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

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.