Southeast Asia’s Digital Economy to Reach US$368 Billion in 2026 as AI Reshapes Growth
Southeast Asia’s digital economy is set to grow 17 percent to US$368 billion in gross merchandise value in 2026, and could pass US$1.1 trillion by 2035, according to the e-Conomy SEA 2026 report by Google, Temasek and Bain & Company.
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Southeast Asia’s digital economy is set to grow by 17 percent in 2026, to an estimated US$368 billion in gross merchandise value (GMV), and is on track to exceed US$1.1 trillion by 2035, according to the e-Conomy SEA 2026 report.
Key points
- Gross merchandise value (GMV) of Southeast Asia’s digital economy is forecast to rise 17% to US$368 billion in 2026.
- It is on track to exceed US$1.1 trillion by 2035.
- E-commerce is projected to grow 18% to US$226 billion; the online advertising market is estimated at US$33 billion, up 27%.
- The World Bank says Cambodia had the world’s fastest growth in IT services exports in 2022–2023, over 200%.
The annual report, published on Wednesday, 21 October, is produced by Google, Singapore’s state investment company Temasek and the US consultancy Bain & Company. This year’s edition covers the members of the Association of Southeast Asian Nations (ASEAN) except Timor-Leste.
AI changes what drives growth
The report finds that “underlying growth dynamics have shifted markedly.” Size and product range matter less than before: “Competitive advantage no longer comes from sheer scale and assortment, but from relevance, personalisation, and the quality of the AI-assisted customer experience,” it says.
Growth across individual sectors is holding in the high double digits, and in online media it is accelerating.
Sector by sector: 2026 forecasts
- E-commerce: up 18% to US$226 billion, driven by deeper engagement and more users.
- Online travel: up 10% to US$59 billion; the report calls it “at the forefront of AI-transformation.”
- Online media (excluding retail media networks): revenue up 22% to US$44 billion.
- Mobility and food delivery: GMV up 15% to US$40 billion.
- Digital payments: gross transaction value up 16% to US$1.65 trillion, led by account-to-account and e-wallet transfers.
- Digital lending: up 22% to US$116 billion.
Advertising has room to grow
The report estimates the region’s online media advertising market at US$33 billion, up 27 percent on last year. It sees “significant” potential: advertising equals only 1–3 percent of GMV in Southeast Asia, compared with 9–10 percent for Amazon in the United States.
Video is leading growth as it moves from brand campaigns to shoppable and clickable formats, and online video continues to take share from television, especially through connected TV. Newer sectors such as cloud gaming and digital banking are adding advertising demand as they compete for users.
Elsewhere, the report notes that mobility transactions at Grab Holdings, the Singapore-based ride-hailing and delivery group, rose 28 percent in the second quarter. In lending, it says economic headwinds and tighter regulation are bringing “renewed prudence to disbursements.”
Cambodia’s IT services boom
Separately, a World Bank report released this week found that Cambodia recorded the world’s fastest growth in exports of information technology services in 2022–2023, at more than 200 percent, albeit from a low base. “Cambodia’s IT services market is expanding as demand for software development and outsourcing services rises,” the bank said.
Frequently asked questions
How big is Southeast Asia’s digital economy in 2026?
About US$368 billion in gross merchandise value, up 17 percent, according to the e-Conomy SEA 2026 report.
Who publishes the e-Conomy SEA report?
Google, Temasek and Bain & Company.
How fast are Cambodia’s IT services exports growing?
The World Bank says they grew more than 200 percent in 2022–2023, the fastest in the world, though from a low base.
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