservices AdvertisingPayments GamingRemittances Video-on-demandLending Music-on-demandInsurance Web3Edtech Investments Notes:E-commercedoesnotincludeinformalcommerceduetolackofreliabledata,FinancialservicesisexcudecGoogleTEMASEKBAIN&COMPANYO frommarketsizingestimatesduetodifferencesinunitsofmeasurementcomparedtootherleadingsectors. Contents 01020304 Executive Navigating Approaching Prudence summary macroeconomic headwinds $200Binroughseas cloudstech investments 0506 TowardsaChartingthePortsofcall: sustainablecoursefortheCountrydata digitaleconomydigitaldecade GoogleTEMASEKBAIN&COMPANYO Executivesummary NavigatingJustascountriesinSEAembarkedonareturntopre-pandemicnormality,globalheadwindsstartedtoblow, macroeconomicthreateningtoderailafulleconomicrecovery.Risinginterestratesandhighinflationarypressurehavealsobeen headwindsimpactingconsumerdemand,particularlythediscretionarysectorsthatsitatthecoreofthedigitaleconomy. Despitethesemacroeconomicheadwinds,SEA'sdigitaleconomyremainsoncoursetoreach~s2ooBingross Approaching$20oBmerchandisevalue(GMV)in2022.Infact,itisreachingthisthresholdthreeyearsearlierthanwehadexpectedinour inroughsease-ConomySEA2O16report.Digitaladoptioncontinuestoriseeventoday.albeitataslowerpacethanthesteepaccelerationseenattheheightofthepandemic. Acrossurbanareas,affluentconsumersandtheiryoungdigitalnativecounterpartscontinuetorepresentthelargest Urbanconsumersstill drivetheeconomy portionofthedigitaleconomy.Forthesetwosegments,theopportunityforgrowthliesindeeperengagement, includingmorefrequentandvaluableorders,subscriptions,orcross-sellingservicessuchasconsumerlending.Meanwhile,adoptionandspendbyurbanconsumers'onabudget'andsuburbanconsumersremainlower,leavingdigitalplayerstofigureoutmoreeconomicallysustainablewaystoservethem. SEA'sdigitaleconomysectorsarefollowingthreedistincttrendlines.E-commercefollowsanS-shapedgrowthcurve Sectorsencounterinwhichitcontinuesonitsgrowthtrajectory,butfromahigherstartingpointafterthesteepaccelerationduringthe differentgrowthtrendspandemic.Others,suchasfooddeliveryandonlinemedia,arereturningtotheirtrendlinesafteratwo-yearspike.And lastly,travelandtransportaremovingalongaU-shapedrecovery,withpre-pandemiclevelsstillsomemilesaway. Theadoptionandusageofdigitalfinancialservices(DFs)haveflourishedacrosstheboard,propelledbyashiftfrom Favourableconditions upliftfinancialservices offlinetoonlineandthepositivefinancialmarketconditionsofthelastfewyears.Withrisinginterestratesandariskierlendingenvironment,however,fintechplayers,platforms,andnewlylauncheddigibankswillseetheirbusinessmodelsstress-tested.Meanwhile,banksandinsurancecompaniesarerapidlydigitalisingtheirservicesandmaintainingastrongholdonaffluentconsumers. GoogleTEMASEKBAIN&COMPANY Executi