MSPs
OVER THE HORIZON
N-able recently released a new study in partnership with Canalys the MSP Horizons Report 2024, which examines the future of the MSP landscape. Here, John Pagliuca, president & CEO of N-able reveals some of the report’s key points.
Can you elaborate on the strategies identified by MSPs that contribute to their anticipated revenue growth? A big takeaway from our MSP Horizons report is the durability of the MSP market. 97% of those surveyed cited managed services revenue growth this year, making it clear the demand for managed services is stronger than ever. At a top level, partners are targeting cybersecurity, the hybrid world, and the cloud as the three most significant revenue drivers. Top technology growth areas over the next three years includes managed detection and response (MDR), endpoint management, endpoint security, vulnerability scanning, and network security, giving a clear indication that MSPs are leading with security in mind and at the same time, differentiating their business. 81% are seeing growth in their cybersecurity solutions in the next three years – MSPs are recognising that security isn’t an additional service, it’s the centre of their tech stack.
What factors are driving the projected growth of cybersecurity solutions for MSPs in the next three years? Government agencies are doubling down with regulation and compliance frameworks for SMEs, something that is changing security for MSPs. As security threats grow, the regulatory and compliance landscape gets even more complex. It’s now binary. You’re either compliant or you’re not. MSPs need to ask their customer or potential customers: What geographic area are you serving? Which vertical and services? Okay, well here’s the specific compliance requirements and how we can help you get there.
36 | March/April 2024 It’s no longer a sell, it’s a tell. It has made the conversation easier
for MSPs because they aren’t preaching, they’re now explaining, “you want to sell to a particular vertical or region? Tis is what you need to do—you need patch management, cloud-based backup, vulnerability management, and a MDR solution.” If this falls behind an MSP’s scope of comfort and tech know-how,
then an MSP can explore co-partnering. For example, many MSPs simply don’t have financial means or the labour to build a SOC so co-partnering with a SOC-as-a-Service or managed SOC provider could be an ideal solution. Co-managed security services offer MSPs a strategic opportunity to expand their service offerings, tap into new revenue streams, and enhance client satisfaction and trust.
Are there specific cybersecurity challenges highlighted in the research, and how are MSPs planning to address them? Te research shows that cybersecurity awareness is growing in SMEs, but there’s a lack of understanding about the costs of these services. For MSPs, it’s important to explain the ramifications that a data breach can have for a business to their customers—damage to their reputation, eroding trust among customers, partners, and stakeholders; in addition to significant financial consequences including legal fees and potential lawsuits. Organizations can help to mitigate these risks and offset even bigger security costs by investing in the layered security services offered by their MSP, therefore MSPs need to be ready to make that case and help their SME customers understand how the costs outweigh the risks.
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