The seventh annual Global MSP Day is here! Global MSP Day presents an opportunity to celebrate the hard work and resiliency of you, the managed service provider (MSP) community. The industry is constantly changing from the introduction of sophisticated cyberthreats, advancements in technology, and trying to take advantage of opportunities while navigating challenges. It’s time to acknowledge and applaud your adaptability and determination.
The Evolving Landscape of the MSP Business Report 2024
Along with the celebration and fun, Barracuda has released ‘The Evolving Landscape of the MSP Business Report 2024.’ The report is compiled of survey results based on 700 MSP and IT decision makers from around the world to learn which growth opportunities and challenges they expect to face in the remainder of this year.
Last year’s report revealed that MSPs were expecting overall business growth through service offering expansion. However, the struggling global economy was a hindering factor for the expected growth. This year, MSPs are predicting continued revenue growth from managed services, focused primarily on security service offerings, while leveraging on proven go-to-market channel such as cloud marketplaces or hyperscalers, expanding and diversifying their service offerings, and overcoming top challenges by adopting new technologies.
Opportunities spike MSP confidence
MSPs around the world are facing this year with a certain level of confidence and optimism. Revenue is expected to climb for MSPs in 2024. Along with this revenue boost, businesses are expected to downsize their in-house IT teams and turn to MSPs for increased support in implementation and management of their technology.
The findings show the services that MSPs are offering focus heavily on security, meaning this is an area where customers are particularly looking for support. Due to the demand for security and IT support, almost all MSPs surveyed expect to increase their service portfolio by adding about six new services in 2024. With that, the results show there are a few top services, in terms of most common and most successful, offered by MSPs today:
- Security Operations Center (SOC)
- Security Awareness Training
- Network Security
With an increase in services, comes an increase in tools to help with efficiency. MSPs are leveraging cloud marketplaces to deliver more services, while maintaining business growth. Along with cloud marketplaces, MSPs are taking advantage of the power of AI. This tool allows MSPs to cut costs, streamline and automate tasks, and improve the level of protection against threats.
Turning challenges into more opportunities
While opportunities are plentiful, there are certain challenges that were cited by the respondents. Below are the top challenges:
- Competing in a crowded market
- Navigating the evolving cyberthreat landscape
- Finding and retaining talent
- Staying on top of technology trends
Since MSPs are looking to grow their managed services portfolio and revenues in 2024, chances are they’ll be competing with others that have the same goal in mind. Increased competition remains the standout concern, with 48 percent of MSPs experiencing this challenge. This challenge has risen steadily over the last few years, up from 44 percent in 2023 and 34 percent in 2022.
The key findings of ‘The Evolving Landscape of the MSP Business Report’ provide better understanding of what’s in store for the industry. While juggling priorities, opportunities, and challenges can be intimidating and difficult, what if we change the narrative? MSPs may face challenges this year, but they can transform them into positive opportunities.
We invite you to join the Global MSP Day 2024 celebration to learn more about these key findings and how you can take on the rest of this year. There’s still time to register here! We look forward to seeing you today virtually or in-person! Registering for the event means you’ll receive your own copy of this year’s report, directly in your inbox. Come one, come all, for an exciting Global MSP Day 2024!
Photo: Midnight Studio TH / Shutterstock
