American SMBs to become instrumental in driving the Economic Recovery of The United States of America : Zinnov

7th November 2013 | By Mouseworld Now Correspondent |

New Delhi, India, November 7, 2013: Zinnov, a leading market expansion and globalization advisory firm, has released its latest study on ‘SMB landscape of The United States of America’. The study revealed that 28 million US SMBs contribute to 42% of the non-agriculture GDP and generate 50% of the total employment in US. The study also highlights key Business & IT trends of the SMB market.

As per the study, a total of 28 million SMBs are operating in the US are realizing collective revenue of $2.1 trillion. The report also suggests that the SMB market is fragmented across verticals; retail, professional services, construction and healthcare together contributing to 50% of SMB revenue.

According to the Zinnov report, maximum contribution is made by medium size firms which constitute to only 2% of SMBs while they generate a massive 2/3rd of SMB revenue valued at $1.4 trillion. The SMB sector is on a fast track growth in the US, overall Small & Medium Businesses in the United States are expected to grow $575 billion additional revenue and employ 23 million additional people by 2020

According to the research overall ICT spend by US SMBs is valued at $265 billion out of which Telecom spend is valued at $125 billion and IT contributing to $140 billion

Praveen Bhadada, Director Market Expansion, Zinnov said, “The total addressable IT opportunity with US SMBs stands at $263 Bn, which is 88% more than the current market of $140 Bn. Cloud & Mobility are driving IT investments by SMBs in the United States. Today 90% of SMBs have access to smartphones while 65% of them access data through tablets. We see a huge potential in Software & Services market to grow the spending in IT.”

The study also highlights the fact that SMBs in the US have a remarkable level of Technology Infrastructure with massive addressable IT opportunities. At present 25 million SMBs have internet penetration and 23 million businesses have access to broadband connectivity. On the other hand PC & Smartphone ownership is at par at 25 million, while tablet ownership is at 18 million.

Cloud Computing is emerging as a core focus area for SMB IT Investments in The United States of America. At present the Cloud market in US SMB is valued at $19 billion and it is expected to increase to $32 billion by 2016.

 

© Mouseworld Now News Service

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