eServices - ASEAN

ASEAN

The eServices market in ASEAN is projected to reach a revenue of US$39.78bn in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 12.71%, resulting in a projected market volume of US$72.36bn by 2029.
The Online Food Delivery market in ASEAN is expected to experience a revenue growth of 19.4% in 2025.
The Online Food Delivery market in ASEAN has a projected market volume of US$37.49bn in 2024.
In global comparison, China is expected to generate the highest revenue in the eServices market, reaching US$495.50bn in 2024.
The average revenue per user (ARPU) in the Online Food Delivery market is projected to amount to US$182.90 in 2024.
In the Online Food Delivery market, the number of users in ASEAN is expected to reach 264.8m users by 2029.
User penetration in the Online Food Delivery market is projected to be at 29.7% in 2024.
In the eServices market, Singapore is leading the way with its highly developed digital infrastructure and government support for technology-driven industries.

Market

Region

Region comparison

Currency

Analyst Opinion

The eServices market in ASEAN is experiencing significant growth and development.

Customer preferences: Customers in ASEAN are increasingly embracing eServices due to their convenience and efficiency. With the rise of digitalization and the increasing penetration of smartphones and internet connectivity, customers are seeking online platforms for various services such as e-commerce, online banking, ride-hailing, and food delivery. The convenience of accessing these services through mobile applications and websites has made them popular among customers in ASEAN.

Trends in the market: One of the key trends in the eServices market in ASEAN is the rapid growth of e-commerce. Online shopping has become increasingly popular among consumers in ASEAN countries, driven by factors such as the availability of a wide range of products, competitive pricing, and the convenience of doorstep delivery. This trend is further accelerated by the COVID-19 pandemic, which has led to an increase in online shopping as consumers opt for contactless transactions. Another trend in the ASEAN eServices market is the growth of ride-hailing services. Companies like Grab and Gojek have gained significant traction in the region, providing customers with convenient and affordable transportation options. These platforms also offer additional services such as food delivery and digital payments, further expanding their customer base.

Local special circumstances: The diverse nature of ASEAN countries presents unique challenges and opportunities for the eServices market. Each country has its own cultural, regulatory, and infrastructural considerations that impact the adoption and growth of eServices. For example, countries like Singapore and Malaysia have well-developed digital infrastructures and high internet penetration rates, making them prime markets for eServices. On the other hand, countries like Indonesia and the Philippines face challenges such as limited internet connectivity in rural areas and a large unbanked population.

Underlying macroeconomic factors: Several macroeconomic factors contribute to the growth of the eServices market in ASEAN. Rising disposable incomes, a growing middle class, and urbanization are driving the demand for eServices. Additionally, government initiatives to promote digitalization and e-commerce are creating a favorable environment for the growth of the eServices market. The ASEAN region also benefits from a young and tech-savvy population, which is quick to adopt new technologies and services. In conclusion, the eServices market in ASEAN is experiencing significant growth and development due to customer preferences for convenience and efficiency. The rise of e-commerce and ride-hailing services, along with favorable macroeconomic factors, are driving the expansion of the market. However, local special circumstances such as cultural, regulatory, and infrastructural considerations present unique challenges and opportunities in each ASEAN country.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on Gross Merchandise Value (GMV) and represent what consumers pay for these products and services. The user metrics show the number of customers who have made at least one online purchase within the past 12 months.

Modeling approach / Market size:

Market sizes are determined through a bottom-up approach, building on predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies, third-party studies and reports, as well as survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, GDP per capita, and internet connection speed. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing. The main drivers are internet users, urban population, usage of key players, and attitudes toward online services.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. GCS data is reweighted for representativeness.