谷歌贝恩2019东南亚数字经济报告英文2019965页

12ReferenceDisclaimere-ConomySEAisamulti-yearresearchprogramlaunchedbyGoogleandTemasekin2016.Bain&Companyjoinedtheprogramasleadresearchpartnerin2019.TheresearchleveragesBainanalysis,GoogleTrends,Temasekresearch,industrysourcesandexpertinterviewstoshedlightontheInterneteconomyinSoutheastAsia.Theinformationincludedinthisreportissourcedas“Google&Temasek/Bain,e-ConomySEA2019”exceptfromthirdpartiesspecifiedotherwise.Theinformationinthisreportisprovidedonan“asis”basis.ThisdocumentwasproducedbyandtheopinionsexpressedarethoseofGoogle,Temasek,Bainandotherthirdpartiesinvolvedasofthedateofwritingandaresubjecttochange.Ithasbeenpreparedsolelyforinformationpurposesoveralimitedtimeperiodtoprovideaperspectiveonthemarket.Projectedmarketandfinancialinformation,analysesandconclusionscontainedhereinshouldnotbeconstruedasdefinitiveforecastsorguaranteesoffutureperformanceorresults.Google,Temasek,Bainoranyoftheiraffiliatesoranythirdpartyinvolvedmakesnorepresentationorwarranty,eitherexpressedorimplied,astotheaccuracyorcompletenessoftheinformationinthereportandshallnotbeliableforanylossarisingfromtheusehereof.Googledoesnotprovidemarketanalysisorfinancialprojections.Googleinternaldatawasnotusedinthedevelopmentofthisreport.3ContentExecutivesummaryIntroducinge-ConomySEA2019MobileInternetistransformingSoutheastAsiaTheInterneteconomyhits$100billionFastandfaster:two-speedSoutheastAsiaGrowthopportunitiesbeyondMetrosFundamentalchangesinconsumerbehaviorTimeismoney:competingforengagementDigitalFinancialServicesreachtheinflectionpointFundingremainshealthydespiteglobalheadwindsEcosystemchallengesarebeingresolvedAppendix4681317273141445159624ExecutivesummaryMobileInternettransformingSoutheastAsia.Justoveradecadeago,fourinfiveSoutheastAsianshadnoInternetconnectivityandlimitedaccesstotheInternet.Today,SoutheastAsiansarethemostengagedmobileInternetusersintheworld.Thereare360millionInternetusersintheregionand90%ofthemconnecttotheInternetprimarilythroughtheirmobilephones.Theycommunicatewiththeirfamilies,friendsandcolleagues,entertainthemselves,learnnewskillsandbecomemoreproductive.Increasingly,theyalsobuyproducts,plantripsandorderfoodonline.Allofthistakesplacemillionsoftimeseverydayacrosstheregion.Avisionthatwasalmostimpossibletoimagineisnowdailyroutine.SoutheastAsia’sInterneteconomyhits$100billion.Poweredbythesefundamentalchangesinconsumerbehavior,theInterneteconomycontinuestogrowatanunprecedentedpace.Ithassoaredto$100billionforthefirsttimein2019,morethantriplinginsizeoverthelastfouryears.e-CommerceandRideHailingcontinuetobeatthemostoptimisticofpredictions.OnlineMediaandOnlineTravelkeepgrowingatasteadyrate,withampleroomtoexpandfurther.By2025,theInterneteconomyisexpectedtogrowto$300billion.Fastandfastergrowth:dual-speedSoutheastAsia.TheInterneteconomiesinMalaysia,Thailand,SingaporeandthePhilippinesaregrowingbybetween20%and30%annually,withnosignsofslowingdown.Thisisaremarkablefeatcomparedtootherregions,buthardlythebestshowinginSoutheastAsia.ThetwopacesettersintheregionareIndonesiaandVietnam,whichleadthepackwithgrowthratesinexcessof40%ayear.Timeismoney:competingforuserengagement.Companiesareswitchingtheirfocusfromacquiringnewcustomerstodrivingengagement.Theirgoalistoconvinceuserstostayontheirplatformsforlonger,inthebeliefthatpurchaseswillfollow.Vyingforuserengagement,companieshaveexpandedtheirscopeacrosssectors,movingintonewservices,gamifyingpromotionsandstreamingenticingcontent.Thishasignitedmoreintensecompetition,whileprovidinguserswithmorechoicesandlowerprices.GrowthopportunitiesbeyondMetros.ThegrowthoftheInterneteconomyhasyettospreadevenlyacrossSoutheastAsia.SevenMetropolitanareas,whichhousejust15%oftheregion’spopulation,stillaccountformorethan50%oftheInterneteconomy.Onaverage,peoplelivingintheseMetroareasbuysixtimesmoreonlinethanthoselivingelsewhere.TheInterneteconomy,however,hasthepotentialtogrowtwiceasfastinareasoutsidethebigcities,bringingallSoutheastAsiansonboard.5DigitalFinancialServicesreachtheinflectionpoint.TheadoptionofDigitalPaymentshasfinallyreachedtheinflectionpointandisexpectedtocross$1trillionby2025,accountingforalmostoneineverytwodollarsspentintheregion.OtherDigitalFinancialServicesarestillnascentbutgainingtraction.Thesetechnology-enabledbusinessmodelsarebestpositionedtogiveSoutheastAsia’sunderbankedpopulationaccesstoFinancialServices.Whilenewentrantsandestablishedplayersarecompetingandpartneringtotacklethisopportunity,supportiveregulationswillplayacriticalrole.Fundingremainshealthydespiteglobalheadwinds.Morethan$37billionofcapitalhasflowedintotheInterneteconomyoverthelastfouryears.Whilethemajorityhasgonetoe-CommerceandRideHailingUnicorns,investmentsinnearly3,000startupsintheregionremainsizable.Agrowingcadreof“AspiringUnicorns”hasemergedandisonthelookoutforlate-stagefundingtoscalefurther.Regionalandglobalinvestorsaregearedupforthisopportunity,readytobackcompaniesforlongerandwithmoreresources.Ecosystemchallengesarebeingresolved.SoutheastAsiahasmadeprogressinovercomingtheinitialroadblocksintheInterneteconomy.Internetaccessisnowafford