April 23, 2024
Jakarta, 6th March 2024: While technology trends in Indonesia have gathered renewed momentum post-receiving numerous regulatory advances, its e-commerce market in particular is witnessing one of the fastest growth rates in the world.
The government’s introduction of the e-commerce law in 2019, devised to enhance the management of internet-based and electronic trading activities, has further propelled the industry. The same also ensures tax compliance among e-commerce businesses.
An increase in smartphone and internet penetration rate has been the major driver wherein the latter surged from 64% in 2020 to 73.7% in 2023, as stated by ISEAS – Yusof Ishak Institute.
Consequently, tech moguls have forecasted that the country’s e-commerce market size will reach $95.84 billion by 2029, soaring at a CAGR of 10.40% during 2024 – 2029.
Furthermore, e-commerce growth is also aligned with President Joko Widodo’s objectives from Indonesia Vision 2045 and considered as a strong tool for digital economy transition.
Even technology events in Indonesia cannot stress on the significance of this industry enough. To learn more about Indonesia’s massive leaps with tech-driven sectors, reserve your spot at the country’s premier CIO event, Digital CIO 2024 – Indonesia on 7 – 8 May at Hotel Mulia Senayan Jakarta.