The Power of Indonesia's Digital Economy in the Regional Landscape

Indonesia is the largest and most strategic digital market in Southeast Asia. In the long term, the Gross Merchandise Value (GMV) of Indonesia's entire digital economy is expected to reach US$200 billion to US$360 billion by 2030.

Zikrina Ratri
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2 Minutes
By: Zikrina Ratri
The Power of Indonesia's Digital Economy in the Regional Landscape

Indonesia's digital economy continues to grow positively, positioning the country as a major contributor to the regional digital landscape. The overall gross merchandise value (GMV) of Indonesia's digital economy is projected to reach USD $90 billion by 2024. This figure is up 18% in two years.

This solid GMV growth is underpinned by excellent performance across key sectors. The e-commerce sector remains the largest contributor, projected to reach USD 65 billion GMV by 2024. Meanwhile, the Online Travel sector recorded the most impressive performance with a 108% jump from US$3 billion in 2022 to US$7 billion in 2023, and is expected to touch US$9 billion in 2024. 

Other sectors, such as transportation and food recorded a GMV of US$9 billion and the Online Media sector reached US$8 billion over the same period. This diversified growth across sectors underscores the deepening penetration of digital into various aspects of consumer and business life in Indonesia.

More than just transactions of goods and services, Digital Financial Services (LKD) also serves as the foundation of the digital ecosystem. This sector has shown resilience with significant growth, despite the tight regulations. Online payments are predicted to have a Gross Transaction Value (GTV) of US$404 billion by 2024. 

This achievement is accompanied by expansion in other segments, including online lending whose loan book balance is projected to reach US$9 billion and Online Investment with an Assets Under Management (AUM) value of US$5 billion by 2024. The growth of digital financial services is one of the most important in driving financial inclusion and facilitating transaction flows in the digital economy.

This achievement gives Indonesia a central and dominant role in the ASEAN region. The closest competitor, Thailand, recorded a GMV value of about half that of Indonesia. With its large population base, high internet adoption rate and smartphone penetration, Indonesia consistently contributes the majority to the total GMV of the regional digital economy. 

This rapid growth rate has not only attracted foreign direct investment (FDI), but also positioned Indonesia as a reference model for emerging economies. The strength of Indonesia's digital economy is also evident in its ability to spawn a number of unicorns and decacorns that have successfully created innovative technology solutions.

Looking at the future prospects, the growth of Indonesia's digital economy will certainly continue to accelerate. The overall GMV value for 2025 is estimated to reach USD 130 billion or grow 44.44% from the previous year. 

The combination of continuous improvement of digital infrastructure, innovation-supportive policies, and a technology-adaptive population is a factor in Indonesia growing as the locomotive of ASEAN's digital economy.

Data News Digital Economy

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Zikrina Ratri
Zikrina Ratri

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