The size of the Indonesia Digital Advertising market was valued at USD XXX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 5.77% during the forecast period. Recent developments include: December 2023: Accenture announced the acquisition of the business of media and marketing technology company Jixie. Jixie’s digital marketing platform will be integrated into Accenture to strengthen its marketing transformation capabilities, helping Indonesian clients deliver more personalized experiences to enhance customer engagement for sustainable business growth., December 2023: ByteDance Ltd’s TikTok agreed to invest in a unit of Indonesia’s GoTo Group and cooperate on an online shopping service, pioneering a template for e-commerce. The Chinese-owned video service has agreed to work with GoTo’s Tokopedia across several areas. ByteDance aims to revive its online shopping service in Southeast Asia’s most significant retail arena.. Key drivers for this market are: Ongoing Shift from Traditional to Online Advertising, Increasing Use of Recommendation Engines. Potential restraints include: Lack of Communication Between Publisher and Advertiser. Notable trends are: Video Advertising to Grow at a Significant Rate.

The size of the Indonesia Digital Media market was valued at USD XXX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 5.92% during the forecast period. Recent developments include: November 2023: Iskra, a Web 3 game platform, partnered with Agate, the video game studio in Indonesia, to bring forth 'Atma: Battle of Souls,' a supernatural techno-thriller RPG, immersing players in a world. The collaboration taps into Indonesia's thriving video game market. The Indonesia Applied Digital Economy and Regulatory Network emphasized that the government is actively engaged in understanding the implications of blockchain technology across sectors., July 2023: TikTok launched a new subscription-only music streaming service called "TikTok Music" in Indonesia. It enables users to sync the service to their TikTok accounts and listen, download, and share songs. It also allows users to play full versions of TikTok songs, discover personalized music recommendations, access lyrics, create collaborative playlists with friends, import music library, and find songs via lyrics search. The service also includes social features, enabling users to express themselves through comments and connect with other music lovers.. Key drivers for this market are: Increase in Internet Pentration, Rise of Video-on-demand Propelling Growth. Potential restraints include: Privacy and Cybersecurity Issues Affecting Growth. Notable trends are: Digital Video Games to Witness Significant Growth.

The Indonesian communication services market, valued at $17.30 billion in 2025, is projected to experience steady growth, driven by increasing smartphone penetration, rising internet usage, and the expanding digital economy. A Compound Annual Growth Rate (CAGR) of 2.63% from 2025 to 2033 indicates a continued, albeit moderate, expansion. Key market segments include fixed voice, fixed data, mobile voice, and other IT services, with mobile voice likely dominating due to Indonesia's large and increasingly connected population. Growth is further fueled by government initiatives promoting digital infrastructure development and increasing investment in 5G technology. However, challenges remain, including the need for continued infrastructure investment in underserved regions, managing cybersecurity risks, and addressing the digital divide. Competition is fierce, with established players like Telkomsel and Indosat Ooredoo, alongside global giants like Oracle, IBM, and Microsoft, vying for market share. The market's future trajectory depends heavily on the success of these companies in adapting to evolving consumer needs and technological advancements, such as the adoption of cloud-based services and the Internet of Things (IoT). The forecast period of 2025-2033 presents opportunities for both domestic and international players. Strategic partnerships, mergers and acquisitions, and investments in research and development will be critical for success. The increasing demand for reliable and high-speed internet connectivity will likely drive significant growth within the fixed data segment, while the expansion of mobile financial services will continue to fuel demand within the mobile voice segment. Furthermore, the burgeoning e-commerce sector and increasing adoption of digital government services will contribute to the overall market expansion. Continuous monitoring of regulatory changes and adaptation to the evolving competitive landscape will be vital for sustainable growth within this dynamic market. Recent developments include: April 2023: Indonesia’s Ministry of Communications and Informatics (MCI) released a digital infrastructure to support the successful ASEAN Chairmanship. The Ministry of Communications and Informatics monitored the telecommunications network quality and internet access to ensure the smooth running of ASEAN Chairmanship 2023, held in May 2023 in Labuan Bajo, Indonesia. Telecommunications service operators have taken anticipated measures to upgrade their telecommunication network solutions., June 2023: Intelsat, an integrated satellite and terrestrial networks operator and provider of inflight connectivity (IFC), and Lintasarta, an Indonesian information and communication technology company, rolled out a network to cover remote areas in Indonesia via its mobile network operator subsidiary Indosat Ooredoo Hutchison (IOH). Broadband connectivity has been established in Sumatra, Kalimantan, Sulawesi, and Nusa Tenggara. Intelsat satellites with a hybrid network solution provide countrywide coverage to different population densities. The partnership will enable the company to quickly deploy and expand network coverage in Indonesia, allowing households to benefit from digital connectivity.. Key drivers for this market are: Rise in the Penetration of Smartphones, Rapid Increase in the Reliance on Internet. Potential restraints include: Rise in the Penetration of Smartphones, Rapid Increase in the Reliance on Internet. Notable trends are: Fixed Data Communication Services to Register a Significant Growth.

Dive into the growth potential of Indonesia Digital Advertising Market, size at USD 2.8 billion in 2023, showcasing industry trends and revenue forecast.

A 2023 survey conducted in Indonesia revealed that around ** percent of respondents from Gen Y were quite satisfied with their experience of digital banking, while only around three percent reported being very dissatisfied. Meanwhile, ** percent of Gen Z said they were very satisfied with their current digital banking experience.

In 2023, the Indonesia Digital Marketplace Market reached a value of USD 14.26 billion, and it is projected to surge to USD 41.68 billion by 2030.

Indonesia Financial Technology Services Market size was valued at USD 8.6 Billion in 2024 and is projected to reach USD 32.5 Billion by 2032, growing at a CAGR of 17.9% from 2026 to 2032. Key Market Drivers:Rising Digital Banking Adoption: Indonesia's Financial Services Authority (OJK) reported that digital banking transactions reached USD 2.5 Trillion in 2023, representing a 37.8% year-on-year growth. Based on Bank Indonesia data, the number of mobile banking users increasing from 50.4 million in 2019 to more than 115 million by 2023.Large Unbanked Population: The World Bank's Findex Database indicates that approximately 52% of Indonesia's adult population (95 million people) remains unbanked or underbanked. Also, the Indonesian Internet Service Providers Association reports that smartphone penetration is at 73.7%, indicating a significant opportunity for digital financial inclusion.

Dive into the growth potential of Indonesia Digital Health Market, size at USD 2.1 billion in 2023, showcasing revenue forecast and market trends driven by key players.

The size of the Indonesia Digital Transformation Market market was valued at USD 20.40 Million in 2023 and is projected to reach USD 70.74 Million by 2032, with an expected CAGR of 19.44% during the forecast period. Recent developments include: May 2024: Edgnex, a UAE-based data center firm, revealed its plans to construct a data center in Jakarta, Indonesia. The firm, owned by Damac, made this announcement at the Indonesia Cloud & Datacenter Convention. The 15MW facility, a joint venture between Damac and Edgnex, will be situated along MT Haryono. The initial phase of construction is slated for completion by the fourth quarter of 2025., February 2024: Digital Edge Holdings Pte Ltd unveiled its second facility in downtown Jakarta, named EDGE2. This facility will be managed by PT Ekagrata Data Gemilang, a subsidiary of PT Indointernet Tbk (Indonet) and part of the Digital Edge family. EDGE2 is primed with cutting-edge technology specifically tailored to meet the rising needs of hyperscale and artificial intelligence (AI) deployments. Its design sets new benchmarks in data center connectivity and sustainability and bolsters Indonesia's digital economy by enhancing its critical data infrastructure capacity.. Key drivers for this market are: Increase in the Adoption of Big Data Analytics and Other Technologies in Indonesia, The Rapid Proliferation of Mobile Devices and Apps. Potential restraints include: Increase in the Adoption of Big Data Analytics and Other Technologies in Indonesia, The Rapid Proliferation of Mobile Devices and Apps. Notable trends are: Increase in the adoption of big data analytics and other technologies in Indonesia.

Unlock data-backed intelligence on Indonesia Digital Transformation Market size at USD 19.8 billion in 2023 showcasing growth opportunities and strategic insights.

In the fourth quarter of 2024, TikTok generated around 186 million downloads from users worldwide. Initially launched in China first by ByteDance as Douyin, the short-video format was popularized by TikTok and took over the global social media environment in 2020. In the first quarter of 2020, TikTok downloads peaked at over 313.5 million worldwide, up by 62.3 percent compared to the first quarter of 2019.

              TikTok interactions: is there a magic formula for content success?

              In 2024, TikTok registered an engagement rate of approximately 4.64 percent on video content hosted on its platform. During the same examined year, the social video app recorded over 1,100 interactions on average. These interactions were primarily composed of likes, while only recording less than 20 comments per piece of content on average in 2024.
              The platform has been actively monitoring the issue of fake interactions, as it removed around 236 million fake likes during the first quarter of 2024. Though there is no secret formula to get the maximum of these metrics, recommended video length can possibly contribute to the success of content on TikTok.
              It was recommended that tiny TikTok accounts with up to 500 followers post videos that are around 2.6 minutes long as of the first quarter of 2024. While, the ideal video duration for huge TikTok accounts with over 50,000 followers was 7.28 minutes. The average length of TikTok videos posted by the creators in 2024 was around 43 seconds.

              What’s trending on TikTok Shop?

              Since its launch in September 2023, TikTok Shop has become one of the most popular online shopping platforms, offering consumers a wide variety of products. In 2023, TikTok shops featuring beauty and personal care items sold over 370 million products worldwide.
              TikTok shops featuring womenswear and underwear, as well as food and beverages, followed with 285 and 138 million products sold, respectively. Similarly, in the United States market, health and beauty products were the most-selling items,
              accounting for 85 percent of sales made via the TikTok Shop feature during the first month of its launch. In 2023, Indonesia was the market with the largest number of TikTok Shops, hosting over 20 percent of all TikTok Shops. Thailand and Vietnam followed with 18.29 and 17.54 percent of the total shops listed on the famous short video platform, respectively.

The gross merchandise value (GMV) indicates the value of goods sold through a customer-to-customer (C2C) marketplace. In Indonesia, this value reached 65 billion U.S. dollars in 2024 and was expected to reach around 150 billion U.S. dollars by 2030. Shopee - the most clicked C2C marketplace in Indonesia As of March 2024, the C2C marketplace Shopee ranked second among the most clicked e-commerce sites in Indonesia. Shopee was founded by Sea Limited and is available in nearly all Southeast Asian countries. Although Shopee recently started selling its own brands on the platform, most of its e-commerce revenue was still generated through traditional seller fees from C2C trade. In 2023, the e-commerce revenue of Sea Limited, which owns only one e-commerce provider, Shopee, amounted to about 9.8 billion U.S. dollars. E-commerce on the rise Not only has its GMV been increasing, so too has Indonesia’s e-commerce industry in recent years. In 2024, Indonesia had the largest e-commerce revenue among the tiger cub economies. The COVID-19 pandemic has further accelerated this growth process, and the e-commerce sector is now expected to become one of the leading industries in the country.

The size of the Indonesia Communication Services Market market was valued at USD 17.30 Million in 2023 and is projected to reach USD 20.75 Million by 2032, with an expected CAGR of 2.63% during the forecast period. Recent developments include: April 2023: Indonesia’s Ministry of Communications and Informatics (MCI) released a digital infrastructure to support the successful ASEAN Chairmanship. The Ministry of Communications and Informatics monitored the telecommunications network quality and internet access to ensure the smooth running of ASEAN Chairmanship 2023, held in May 2023 in Labuan Bajo, Indonesia. Telecommunications service operators have taken anticipated measures to upgrade their telecommunication network solutions., June 2023: Intelsat, an integrated satellite and terrestrial networks operator and provider of inflight connectivity (IFC), and Lintasarta, an Indonesian information and communication technology company, rolled out a network to cover remote areas in Indonesia via its mobile network operator subsidiary Indosat Ooredoo Hutchison (IOH). Broadband connectivity has been established in Sumatra, Kalimantan, Sulawesi, and Nusa Tenggara. Intelsat satellites with a hybrid network solution provide countrywide coverage to different population densities. The partnership will enable the company to quickly deploy and expand network coverage in Indonesia, allowing households to benefit from digital connectivity.. Key drivers for this market are: Rise in the Penetration of Smartphones, Rapid Increase in the Reliance on Internet. Potential restraints include: Rise in the Penetration of Smartphones, Rapid Increase in the Reliance on Internet. Notable trends are: Fixed Data Communication Services to Register a Significant Growth.

The Indonesian ICT market, valued at $45.20 million in 2025, exhibits robust growth potential, projected to expand at a compound annual growth rate (CAGR) of 8.20% from 2025 to 2033. This growth is fueled by several key drivers. Rising smartphone penetration and increasing internet access across the archipelago are creating a large and expanding consumer base for ICT products and services. Government initiatives promoting digitalization and infrastructure development, such as the ongoing expansion of 5G networks, are further stimulating market expansion. The burgeoning e-commerce sector and the increasing adoption of cloud computing and digital transformation strategies across various industries—from BFSI and IT/Telecom to retail and manufacturing—are significant contributors to this growth. While data privacy concerns and the need for robust cybersecurity measures represent potential restraints, the overall market outlook remains positive. The market segmentation reveals a dynamic landscape, with significant opportunities in hardware, software, and IT services, particularly within the large enterprise and government sectors. The strong presence of multinational corporations like IBM, TCS, and Amazon, alongside significant domestic players like Telkom Indonesia and Indosat Ooredoo, indicates a competitive yet thriving market ecosystem. The regional breakdown suggests that Indonesia itself dominates the market within the Asia-Pacific region. While specific regional breakdowns (e.g., North America’s share) are not provided, the data suggests significant potential for further growth, particularly in less-developed regions of Indonesia. Continued investment in infrastructure, coupled with the growing digital literacy of the Indonesian population, will play a vital role in shaping the market's future trajectory. The forecast period will likely witness continued innovation in areas like Artificial Intelligence (AI), the Internet of Things (IoT), and Big Data analytics, creating new opportunities for growth and investment within the Indonesian ICT sector. The overall trajectory points towards a sustained period of expansion, driven by a combination of technological advancements, supportive government policies, and increasing consumer demand. Recent developments include: March 2024: At the 2024 World Mobile Congress (MWC), Indosat Ooredoo Hutchison (IOH), an Indonesian satellite telecommunications company, signed a Memorandum of Understanding (MoU) with Huawei Technologies to strengthen Indonesia's digital infrastructure through the development of artificial intelligence (AI). Both companies have agreed to develop AI and industry applications, construct ecosystems, and create talent in the country., November 2023: Bank Indonesia and the Monetary Authority of Singapore partnered to launch the cross-border QR payment linkage between Indonesia and Singapore. This linkage would enable customers of participating financial institutions to make cross-border retail payments using their existing mobile banking applications by scanning the QR codes in Indonesia and Singapore, showing the growth of the country's online payment landscape.. Key drivers for this market are: Digital Era is Soon to Start, Robust Demand for Emerging Technologies. Potential restraints include: Digital Era is Soon to Start, Robust Demand for Emerging Technologies. Notable trends are: Indonesia Moving Toward Digital Golden Era.

The size of the Indonesia Digital Software Solutions Market market was valued at USD 1.25 Million in 2023 and is projected to reach USD 2.30 Million by 2032, with an expected CAGR of 9.11% during the forecast period. Recent developments include: May 2024 – SugarCRM, provider of an award-winning AI-driven sales automation platform, announced that it had been awarded a 2024 CRM Excellence Award for the fourth consecutive year. TMC, a global integrated media company, presented the 25th annual awards program. Winners were selected for their product or service’s ability to extend and expand the customer relationship to become all-encompassing, covering the entire enterprise and customer lifetime., November 2023 - Trilliant, a significant global player in software solutions for advanced metering infrastructure (AMI), smart cities, smart grids, and IIoT, forged a strategic partnership with IntelliSmart Infrastructure Private Limited. IntelliSmart, an advanced metering infrastructure service (AMISP) and digital solutions provider in India, became a software partner for Trilliant's Head-end System (HES) cellular applications through this partnership.. Key drivers for this market are: Implementation of Technologies such as Cloud Computing, AI, ML, IoT, and Big Data, Presence of International Companies and Increased Spending on Technology in the Country. Potential restraints include: Implementation of Technologies such as Cloud Computing, AI, ML, IoT, and Big Data, Presence of International Companies and Increased Spending on Technology in the Country. Notable trends are: Retail Industry Significantly Driving Market Growth.

In 2024, after three years of growth, there was significant decline in the Indonesian market for television, video and digital cameras, when its value decreased by -8.7% to $1.1B. The market value increased at an average annual rate of +1.0% from 2012 to 2024; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Television, video and digital camera consumption peaked at $1.2B in 2023, and then reduced in the following year.

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Indonesia Retail Market Size 2025-2029

The Indonesia retail market size is forecast to increase by USD 49.9 billion, at a CAGR of 4.7% between 2024 and 2029. The market is experiencing significant expansion, driven by the increasing preference for local brands among consumers.

Major Market Trends & Insights

Based on the Distribution Channel, the offline segment led the market and was valued at USD 141.30 billion of the global revenue in 2022.
Based on the Product, the Food and beverages segment accounted for the largest market revenue share in 2022.

Market Size & Forecast

Market Opportunities: USD 43.20 Billion
Future Opportunities: USD 49.9 Billion
CAGR (2024-2029): 4.7%

The trend is fueled by the growing middle class population and their desire for affordable yet quality products. However, the underdeveloped infrastructure poses a significant challenge for retailers. Limited access to reliable logistics and transportation networks, as well as inconsistent electricity supply, can hinder the smooth operation of retail businesses. To navigate these challenges, retailers must explore innovative solutions such as developing robust supply chain management systems and investing in renewable energy sources. By addressing these issues, retailers can effectively capitalize on the market's potential for growth and meet the evolving needs of Indonesian consumers.

What will be the size of the Indonesia Retail Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
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In the dynamic retail market of Indonesia, customer journey mapping plays a crucial role in enhancing customer retention. Online reviews management is essential for maintaining brand building and addressing customer feedback. Supply chain visibility is key to optimizing logistics and ensuring store operations run smoothly. Cart abandonment and conversion rates are closely monitored through predictive analytics and marketing automation. RFID technology and sales training are integral to inventory optimization and pricing strategy. Product assortment and merchandise planning are informed by business intelligence (BI) and prescriptive analytics. Store layout and visual merchandising are critical components of market penetration and competitive advantage. The food and beverages segment is the second largest segment of the type and was valued at USD 122.10 billion in 2022.
Logistics optimization, retail infrastructure, and drone delivery are shaping the future of the industry. Sales forecasting, demand forecasting, and e-commerce infrastructure are essential for staying ahead of the competition. Staff training and customer experience (CX) are continuously improved through blockchain technology and promotional effectiveness analysis. Market penetration and competitive advantage are enhanced through pricing optimization, merchandise planning, and inventory optimization strategies. Brand building and customer retention are interconnected, with online reviews management and customer experience (CX) playing pivotal roles. Predictive analytics and sales training are essential for anticipating trends and optimizing performance. Store operations and supply chain visibility are crucial for ensuring a seamless retail experience.

How is this market segmented?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Distribution Channel

  Offline
  Online


Product

  Food and beverages
  Electrical and electronics
  Apparel and footwear
  Home improvement and household products
  Others


Ownership Structure

  Local Retailler
  International Retailer


End-User

  Urban
  Rural


Payment Type

  Cash
  Digital Payments (Mobile Apps)
  Cards
  BNPL (Buy Now Pay Later)


Consumer Segment

  Urban
  Rural


Geography

  APAC

    Indonesia

By Distribution Channel Insights

The offline segment is estimated to witness significant growth during the forecast period. The segment was valued at USD 141.30 billion in 2022. It continued to the largest segment at a CAGR of 4.25%.

In Indonesia's dynamic retail market, convenience stores cater to everyday consumer needs with a focus on accessibility. These small retail outlets offer essentials such as groceries, personal care products, and snacks, often co-located with gas stations for added convenience. Digital payments are increasingly popular, streamlining transactions and enhancing customer experience. Department stores, a staple in urban areas, provide a broad range of consumer goods. They have significantly influenced shopping habits and luxury services in cities. Digital marketing and big data play crucial roles in

Snapshot img

E-Wallet Market Size 2025-2029

The E-wallet market size is forecast to increase by USD 169.86 billion at a CAGR of 21.9% between 2024 and 2029.

The market is experiencing significant growth, driven by the increasing number of online transactions. This trend is fueled by the convenience and accessibility of digital wallets, which enable users to make payments quickly and securely. Moreover, the integration of advanced technologies such as artificial intelligence, blockchain, and biometrics is enhancing the functionality and security of these wallets, further boosting their adoption. However, the market faces challenges, including high infrastructure and implementation costs. Blockchain technology and cryptocurrency payments offer new possibilities for transactions.
Additionally, they should focus on offering value-added services and building customer trust through robust security measures. Blockchain technology ensures secure and transparent financial transactions, while AI is utilized for enhanced fraud detection and prevention. By addressing these challenges and leveraging technological advancements, players in the market can seize opportunities and maintain a competitive edge. These expenses can hinder the expansion of E-Wallet services, particularly in emerging markets where financial infrastructure is less developed. Companies seeking to capitalize on market opportunities must navigate these challenges effectively by optimizing costs and exploring partnerships to share infrastructure and resources.

What will be the Size of the E-Wallet Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
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In the dynamic market, payment processing and user experience are key differentiators. Financial technology companies continually enhance user interfaces to facilitate seamless digital payments. Customer acquisition strategies, including KYC regulations and loyalty programs, are essential for market penetration. Mobile wallet features, such as real-time payments, in-app purchases, and merchant services, cater to the growing demand for mobile commerce. Payment security and fraud prevention are critical concerns, with advanced authentication methods, API integration, and transaction tracking ensuring data encryption and compliance with security protocols. Financial services providers prioritize transaction speed, account management, and transaction history to meet business needs.

Transaction fees and payment infrastructure are significant factors in the market. Real-time payment processing and merchant services enable faster transaction settlements, while API integration and compliance with financial technology standards streamline business operations. As digital wallet apps continue to gain popularity, customer support and account management become essential components of a successful e-wallet offering. Payment gateway APIs and transaction tracking enable businesses to monitor and manage their financial transactions effectively. Contactless payments, for instance, enable seamless transactions through near field communication technology.

How is this E-Wallet Industry segmented?

The E-wallet industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Technology

  Proximity
  Remote


Application

  Retail and e-commerce
  Media and entertainment
  Hospitality and transportation
  Telecommunication
  Others


Type

  Semi-closed wallets
  Open wallets
  Closed wallets


Geography

  North America

    US
    Canada


  Europe

    Germany
    UK


  APAC

    China
    India
    Indonesia
    Japan
    South Korea


  South America

    Brazil


  Rest of World (ROW)

By Technology Insights

The Proximity segment is estimated to witness significant growth during the forecast period. The market is witnessing significant growth as users increasingly prefer contactless and convenient digital payment solutions. Proximity technology, which enables near-field communication (NFC) and other wireless transactions, dominates the market due to its ability to offer quick and secure payments through wearables or mobile devices. This technology is widely adopted across various sectors, including retail, transportation, and hospitality, providing greater convenience and security compared to traditional payment methods. Transaction fees, integration APIs, merchant services, virtual cards, data analytics, cash management, payment gateways, and payment processors are all key components of this dynamic landscape.

User account management is crucial in the market, ensuring secure access and transaction authorization through two-factor auth

The size of the Indonesia IoT market was valued at USD XXX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 15.21% during the forecast period. Recent developments include: September 2023: SDMC, an over-the-top solution provider, developed a Smart Home IoT Solution built on Google Cloud for Advan, an electronics company in Indonesia. SDMC uses Google Cloud Vertex AI's platform to develop HomeBrain, a comprehensive large language model (LLM) for smart homes. SDMC leverages Google's text-to-speech (TTS) and speech-to-text technology (STT) to create an AI voice assistant tool that can run on multiple devices. SDMC also upgraded its smart home IoT management platform, XHome, which features voice control, active learning, and service capabilities that give users precise decision-making abilities while enhancing efficiency., March 2023: FunP Innovation Group, a Taiwanese conglomerate specializing in digital advertising and technology, secured USD 3.12 million in funding from Ennoconn Corporation to develop innovative retail and cloud solutions in Indonesia. Ennoconn's AIoT, cloud computing, and marketing technology develop pioneering retail solutions for Indonesia, helping the company to increase its footprint in one of the fastest-growing markets in the world.. Key drivers for this market are: Growing smart city initiatives in the country, Digital transformation in industries. Potential restraints include: Security and privacy issues. Notable trends are: Software segment to hold a significant market share.