New Delhi: India’s technology small and medium-sized enterprise (SME) sector is expected to reach a revenue of $40 billion by the financial year 2030, according to a recent report. This marks a significant increase from the current estimated revenue of $18.5 billion in the financial year 2021.
The report highlights the growing potential of the country’s SME sector, which has been driven by the increased adoption of digital technologies and the government’s push towards a more digital economy.
According to the report, the growth of India’s SME sector has been driven by a number of factors, including the increasing adoption of cloud-based services, artificial intelligence, and the Internet of Things (IoT). In addition, the government’s push towards digitalization and its focus on improving the ease of doing business has also played a significant role.
It also highlights the growing interest of venture capitalists and private equity firms in the sector, with investments in the technology SME space growing by over 100% in the financial year 2021, compared to the previous year.
The report predicts that the growth of India’s technology SME sector is expected to continue in the coming years, driven by factors such as the increasing demand for digital services and solutions, the growing number of startups in the sector, and the government’s continued focus on digitalization.
However, the report also cautions that challenges such as the lack of skilled talent and the high cost of technology adoption could hinder the growth of the sector. To overcome these challenges, the report suggests that the government and industry stakeholders need to work together to develop policies and initiatives that support the growth of the sector.
In conclusion, the report highlights the significant potential of India’s technology SME sector and the opportunities it presents for investors, entrepreneurs, and other stakeholders. With the right policies and initiatives in place, the sector is well-positioned to continue its growth trajectory and play a key role in India’s digital economy.