50% of Indian SMEs prioritize Cloud for business expansion in FY2024, finds ‘SME Digital Insights’ Study

(MENAFN- Adfactors PR) Bengaluru, 17th July 2024. Fuelled by India's growing digital acceleration, small and medium enterprises (SMEs) are rapidly leveraging Cloud for their competitive edge, according to a new ‘SME Digital Insights’ study by Tata Tele Business Services (TTBS) and Cyber media Research (CMR). A significant 58% of SMEs nationwide believe they have a high level of digital maturity and are at the forefront of this ongoing digital shift. In FY2024, a whopping 50% of the surveyed SMEs are leveraging Cloud for their business expansion.
The SME Digital Insights study provides invaluable insights into Cloud adoption trends among Indian SMEs," stated Vishal Rally, Senior Vice President – Product and Marketing, Tata Teleservices. “This study resonates with our business pulse, affirming that cloud technology presents an unparalleled opportunity for businesses to amplify agility, foster collaboration, and gain a decisive competitive edge while enhancing the customer experience. With domain expertise and innovative solutions, we are powering SMEs to harnessing the transformative power of cloud solutions for sustained success in an increasingly digital world.
According to Prabhu Ram, Head- Industry Intelligence Group (IIG), Cyber Media Research (CMR), “Indian small and medium enterprises are rapidly leaning-in on Cloud, leveraging its efficiency, reliability, and adaptability to transform their businesses. The shift to Cloud is enabling SMEs to streamline their operations, fuel their growth and deliver exceptional customer experiences. Cloud adoption unlocks access to cutting-edge advancements like AI, empowering SMEs to compete and thrive. Partnering with trusted experts is key to maximizing the Cloud's potential, from enhanced customer support to innovative solutions. This momentum towards Cloud is expected to continue, with SMEs recognizing it as a competitive differentiator and a key factor in building resilience.”
Here are the key study highlights from the SME Digital Insights study:
• Public Cloud Reigns Supreme. Over half (52%) of SMEs leverage the scalability and affordability that Public Cloud offers. Nearly one in every five SMEs (20%) have successfully migrated more than 50% of their workload to Cloud. 51% of SMEs nationwide prioritize Cloud for customer support.

• Security First: A Key Cloud Driver for SMEs. Nearly half (40%) of SMEs prioritize enhanced security compliance as the main reason for adopting Cloud, highlighting its strategic role in business decisions. Interestingly, regional alignment is strong with Mumbai leading at 55%.

• Futureproofing with Cloud Skills. 36% of SMEs are prioritizing Cloud skilling for their future Cloud usage plans. 48% of SMEs in North and East India are focusing on Cloud skills.

• SMEs show varied adoption of emerging tech. Healthcare (33% Big Data, 31% AI) sees promise in improved patient care and faster drug discovery but struggles with data silos and skill gaps. IT/ITES leads in AI/ML (35%) for innovation, while BFSI (37% Big Data) leverages Data Analytics for insights.

• Partnerships Power Cloud Success: SMEs are actively seeking trusted partners who can assist them in supporting them with their Cloud expansion plans (39%) as well as in attaining Cloud cost-effectiveness (37%).

MENAFN18072024005232011781ID1108453799