South-east Asia’s e-commerce market to hit nearly US$290 billion by 2029

“With a projected compound annual growth rate (CAGR) of 13.2 per cent between 2024 and 2029, the region’s e-commerce growth is expected to be the second-fastest among global markets, read a report of the study’s findings published on Wednesday (May 13).” “India is set to book the fastest growth, with a projected e-commerce CAGR of 22.1 per cent over the same period.” “The study, conducted by the International Data Corporation (IDC), found that digital payments will account for 97 per cent of total e-commerce transactions by 2029, up from 89 per cent in 2024.” “In South-east Asia, domestic payments – which include real-time payments and local bank-based payment schemes – are projected to nearly double to US$92 billion in 2029, from US$45.1 billion in 2024.” “Mobile wallet transactions, meanwhile, are set to grow to US$79 billion from US$38.2 billion over the same period, increasing their share of the e-commerce market by three percentage points to 27 per cent.”

https://www.businesstimes.com.sg/international/asean/south-east-asias-e-commerce-market-hit-nearly-us290-billion-2029-study