Asia-Pacific region sees 10% growth in financial applications market

The financial applications market for SMB and midmarket segments in the Asia Pacific region grew by 10% in 2022. The growth was led by demand for mobile wallets, online banking services, and the increasing adoption of digital technologies. 

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Rising demand for mobile wallets, online banking services, and the increasing adoption of digital technologies have led to the proliferation of the financial applications market in the Asia-Pacific region.

A report by the market intelligence firm IDC on the Asia Pacific excluding Japan (APeJ) financial applications software market for 2021-2022 said that the financial applications market for small and medium-sized businesses (SMBs) and midmarket segments in the Asia Pacific region grew by 10% in 2022 in comparison to 2021, with revenue earnings worth US$3.1 billion.

 The report highlighted that increasing digital transformation (DX) initiatives and the growing adoption of mobile technologies have also contributed to the demand for cloud-based financial applications in the region. 

As companies are increasingly pressing for secure and compliant solutions to manage their financial data, the market for cloud-based financial applications in the region is expected to experience significant growth in the coming years.

Ms Supriya Deka, Senior Market Analyst, IDC Asia/Pacific SMB and Midmarket Program said, “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.”

In the Indian context, a recent report “State of App Marketing in India” by apps analytics firm AppsFlyer’s, noted that during 2022 the Finance apps in the country saw a Year-on-Year growth of 13% for paid installs.