New Delhi, Aug 19 (IANS): India's largest IT services firm Tata Consultancy Service (TCS) Friday said iON -- its integrated information technology solution for small and medium business (SMB) -- targets a revenue of $1 billion in the next five years.

iON provides on-demand business solutions using cloud computing technology and was launched in the national capital region Friday.

"This is a segment where no one else has focussed on. iON will provide SMBs access to world-class, simple-to-use and scalable technology tools," said Venguswamy Ramaswamy, global head, iON, TCS.

The company also said that it wants to ramp up over 1,000 customers this year. It currently has over 240 customers across the country.

iON has been developed to deliver IT in the third-generation service model to SMBs. Using a pay-per-use business model, iON helps SMBs leverage world-class technology solutions as a key business differentiator.

It removes the need for SMBs to invest in IT assets or retain scarce IT talent.

According to the company, in terms of technology spending by small and medium enterprises, the sector stood at $11.9 billion in 2010 and is expected to grow to $48.5 billion by 2015.

Globally, the size of the market was $1.04 trillion in 2010 and is expected to reach $2.47 trillion by 2015.

iON addresses the entire spectrum of an SMBs technology needs which range from business solutions like HR, finance, inventory, sophisticated domain-based ERP solutions as well as basic applications like email, document management and website services.

According to the company, the small and medium enterprise segment has not been tapped as 60 percent of SMBs still do not have any ICT infrastructure.

"The market opportunity is thus very big," said Ramaswamy.

To provide SMB customers with seamless service, iON has created an eco-system of 100 cloud service partners across India. iON solutions are currently available for manufacturing, textiles, education, retail, quick service restaurants, wellness and professional services.