e-Conomy SEA 2025 Report: A Glance at Southeast Asia’s Digital Economy

Google has released the 10th edition of its e-Conomy SEA report in association with Temasek and Bain Company, closely monitoring the Southeast Asian digital economy. The current edition marks the expansion of coverage beyond the six Southeast Asian countries (Indonesia, Malaysia, Singapore, Vietnam, Thailand, and the Philippines) to Brunei, Laos, Cambodia, and Myanmar. The report is based on Temasek insights, Google trends, Bain analysis, research partners, and expert interviews.

Here are some of the major findings of the report.

1. Double-Digit Growth in GMV and Revenue

GMV and revenue registered a sustained double-digit growth despite continued macroeconomic pressures. Brunei, Cambodia, Laos, and Myanmar collectively accounted for almost 2% of total GMV. Similarly, revenue growth kept pace with, if not outpacing, GMV growth across all sectors, underscoring the monetisation discipline consistently observed over the past two years.

The e-commerce GMV for SEA-6 countries rose by 16% from the previous year while the GMV for ASEAN-10 countries is expected to almost double and reach $359B in 2030 from $185B in 2025.

2. Video Commerce GMV Witnesses 2.5X Growth in Two Years

Video commerce has evolved from a niche channel into a mainstream force that is projected to capture 25% of all ecommerce GMV by 2025, up from less than 5% in 2022. The explosive growth is fuelled by ‘shoppertainment’, a fusion of content and commerce often led by creators, that transforms online shopping into an immersive and entertaining social experience.

The number of sellers and stores using video has also surged by 80% YoY to over 3M. With the right recipe for success, businesses can reach consumers in a cost-effective way. It provides a dynamic stage to showcase products or collaborate with skilled creators who can amplify brand messages and drive sales through trusted, engaging content. 

3. Rise in Shorter Regional Trips Due to Cost Pressures

The average duration of long-haul trips to destinations beyond APAC has declined by 1.3 days. In contrast, regional and domestic travel is less impacted by this trend.

Japan has solidified its position as the top destination for SEA travellers due to favourable exchange rates and its diverse and captivating experiences. Meanwhile, China is emerging as a key growth destination as its share increases by two percentage points. This rise is supported by newly introduced visa-free policies for several ASEAN nations and a significant increase in flight connectivity.

4. Advertising and Gaming Register a Steady Growth

AI is improving ad performance, and also changing the ways in which users are viewing and engaging with ads. That explains the 14% and 16% YoY growth in the advertising industry in 2023-24 and 2024-25, respectively. Similarly, an expanding user base, particularly in Indonesia, is driving moderated GMV growth in the gaming sector.

However, both the video and music sectors are witnessing a slowdown. As video apps adapt to local preferences while managing production costs, they are likely to focus more on local content, short-form dramas, and semi-production-grade content.

5. Surge in QR Payments

The continued adoption of QR code payments is displacing the use of cash. With the launch of Myanmar’s MMQR and Brunei’s tarusQR in 2025, 10 SEA countries now have national unified QR systems.

Regional payment interoperability has advanced significantly, with eight national QR systems now connected. Originally established by five central banks, the Regional Payment Connectivity (RPC) initiative has expanded to include Vietnam (2023), Brunei and Laos (2024), and Cambodia (2025), bringing the total to nine signatories. But despite the growth of QR and ewallet payments, credit cards are also maintaining high consumer retention across markets, supported by entrenched habits and robust rewards ecosystems.

Wrapping Up

SEA sustains the growth momentum across core metrics. The decade ahead will be defined by the balance between powerful catalysts and significant hurdles. Growth will be driven by the acceleration of AI, the revival of capital markets, and greater ASEAN cooperation. This momentum, however, faces a major headwind from global uncertainty. The decisive factor will be the wild card of regulatory choices, which can either unlock or inhibit the region's immense potential in this next phase.

To delve deeper into the report, click here to read the full report.