Xero, Yonyou Network, SAP, Kingdee and Oracle are the leading vendors in the Financial Applications market in Asia Pacific in 2022, according to IDC.
Financial applications market for SMB and midmarket segments in the Asia Pacific excluding Japan (APeJ) grew by 10 percent in 2022 to $3.1 billion.
The demand for mobile wallets, online banking services, and the adoption of digital technologies has led to the expansion of the financial applications market in Asia Pacific. 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 percent 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,” says Supriya Deka, Senior Market Analyst, IDC Asia Pacific SMB and Midmarket Program.
