USD 119.35 billion
Global Small Business Market Size, Share, Growth Analysis, By Type(On-Cloud, On Premise), By Employee Size(No employee, 1-19 employee), By Industry(Education and health services, Professional and business services) - Industry Forecast 2024-2031
Report ID:
SQMIG20Q2011 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|
Tables:
92 |
Figures:
66
Global Small Business Market Insights
Global Small Business Market size was valued at USD 119.35 billion in 2022 and is poised to grow from USD 129.49 billion in 2023 to USD 248.71 billion by 2031, growing at a CAGR of 8.5% in the forecast period (2024-2031).
The small business market is driven by the adoption of a self-employment strategy. The self-employment spirit with access to various funding sources and government initiative for start-up ideas boost the growth of the market.
In addition, the supportive regulatory bodies for small businesses also foster market growth. The increase in adoption of artificial intelligence tools, e-commerce sector, and technological advancement expand the industry.
For instance, ClickUp, is one of the top AI tools for small business in 2023. It is designed to enhance the team productivity and growth, by providing a range of optimized features and various resources. It also offers a library of around 100 research-based tools which aims to ensure the quality of the content.
Furthermore, the data analytics provides valuable insights which will help the small business owner to take decisions and enhance the decision-making strategy. The online platforms also offer a wide range of audience engagement services, which drives the market growth.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
On Cloud
Fastest Growth
On Premise
Growth Rate
8.5% CAGR
Global Small Business Market ($ Bn)
Market Share For Asia-Pacific Pacific Region (%)
Global Small Business Market By Type ($ Bn)
Global Small Business Market By Type ($ Bn)
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Global Small Business Market Segmental Analysis
The global small business market is segmented on the basis of type, employee size, industry and region. Based on type, the market is segmented into on-cloud, and on premise. By employee size, the market is categorized into no employee, 1-19 employee, and 20 to 499 employees. By industry, the market is categorized into education and health services, wholesale and retail trade, professional and business services, manufacturing, professional and business services, leisure and hospitality, and others. The others include construction, financial activities, transportation and utilities, public administration. Region wise, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Type
Cloud computing dominates the market, due to an increase in on-demand delivery of internet services such as data storage, data processing, and application. In addition, surge in demand for “Pay as you go” among entrepreneurs propel the need for small business and drive the growth of the market. This service allows the small business to pay only for services and the resources they use. It helps the industrialist to decrease the initial capital investment in infrastructure and hardware. This is a cost-effective solution for small businesses.
In addition, the on premises segment holds a substantial position in the small business market. The increase in need for safety and confidentiality of information, rise the use of on-premises software. This includes the data being stored in business premises, and does not require any storage and transmission of data off-site.
Analysis by Employee Size
No employee has been one of the largest segments in the Small Business market. More than 65% of small businesses are operated by single owners. The increase in desire to have full control over the business, is one of the major factors for sole enterprise. In addition, sole entrepreneurs get the direct profit generated by the business, which further drives the growth of the market.
Furthermore, the less requirement of formalities and legal documents for sole entrepreneurs, also attract the entrepreneur to work independently without the need of an employee. The “1-19 employee” segment contributes a significant position in the small business sector. These small businesses encourage the idea of different individuals and offer adaptability with flexibility. Moreover, the “20 to 499 employees'' size business focused on business scalability and implementing management structure.
Analysis by Industry
The education and health service segment dominate the market due to an increase in the number of jobs opening in the healthcare and education industry. According to SkyQuest Analysis, there are nearly 1.5 million jobs opening in these sectors in the USA, since October 2023.
The education and health service segment is the fastest growing segment owing to the increase in need for home health service. According to the Bureau of Labor Statistics (BLS), it was reported that the home health and personal care industry will grow at a rate of 924%. Thus, these factors propel the growth of the market.
Global Small Business Market By Type, 2022 (%)
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Global Small Business Market Regional Insights
Asia-Pacific has become a dominant force in the global small business market. Countries such as China, Japan, South Korea, and India have been significant contributors to the region’s strong market position. India tends to be the fastest growing country in the small business sector. In the Asia-Pacific region, small business is growing rapidly due to the increase in government initiative for small business, and rapid urbanization. The Government of India has initiated the “Startup India” which aims to support entrepreneurs and new startup ideas. In addition, the availability of funding for small business, further drive the growth of the market
The United States is generally the most important country in the North American Small Business market. The increase in the number of small businesses in California is one of the major factors for the growth of the market. Moreover, a huge population base, availability of various advanced technology further propels the market growth
Global Small Business MarketGeography, 2024-2031
- Largest
- Fastest
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Global Small Business Market Dynamics
Drivers
Increased Government Initiative for Startup
- The increase in government initiative for various startups is one of the major factors for the growth of the market. In September 2023, National Grid, in partnership with Amplify LatinX, announced the launch of a three-year, $500,000 small business impact initiative. The initiative aims to partner with leading organizations and offer 50 $10,000 capacity building grants for three years. It will help the small business to grow.
- Further, the availability of funding for various new ideas and startups, is also a major factor for the growth of the market. The State Small Business Credit, will offer funding to the district of Columbia, tribal government, a territory, who invest in small business.
Restraints
High Competition in Market
- The increase in competition in all the industries in the market, might be a restrain for the growth of the market. The competition is dominated by large players with established brands. The loyalty of consumers to the longstanding brand, further hinder the growth of the small business market. Consumers might not be interested in trying new products in the market. This poses a challenge for market expansion, as consumers are not ready to take risk on new services and products, which hinder the overall market growth.
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Global Small Business Market Competitive Landscape
The global small business market exhibits high competition characterized by the presence of major entrepreneurs trying to dominate the market. Well-known brands use their many products and innovative solutions, playing an important role. These companies continue to invest in funding to help small businesses. Emerging players including HubSpot Marketing Hub and SendX are developing which stand out in providing specialized automation solutions. With Industry 4.0 and the growing capabilities of the Industrial Internet of Things (IIoT), competitive edge is increasing, forcing market participants to stand out through cutting-edge technologies and moving service offerings later on.
Top Player’s Company Profiles
- SendinBlue
- SendX
- GetResponse
- SharpSpring
- Emercury
- HubSpot Marketing Hub
- Drip
- Avochato
- Salesfusion
- Delivra
Recent Developments
- In November 2023, FinTech Stubben Edge Group in the UK, announced the launch of SB Pro. It offers sales & protection tools, to the sole traders, entrepreneurs and small business. This platform helps the owner of business to simplify their management and enhance the case flow.
- In August 2023, Salesforce, a Cloud based company in America, announced the launch of “Starter”. It is an all-in-one customer relationship management (CRM) app, which offers service, marketing and sales capabilities in order to help the growing and small business to centralize key data and manage customer relationships.
Global Small Business Key Market Trends
- The rise in adoption of digital transformation is one of the major trends for small businesses. Business is adopting advanced technology in order to enhance efficiency. This surge in demand for digital marketing further surge the growth of small business and propel the market. Further the use of cloud-based tools for data management and collaboration and the surge in e-commerce industry, trends the market. These factors allow the startup to understand the consumer behavior and compete with the larger players. Moreover, increase in development in artificial intelligence and surge in use of these software helps the small business to thrive in this rapidly evolving market.
Global Small Business Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analyses, the global small business market has witnessed tremendous growth driven by the increasing adoption of advanced technologies such as the Industrial Internet of Things (IIoT) Industry 4.0. The demand for cost savings, increased productivity and zero waste management has undoubtedly pushed the market further. The rise of collaborative robots (cobots) and the continued development of automation technologies underscore the industry’s commitment to innovation. Despite the initially high cost of implementation, the market is showing resilience, with steady revenue growth, reflecting an ongoing paradigm shift towards smarter, more agile and integrated products.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 119.35 billion |
| Market size value in 2031 | USD 248.71 billion |
| Growth Rate | 8.5% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Small Business Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Small Business Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Small Business Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Small Business Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Small Business Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Small Business Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Small Business Market Report Snapshots
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