Press release
Cisco Research Finds Small Businesses Can Add $2.3T to Global GDP Growth by 2024
New Small Business Study Examines the Digitalization Journey Across Eight Countries in the New Normal SAN JOSE, Calif., Sept. 9, 2020 /PRNewswire/ -- 2020
About this update from Cisco Systems, Inc.
[{"type":"text","content":"New Small Business Study Examines the Digitalization Journey Across Eight Countries in the New Normal\n\n\nSAN JOSE, Calif., Sept. 9, 2020 /PRNewswire/ --\n2020 Small Business Digital Maturity study conducted during the pandemic determines the readiness of small businesses to adopt key technologies, the impact of technology on driving economic growth and the opportunities and challenges they face 70 percent of small businesses surveyed are accelerating their digitalization rates to address COVID-19 challenges and the most digitally mature small businesses can respond faster to changing market conditions and grow their revenue In the next 18 months, small businesses report they are going to invest on remote work, online sales and developing a digital strategy According to the new eight country 2020 Small Business Digital Maturity Study, small businesses could add $2.3T to these market's overall GDP by 2024 while contributing to the economic recovery during and post pandemic. The study conducted by IDC, and commissioned by Cisco, examines eight countries throughout June 2020 (United States, Canada, Mexico, Brazil, Chile, United Kingdom, Germany and France) to better understand the opportunities and challenges small businesses currently face and the correlation between digital maturity and faster recovery. Together these eight economies could also increase by 5.5 percent and enjoy a 42 percent faster growth rate through increased small business digitalization. \nTo understand the maturity level of small business digitalization, IDC developed a framework that helps small businesses clearly assess their current capabilities, and understand where they are on a four-stage digital index - ranging from the earliest stage of Digital Indifferent to the most advanced group of Digital Natives. This study is an extension of the APJC SMB study released in July. \n\"The COVID-19 pandemic has exacerbated the digital divide that was already present in the small business market, and it is forcing companies to accelerate their digitalization,\" said Daniel-Zoe Jimenez, AVP, Head Digital Transformation & SMB research, at IDC. \"Small businesses are realizing that digitalization is no longer an option, but a matter of survival. While the research shows many small businesses are making progress, they should increase focus on digitalizing processes and...