NASSCOM together with Frost & Sullivan has introduced a research on ‘Indian SMB Market’ – Monetizing emerging opportunities. The findings of the report were discussed by Madav Lal, Secretary MSME, Govt of India; R Chandrashekhar, President, NASSCOM and Neelam Dhawan, Managing Director-Hewlett Packard and Chair – NASSCOM Domestic Council. This jointly held research highlights that the SMB market is estimated to witness a Y-o-Y growth of 15 % (CAGR), which will propel the IT spending in the sector to cross USD 18.5 billion (Rs. 100 crore) by FY18. The report further suggests that the Indian SMBs are growing at a very fast pace with the help of the new and innovative technology they are adopting. They properly design their strategies and work in the direction of their target segment.
On the occasion of launching the report, R. Chandrashekhar, President, NASSCOM commented, “Small and Medium Businesses across all verticals, play a critical role in the resurgence of Indian Economy and contribution to GDP and employment generation. SMBs face significant challenges in the volatile business environment and global competition. Technology is an enabler that can pave the way for being competitive. Drive growth and integrate with global supply chains. Our Industry members are developing innovative vertical focused solutions leveraging the SMAC stack, to support SMB customer in India. NASSCOM will partner with Government and Industry associations to ensure successful adoption of IT.”
The report also brings into light, that the SMBs employ about 40 per cent of the country’s workforce and contributes 17 per cent to the national GDP. But despite these raising figures the SMB segment is facing some serious setbacks like fragmentation, unorganized growth, scalability and many others. So, there is an immediate need to streamline operations so that the productivity increases and the quality of services also improve. The major step which can be taken for the betterment of the SMB segment is the adoption of cloud services which will in turn transform the entire ecosystem. The cloud services will lead to some vital changes like low capex, lesser TCO, flexible storage options and easy data management which will be of great help to the SMBs.