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Financial applications market for SMB in Asia pacific surges to $3.1bn revenue
July 14, 2023
The financial applications market for SMB and midmarket segments in the Asia Pacific region grew by 10 per cent in 2022 in comparison to 2021 with a revenue of $3.1 billion led by demand for mobile wallets, online banking services, and the increasing adoption of digital technologies, said a report by market intelligence firm IDC on the Asia Pacific (excluding Japan) financial applications software market for 2021-2022.
The growth in initiatives around digital transformation and the adoption of mobile technologies have also led to the demand for cloud-based financial applications in the region with companies looking for safe and compliant financial data management solutions, IDC said in a statement on Wednesday citing data from the report.
Consequently, the market for such cloud solutions will see significant growth in the coming years in the region. IDC said its 2023 Future SMB and Midmarket Survey had noted that 50 per cent of surveyed respondents (driven by SMBs) in the Asia Pacific region stated that they will automate their financial and accounting processes through cloud applications in the next 18
months.
months.
“As businesses increasingly seek tailored financial solutions for their unique needs and requirements, financial solution providers must focus on continuous innovation by embedding emerging technologies, such as low-code, no-code, and generative AI technologies, into their platforms. Specialized and cutting-edge financial solutions for SMBs and midmarket businesses will enable them to thrive and succeed in a rapidly changing business environment,” said Supriya Deka, Senior Market Analyst, IDC Asia/Pacific SMB and Midmarket Program in a statement.
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