Technology for MSMEs: 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.
Technology for MSMEs: 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.
“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.
Importantly, the Indian app market had recorded a 60 per cent surge in iOS installs year over year in 2022 while Android installs had also climbed by 16 per cent fueled by India’s resilient app market growth post-pandemic, apps analytics firm AppsFlyer’s recent report State of App Marketing in India had stated. The finance and shopping apps witnessed “most remarkable YoY growth as spending skyrocketed, with a fiery ascent in the first half which gradually decelerated in the latter half.
Finance apps saw a YoY increase of 13 per cent for paid installs in 2022, compared to 2021, according to the report. Moreover, India led the financial apps installs globally during January 2019 – March 2021 period with 149 crore installs followed by 60 crore installs in Brazil and 50 crore in Indonesia, as per AppsFlyer’s State of Finance App Marketing report in 2021.
