There were estimated to be approximately 212.98 million SMEs* worldwide in 2020, slightly fewer than in 2019 when there were 213.52 million, which was also an estimated peak for the number of SMEs in the provided time period.Small and Medium Enterprises (SMEs) play a major role in most economies, particularly in developing countries. SMEs account for the majority of businesses worldwide and are important contributors to job creation and global economic development. They represent about 90% of businesses and more than 50% of employment worldwide. Formal SMEs contribute up to 40% of national income (GDP) in emerging economies.

These numbers are significantly higher when informal SMEs are included.
According to our estimates, 600 million jobs will be needed by 2030 to absorb the growing global workforce, which makes SME development a high priority for many governments around the world. In emerging markets, most formal jobs are generated by SMEs, which create 7 out of 10 jobs. However, access to finance is a key constraint to SME growth, it is the second most cited obstacle facing SMEs to grow their businesses in emerging markets and developing countries.More than half of all SME employers (56%) used technologies or web-based
software to sell to customers or to manage the business.

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