SME Budgets on the Rise in India Amidst AI Adoption and Cybersecurity Focus

By siliconindia  |  Monday, 19 February 2024, 12:32:10 PM IST

SME Budgets on the Rise in India Amidst AI Adoption and Cybersecurity Focus
In a recent report by US-based enterprise software company JumpCloud, it was revealed that budgets for small and medium enterprises (SMEs) in India are experiencing a significant increase. The rise is attributed to factors such as the growing influence of artificial intelligence (AI), global economic uncertainties, and evolving security threats. The report highlighted that Indian SMEs displayed a positive outlook, with 92 percent reporting an overall budget increase.
The study indicated that Indian companies are demonstrating agility and a proactive approach towards cybersecurity. Greg Keller, Chief Technology Officer at JumpCloud, noted that Indian businesses are seeking platform-based solutions for device and identity management that can scale to match their growth ambitions while addressing emerging compliance and security challenges.
In terms of cybersecurity threats, the report outlined that globally, network attacks were the top concern, followed by software vulnerability exploits and ransomware. However, in India, the primary threat was identified as software vulnerability exploits, accounting for 36 percent, followed closely by network attacks at 35 percent. Multi-factor authentication (MFA) ranked third in the list of security concerns, with 26 percent of respondents highlighting its importance.
Notably, the report revealed an overall optimism among IT administrators regarding IT spending. In India, 92 percent of respondents anticipate an increase in budgets, surpassing the global average of 80 percent. The accelerated adoption of AI in India was also highlighted, with only 4 percent of respondents indicating no plans for AI adoption. This contrasts with 13 percent in the United States and 23 percent in the United Kingdom. Additionally, 82 percent of Indian respondents expressed the belief that their organizations should invest in AI, exceeding the global average of 76 percent.
The findings indicate a dynamic and forward-looking landscape for SMEs in India, leveraging technology to enhance growth, security, and resilience in the face of evolving global challenges.

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