It is anticipated that the Southeast Asia, South Korea, and Japan (SEAKJ) digital economy will grow from US$501.7 billion ($688.36 billion) in 2022 to US$914.9 billion in 2027, a 82% leap in five years.
Southeast Asia will be the top region for digital economy growth over the next five years, ahead of the US, European Union, South Korea and Japan, with an anticipated 100% expansion in the e-commerce market driven mostly by buy now, pay later (BNPL) methods.
This is according to the third edition of a report commissioned by payments platform 2C2P and Ant Group, produced by market intelligence firm IDC. The report is titled “How Asia Buys and Pays 2023, Tapping into Asia’s Regional Commerce Opportunities”, and underscores the potential of regional connectivity and trade in Asia driven by cross-border e-commerce revenue.
