SMB Tech Support Service Market To Witness Stellar Growth Rate In The Next 6 Years

Small- and medium-size enterprises (SMEs) or small and medium-sized businesses (SMBs) are businesses that maintain revenues, assets, or a number of employees below a certain limit. Many IT service providers that work with SMBs are called managed service providers. There are many types of IT services to consider, such as managed IT service, on demand IT, network setup, network security, database management, cloud computing, software support, data storage, etc. Tech support services offer SMBs a cost effective platform, thereby limiting their budgets.

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The global SMB tech support service market is divided into six regions, such as North America, South America, Asia Pacific, Europe, the Middle East, and Africa.

Drivers:

Increasing demand for tech support services, due to the rapid growth of SMBs worldwide, is expected to propel growth of the global SMB tech support service market over the forecast period. According to the India Brand Equity Foundation (IBEF), the sector accounts for 45% of the country's industrial output, while 40% of the total exports come from SMBs in India.

Moreover, increasing adoption of core technologies, such as Internet of Things (IoT), big dada, cloud computing, artificial intelligence (AI) is expected to drive growth of the global SMB tech support service market.

Furthermore, the rapid growth of the e-commerce sector is also expected to augment the growth of the SMB tech support service market. According to Amazon's 2020 SMB impact report, American SMBs sold 3.4 billion products in Amazon's stores and averaged 6,500 products sold per minute.

Opportunities:

Rapid growth of the IT industry, in both developed and developing countries, is expected to offer lucrative growth opportunities for players in the market.

Regional Insights:

North America and Asia Pacific are expected to witness significant growth in the global SMB tech support service market due to the increasing demand for cloud-enabling technologies in these regions. For instance, in February 2021, Tata Communications and Google Cloud teamed up to drive Cloud transformation in India.

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Competitive Section:

Key players operating in the global SMB tech support service market are Lenovo, CMIT Solutions, CompuCom, HP, Dell, Comcast, AT&T, SMB IT Solutions, and Tech Support 360.

In February 2021, Xerox launched a new standup business, Xerox Financial Services, to serve enterprise and SMB customers.

In September 2020, Lenovo launched ThinkBook Plus, a dual-screen notebook built to enhance productivity for the modern workforce. The move comes even as the leading laptop and PC leader slowly transitions into end-to-end services and solutions provider for Indian small and medium-sized businesses (SMBs) and enterprises.

In September 2020, Mastercard collaborated with Handpoint to bring ‘essential technology’ for making sales via cards, along with contactless options, to SMBs in a number of European countries.

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