Search

IDC Reveals 2022 Financial Applications Market Share for SMBs and Midmarket Segments in Asia/Pacific

Jul 26, 2023

Asia/Pacific* financial applications market small and medium-sized businesses (SMBs) and midmarket segments grew by 10% in 2022.

The demand for mobile wallets, online banking services, and the increasing adoption of digital technologies has led to the expansion of the financial applications market in Asia/Pacific [1]. The rise in digital transformation (DX) initiatives and the adoption of mobile technologies have also contributed to the demand for cloud-based financial applications in Asia/Pacific. Companies are increasingly seeking secure and compliant solutions to manage their financial data. As a result, the market for cloud-based financial applications in the region will witness significant growth in the coming years.

According to IDC's 2023 Future SMB and Midmarket Survey, 50% of surveyed respondents (driven by SMBs) in Asia/Pacific* state that they will automate their financial and accounting processes through cloud applications in the next 18 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," says Supriya Deka, Senior Market Analyst, IDC Asia/Pacific SMB and Midmarket Program.

The IDC report,  Asia/Pacific (Excluding Japan) Financial Applications Market Share, 2022: Xero Takes the Lead, presents the top 10 vendors in the financial applications market in Asia APEJ for SMBs and midmarket segments, significant in region market developments, key performing countries, and the factors contributing to the success of the financial applications leaders.

[1] Asia/Pacific excluding Japan