Celebrating the resiliency of MSPs on Global MSP Day 2023

Global MSP Day 2023 has arrived! For the sixth year in a row, we will be celebrating the growth and opportunities that continue to abound for MSPs within the ever-changing managed services industry. And as part of this annual celebration, Barracuda will release The Evolving Landscape of the MSP Business 2023 report. To compile this year’s report, Barracuda surveyed 500 decision makers and knowledge workers at MSPs across the North America, EMEA and ANZ regions.

In 2022, The Evolving Landscape of the MSP Business Report demonstrated that MSPs had a strong desire for growth but were unsure as to whether they could achieve this objective. A year later, it’s clear that MSPs have met this goal and are optimistic about their ability to create new goals and objectives for their businesses.

More competition is leading to diversification

For example, 34 percent of MSPs surveyed reported being concerned about the heightened competition in the MSP market. As such, many are increasingly feeling the need to expand outside of their comfort zone to feed their continued desire for growth. According to the 2023 report, MSPs are looking to expand their client base beyond their existing sectors of focus including emphasis on security offerings, with 85 percent of respondents seeing an increased need for offering a SOC service, for example. Yet, while every MSP must choose its own path when it comes to the products and services they offer and the sector(s) they serve, this can be a risky proposition.

In 2022, we also saw that employees working for MSPs faced varying levels of stress that could impact the future growth of the MSP. This year’s report finds that stress levels have increased for the average employee from 16 percent in 2022 to 27 percent in 2023. And while action is being taken by MSPs, the extent in which they are succeeding to reduce stress is still not clear.

Growth comes from a sense of confidence and resilience

Regardless, MSPs appear confident and resilient. Despite continued economic uncertainty, MSPs are expecting to continue the growth trend seen in 2022, from $12 million during 2022, to over $16 million in 2023. MSPs are also leveraging sustainability to drive growth. In fact, nearly all respondents to this year’s report (99.8 percent) said that their organization is taking steps to boost its sustainability credentials. Further, 50 percent reported that they are making sustainability a key part of their business.

The key findings of the 2023 MSP Day Report provide us with insights and themes that MSPs worldwide will face in the coming year. As we continue the journey in 2023, it’s important for MSPs to take advantage of these opportunities of growth, while learning to adapt to the evolving challenges.

The Global MSP Day 2023 events this year will provide you with best practices, advice, and industry expertise to ensure continued growth and success for you and your MSP. We invite you to join the celebration by registering here. We look forward to seeing you today at 1 p.m. EDT. Also, registering for the event ensures that you’ll be first in line to receive our 2023 Evolving MSP Landscape Report. We invite you to download the report here!