Jakarta. Indonesia's digital economy is set to maintain its upward trajectory until 2030, with a projected value ranging from $220 billion (Rp 3.492.2 trillion) to $360 billion, as predicted by recent studies.

According to the e-Conomy SEA research study by Google, Temasek, and Bain & Company in 2022, the digital economy of Indonesia reached $ 77 billion or approximately Rp 1,141.49 trillion in 2022, marking a 22 percent growth compared to 2021 when it was valued at $63 billion or Rp 933.91 trillion. These figures are anticipated to continue rising, reaching $30 billion in 2025 and potentially ranging from $ 220 billion to $360 billion by 2030.

Director of the Digital Economy Center of Economic and Law Studies (Celios) Nailul Huda said that Indonesia's digital economy has demonstrated robust growth since 2019, even in the face of financial challenges resulting from reduced venture capital investments in tech startups during 2021 and 2022, a period commonly dubbed as the "tech winter". Google revised its projection for Indonesia's digital economy in 2025 from US$146 billion to US$130 billion.

"If we look at Indonesia's digital economy over the last five years, especially from 2019 to 2021, it saw significant growth. However, its growth was hindered by the stagnation in investments by investors during 2021-2022," he said at the BNI Investor Daily Summit (IDS) 2023 on Tuesday. 

Corina Leyla Karnalies, Digital & Integrated Transaction Banking Director at BNI, said that during the Covid-19 pandemic, there was a massive shift towards digitalization in Indonesia. When social restrictions (lockdowns) were imposed during the pandemic, physical bank branches had to close, compelling banks to digitalize their services.

George Hendrata, CEO of Tiket.com, expressed optimism about the potential for greater growth in Indonesia's digital economy. Indonesia's digital economy is approximately 40% of the digital economies of Southeast Asian countries, which reached around US$194 billion-$200 billion in 2022. 

"We have also survived the challenging times of Covid-19. Currently, the tourism industry, including online travel, is beginning to recover," he said.

In addition, Indonesia's online travel market, which is part of the tourism business, has grown by approximately 2-3 times the growth of the gross domestic product (GDP). With a national economic growth rate of about 5 percent, the total online travel market has seen growth ranging from 10 percent to 15 percent. Despite this growth, online travel penetration in Indonesia is still at around 45 percent, while in advanced countries like China, it has reached 60 percent, and in the United States or Europe, it's as high as 80 percent.

Roy Kosasih, the President Director of IBM Indonesia, explained that IBM, established in 1937, continues to enhance technology infrastructure in Indonesia, particularly in the digital sector. He mentioned that IBM has developed both hardware and software infrastructure utilized by the banking and financial industries, including in Indonesia, and the company is committed to further strengthening Indonesia's digital infrastructure in the future.