SINGAPORE (Reuters), – The $1 trillion mark is predicted for Southeast Asia’s Internet Economy by 2030. Tens of millions more Southeast Asians will embrace online shopping and take advantage of food delivery.

The report, by Alphabet (NASDAQ:)’s Google, Singapore state investor Temasek Holdings and global business consultants Bain & Company, said the region had added 60 million new internet users since the start of the coronavirus pandemic, taking the total to 440 million.

Due to its young population, high smartphone usage, urbanization, and growing middle class, the region of 11 nations is one of world’s fastest growing Internet markets.

Southeast Asia’s online market is projected to increase from $174 billion (GMV) in end-2021, to $360 billion (2025), and $1 trillion in 2030. This growth will be attributed primarily to e-commerce, food delivery and a rise in the number of consumers who stay at home and turn to the internet.

This report covers Indonesia, Thailand and Vietnam as well as Singapore, Malaysia and Malaysia. It also includes estimates that the e-commerce GMV will nearly triple to $120billion by 2020 and rise to $234billion by 2025.

All of the covered countries experienced double-digit increases in 2021. Indonesia, alone, contributed 40% to Southeast Asia’s GMV total at $70billion.

The Philippines had a 93% increase and is now a $17-billion digital economy.

Florian Hoppe (Bain’s Asia-Pacific Head, Digital Practice) stated that the GMV (for Southeast Asia), increased by 49% in a year. “Seismic consumer and ecosystem shifts accelerates COVID,” Florian Hoppe said.