Almost 35% of small and medium businesses (SMBs) in India are spending over 10% of their revenue on technology (in comparison to global counterparts) and 26% of SMBs are early adopters of new technologies, a Microsoft report said on Friday.
At least 27% of SMBs are all or mostly cloud-based, a percentage that is expected to be global average in two-three years, according to the Microsoft’s ‘SMB Voice and Attitudes to Technology Study 2022’ prepared by Analysys Mason.
SMBs are contributing approximately 30% to India’s GDP and providing employment to over 114 million people in the country.
“It is evident that linking technology investments and adoption with business strategies, as well as close collaboration with partners are crucial to deliver success for SMBs,” said Samik Roy, Executive Director, Corporate Medium, and Small Business, Microsoft India.
Organisations, big or small, that are rooted in technology and committed to harnessing its full potential, will be able to stay ahead of the curve by becoming more agile, resilient, future-ready businesses,” he added.
According to the report, SMBs in India look to technology to help them to grow their customer base (39%) and improve customer retention (38%).
SMBs in middle-income markets (27%) are more concerned about cloud migration than their counterparts in high income markets (22%).
“SMBs in India are the most likely to view competition intensity as a major obstacle (35%),” the findings showed.
At least 25% of SMBs surveyed in India prefer working with application developers/independent software vendor (ISVs).
SMBs in India (45%) are most likely to want to improve environmental sustainability in comparison to SMBs across the markets, the report mentioned.