A new report has revealed that budgets for small and medium enterprises (SMEs) in India are on the rise, attributed to the increasing use of artificial intelligence, global economic uncertainties, and evolving security threats. According to the report by US-based enterprise software company JumpCloud, SMEs in India reported the highest overall budget increase at 92 per cent, with only 8 per cent reporting that budgets were either ‘remaining flat’ or decreasing. This positive outlook sets India apart from other countries surveyed.
Greg Keller, chief technology officer of JumpCloud, highlighted the fast-moving and agile nature of companies in India, noting that they are seeking platform-based device and identity management solutions to match their growth ambitions while also addressing emerging compliance and security challenges.
The report also identified the top three security threats globally, with network attacks topping the list, followed by software vulnerability exploits and ransomware. In India, software vulnerability exploits were found to be the top security threat at 36 per cent, followed by network attacks at 35 per cent, with multi-factor authentication (MFA) ranking third at 26 per cent.
Furthermore, the report indicated that IT admins are more optimistic about IT spending compared to six months ago. Approximately 92 per cent of India respondents expect budgets to increase, either slightly or significantly, surpassing the global average of 80 per cent.
The adoption of artificial intelligence (AI) is also accelerating in India, with only 4 per cent of respondents having no plans to adopt AI, compared to 13 per cent of US respondents and 23 per cent of UK respondents. Additionally, 82 per cent of India respondents believe their organization should be investing in AI, exceeding the global average of 76 per cent.
Overall, the report’s findings indicate a positive outlook for SMEs in India, as they navigate the challenges of a rapidly evolving business landscape, technological advancements, and emerging security threats. The increasing budgets and accelerated adoption of AI signify a proactive approach by Indian SMEs in addressing the demands of the digital age.
The report sheds light on the proactive measures being taken by SMEs in India to stay ahead in the ever-evolving business landscape, and provides valuable insights into the trends and challenges faced by these organizations. As the global economic and technological landscape continues to evolve, the findings of this report will serve as a valuable resource for SMEs and businesses alike, as they navigate the complexities of the modern business environment.
