South-east Asia’s tech giants set for steady growth despite post-Covid challenges

SOUTH-EAST Asia’s tech giants such as Grab and Sea are poised to continue with steady growth ahead, analysts say, even as the Covid-19 pandemic-led surge in digitalisation subsides.

Maybank Research noted that the total addressable market (TAM) across e-commerce and on-demand services such as food delivery and ride hailing in the region is projected to increase at a compounded annual growth rate of 15 per cent to reach US$416 billion by 2030.

The engines for regional growth in gross merchandise value – or the total value of merchandise sold on a platform – include a growing middle class and behavioural shifts, market watchers pointed out.