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The Silicon Review Asia

According to recent developments, the internet economy growth of Southeast Asia is all set to reach $105 billion

According to recent developments, the internet economy growth of Southeast Asia is all set to reach $105 billion

Southeast Asia's internet economy is all set to hit the $105 billion mark this year.  Due to the ongoing pandemic, the consumers are stuck indoors and mostly prefer online mode for shopping, food delivery, and entertainment. According to the reports covering Vietnam, Malaysia, the Philippines, and Singapore, 40 million new users have received internet access. This shows that almost 70 percent of the region has chosen to go online. Temasek Holdings has reported that the Covid19 pandemic has brought in a permanent change and massive adoption of digital technologies. When compared to the previous year’s growth, this year has witnessed a 5 percent spurt. In the ongoing tussle in the retail segment, online retailers have broken out as winners. Most of the users now prefer to shop online, and ecommerce has grown by almost 63 percent.

Continued growth during the pandemic has created new unicorn companies like Go-Jek and Grab. The region’s startups have attracted many venture capitalists to invest billion from global investment companies and tech firms. Singapore's Internet economy has grown by 24 percent even though the country’s travel sector was significantly affected by the pandemic. However, the online segment is all set to achieve a whopping $309 billion gross by the end of 2025. 

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