The day that we’ve been anticipating for the past few months has finally arrived: Global MSP Day 2022! Having the opportunity to celebrate MSPs around the world never gets old. You have all evolved, overcome challenges, and embraced opportunities over the past year. Now, it’s time to explore what new themes, hopes, and challenges this year holds for you.
The annual ‘Evolving Landscape of the MSP Business Report’ will be highlighted and discussed once again during Global MSP Day this year. While we know that the fifth annual Report exemplifies positivity and growth, there are a few themes that might be less positive, and more relatable. MSPs this past year have had to overcome increased levels of stress and ever-demanding customers, all while continuing to provide top-class security offerings. Some may say it feels like walking on a tight rope at times, trying to balance challenges while taking advantage of the amazing opportunities that are before them.
Barracuda MSP had the chance to speak with 500 decision makers worldwide from countries across North America, EMEA, and ANZ regions. Let’s dive into some of the key findings that we gathered from them, that might be relatable for many fellow MSPs across the globe.
Opportunities are plentiful
- Revenue growth is a major theme. MSPs expect revenues to grow by over a third in 2022. The average revenues predicted at $12.12 million this year compared to $8.93 million in 2021. As a portion of overall revenue, managed services are increasing. Service provision is on a growth trajectory. In 2021, 53% of respondents’ income came from services, but this is predicted to rise to 63% this year.
- The number of services offered to customers is set to rise. On average in 2021, survey respondents’ service offerings increased by four services, but in 2022, 94% of respondents expect their services portfolio to expand by an average of six services.
- Security continued to top the list of must-have services. A whopping 92% of respondents shared that they needed to be more focused on security than ever before. The biggest areas of opportunity are network security, endpoint security, and network monitoring and management.
- Business confidence has grown since the pandemic. Despite the pandemic, and rapid changes it prompted, 95% of respondents felt they had settled into their new ways or working and felt stronger overall compared to 2021.
- Customers’ fears of cyberattacks are real. Based on the results, 80% of respondents believed their customers are concerned about being breached by cybercriminals and are looking to them for help.
Challenges that remain a concern
- Cybersecurity regulations are putting a strain on MSPs. While 36% of MSP respondents say they are confident of being full-up-to-date and compliant with cybersecurity regulations, 89% of them felt that they needed more support and educational resources.
- Employee burnout. MSPs will have to focus on wellbeing and mental health for their employees to stay successful. Almost one in five respondents believed the average employee is highly stressed, while 56% say stress levels are moderate.
- Customer expectations post-pandemic need to be managed. Stress levels within MSPs are caused by several factors, one of those being demanding customers. Roughly 45% say rising stress levels within their MSP are caused by demanding customers, so managing customer expectations will be crucial moving forward.
The key findings of the 2022 MSP Day Report provide us with industry insight and themes that MSPs worldwide will undergo this year. As we continue moving forward in 2022, its important for MSPs to take advantage of these opportunities of growth, while learning to adapt to the evolving challenges. Global MSP Day 2022 will provide you with best practices, advice, and industry expertise to ensure continued growth for you and your MSP.
We’re looking forward to the celebration! Register for MSP Day 2022 today, and we will see you at 10:30 AM EST. Registering for the event also ensures that you’ll be first in line to receive our 2022 Evolving MSP Landscape Report. We invite you to download the report here!
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