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SMBs represent a trillion-dollar opportunity for CSPs, but they are not waiting for anyone

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Report finds SMBs already connect technology adoption to business resiliency but in order to thrive, they need solutions specific to their needs

Dublin, Ireland – November 30Beyond Now, a fast-growing ecosystem orchestration and digital platform provider, today launched global research that illuminates a ‘new’ kind of small medium business (SMB) market, one that has vast, untapped potential for communications services providers (CSPs) to accelerate their growth in the B2B sector. Despite impending recession, SMBs are not afraid to invest in technology as they understand it’s a key factor in improving business resilience.

The report, CSPs: it’s time to reacquaint yourselves with today’s SMBs, found that 85% of SMBs recognize the importance of technology to the success of their businesses, with 51% ranking technology as very-to-crucially important. However, SMBs need help from CSPs to realize those improvements. 68% of SMBs want a single platform for technology solutions. And for CSPs that can get it right, SMBs represent a $1.42 trillion (Analysys Mason) global market opportunity.

While SMBs are cost conscious, they currently invest 8% of their annual revenues in technology products and services. And despite economic uncertainty, those investments will increase. In the next year, half of SMBs will increase their technology spend by an average of 6%. In the next two years, 59% will increase investments by an average of 7.5%. And in five years, 64% expect to boost technology investment by an average of 9%.

The research found that SMBs are more sophisticated adopters of technology than many give them credit for. They are digitally-minded and their business priorities are closely aligned with what technology can help them achieve. In the next 12 months, 70% of SMBs believe that technology can help them achieve efficiency improvements and further digitalize their businesses, with some also exploring business growth, customer experience improvements, and easing issues caused by a lack of time and human resources.

Notably, SMBs recognize the business impact of a range of bleeding edge technologies. It’s expected that they would perceive IT security and cloud technology as delivering significant value. But what is surprising is that SMBs recognize the potential value in more nascent technologies including blockchain (72%), AI/ML (71%), Edge (70%) and even robotics (56%). Additionally, they are already thinking about 5G use cases. 73% perceive value from the technology and expect CSPs to help them realize the potential of 5G beyond standard connectivity offerings.

However, SMBs report administrative headaches with having to manage multiple technology providers to meet their needs. 62% said there are gaps in off-the-shelf technology products in helping them to meet their business priorities. 64% want technology providers to work together to build joint solutions that help them achieve their goals. Critically for CSPs, 65% of SMBs would prefer to buy all their ICT from one source, and they would pay a premium for this. 33% would be willing to pay between one and five percent more, and 45% would pay between five and 10% more.

The research findings are accompanied by a playbook outlining how CSPs can develop successful SMB lines of business. The steps outlined in the playbook highlight what CSPs need to do to meet the clear expectations of SMBs and deliver a viable business model for themselves. It demonstrates demand for digital sales channels and an appetite for the industry to collaborate on the co-creation of solutions that meet vertical industry requirements. Importantly, findings from the research were similar across all respondent industries: hospitality and leisure, professional services, agriculture, manufacturing, education, healthcare, retail, and technology, media and entertainment. SMBs, regardless of industry and sector, have common pain points that they need technology to address and CSPs cannot ignore.

“It’s fascinating that at a time when the industry is so focused on enabling digital transformation for large enterprises, that many SMBs are already digitally transformed businesses. There is a rich vein of revenue available to CSPs if they can get their SMB value proposition right. That means building solutions around SMB needs, finding repeatable patterns and embracing digital channels that are key for developing viable business models. This involves creating a digital marketplace that can deliver the scale and automation necessary for CSPs to work with partners on delivering technology solutions that meet the diverse requirements of the SMB sector,” said Angus Ward, CEO, Beyond Now.

“Against the backdrop of an economic downturn, SMBs want to achieve business resilience through technology, and CSPs should be the ones to step up and help them. But SMBs are in a hurry and, traditionally, CSPs have not done enough to get to know their SMB customers. The result is that the clock is ticking for CSPs to become the SMB ICT provider of choice. It’s a lucrative segment, and CSPs that don’t act fast enough risk losing out to other players lining up to take on that same role,” Ward concluded.

Download a free copy of the report here: https://www.beyondnow.com/en/insights/start-something/Smb/smb-report?utm_source=PR&utm_medium=bulletin&utm_campaign=smb-report and CSP playbook here: https://www.beyondnow.com/en/insights/start-something/playbook/playbook-report

– ENDS –

Methodology
This research study is based on responses from 700 decision-makers or key influencers for ICT service providers in small and medium business, across North America, Europe and Asia Pacific.

Respondents are equally represented from eight sectors including: hospitality and leisure, professional services, agriculture, manufacturing, education, healthcare, retail, and technology, media and entertainment.

Field work was concluded in August 2022 by independent research consultancy, Coleman Parkes.

About Beyond Now
Beyond Now is a fast-growing ecosystem orchestration and digital platform provider, powering organizations to launch new services at speed and grow revenue by utilizing our digital platform, digital marketplace and SaaS BSS.

Our platforms are designed to help our customers experiment, monetize and orchestrate services while taking advantage of new technologies such as cloud, edge, IoT, AI, 5G and more. We enable them to co-create solutions with a growing network of partners; bringing them closer to their customers, helping drive higher efficiency and automation, taking them further, faster, Beyond Now.

We serve customers across Asia-Pacific, Europe, Middle East, Africa and the Americas, spanning industries from telecommunications, media and entertainment, to tech and IT, financial, and automotive.

For more information, please visit: www.beyondnow.com

Source: RealWire

RealWire is an award-winning online press release distribution service with over 15 years of experience, and is first choice for many of the UK’s top agency, freelance and in-house PR professionals. RealWire’s service can increase your story’s coverage and improve your online visibility. The UK’s leading innovator in press release distribution, RealWire introduced the Social Media News Release in 2007 and relevance targeting system PRFilter in 2010.

Blockchain

CBiGroup Completes $15M Series A Funding, Focuses on R&D

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CBiGroup Completes $15M Series A Funding, Focuses on R&D

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Blockchain

Correction: CBiGroup Completes $15M Series A Funding, Focuses on R&D

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correction:-cbigroup-completes-$15m-series-a-funding,-focuses-on-r&d

CBiGroup Completes $15M Series A Funding, Focuses on R&D

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COTI V2 changing private play on blockchain via encrypted circuit

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COTI V2 is revolutionizing blockchain technology with private play through encrypted circuits, offering enhanced speed and efficiency. Currently, the Genesis builder network is live, and the company is inviting developers to join their program. The network supports private play upgrades for Ethereum.

As a privacy-focused Ethereum layer 2 solution, COTI V2 employs advanced encryption technology and encrypted circuits, enabling operations on all devices without compromising personal data.

The primary goal of COTI V2, as outlined in its whitepaper, is to address private play issues on blockchains. Developers can protect privacy through encrypted circuits. The COTI V2 Devnet provides a user-friendly, connectible EVM space (gcEVM) using the Solidity programming language.

Additionally, the COTI V2 network offers developers tools for privacy play with TypeScript and Python SDKs, along with EVM RPC, documentation, a faucet, an explorer, and Hardhat.

COTI has received positive feedback from Civic, a provider of Web3 identification toolkits.

The COTI Foundation plans to launch a privacy-focused growth fund, the ABC Growth Fund, allocating 400 million COTI tokens to provide real-time privacy services.

Developers using the COTI V2 builder network can explore use cases such as confidential DeFi, private payment transactions, stablecoins and RWAs, on-chain data control, confidential AI and machine learning, and decentralized identity recognition.

According to COTI CEO Shahaf Bar-Geffen, the COTI V2 builder and developer program is now available to the public, inviting developers to join the network.

Source: cryptonewsz.com

The post COTI V2 changing private play on blockchain via encrypted circuit appeared first on HIPTHER Alerts.

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