Challenges and opportunities often go hand-in-hand but without a crystal ball, seeing the road ahead can be difficult. One helpful option is to remind yourself of current industry trends so you can be prepared for both the pitfalls and the promising possibilities.
7 Business Trends Impacting MSPs
Increased Reliability on MSPs
There is still a lot of opportunity for MSPs to acquire new customers. One of the driving forces is the fact that companies continue to deploy additional IT platforms at record speed to handle new data, advanced analytics, and more. It’s just a matter of time before many can’t effectively manage them to scale. As a result, many will look to MSPs for assistance.
Profits Are Up
According to a recent study conducted by Channel Futures, MSPs saw a growth rate of 21% in 2022, the highest the study had reported to date. The majority of MSPs reported growth in their year-over-year profit and 72% of MSPs reported good or excellent confidence in the health of the industry.1
Next-Gen Monitoring Capabilities
Remote monitoring has been a core service for MSPs. As IT environments continue to grow in complexity, the ability to quickly and proactively identify potential issues will drive the delivery of next-generation monitoring capabilities.2 MSPs are uniquely qualified to deliver in this area.
More Cyber Attacks
The FBI’s Internet Crime Complaint Center has seen cybercrime climb drastically over the years. In 2022, losses were more than double what they were just two years prior – reaching over $10 billion.3
Source: securityweek.com
Each year these attacks increase in damage and sophistication. With the rise in crypto-investment scams, unprecedented losses were recorded, and the future isn’t looking any easier. As a result, MSPs will be asked to bring their best email security solutions to the table.
Skills Shortage
The IT industry has been dealing with a skills shortage for some time and it’s not going to get better any time soon. Technology is advancing and cyber attacks are on the rise, making it difficult to hire and keep skilled IT workers. As an MSP, this can be good or bad. If you can find the right people to staff your own business, you’ll be in a good position to handle new customers forced to move away in-house IT departments.
AI Advances Call for Management
From ChatGPT to Microsoft’s Copilot, new AI-powered tools will be popping up on a regular basis, automating a wide range of processes. These new AI models must be trained and deployed using machine learning operations (MLOps).2 In 2023, companies could be turning to their MSPs to help manage the processes that support data science.
Economic Uncertainty
The economy is an unpredictable force and those who are not prepared could feel as though they were in quicksand if things get bad. Make it a priority to keep your own house in order by cutting back where possible, spending wisely, knowing where to turn if financing becomes necessary, and working to strengthen your existing customer relationships.
The Email Security Partner That Helps You Succeed
At INKY, we help MSPs become more successful. As a leader in email security, INKY has the technology to keep your customers safe from phishing scams, including malware, ransomware, business email compromise, brand impersonations, and more. INKY is easy to deploy, simple to administer, and a profitable way to boost your own revenue.
Leverage INKY to strengthen your customer relationships. You can provide automated phishing reports that reinforce the value you’re adding to their business as you keep them safe from costly phishing attacks. INKY also has a suite of marketing campaigns to help you secure new business and upgrade existing customers.
See why MSPs love INKY, and find out what INKY can do for your business...and your customers. Schedule a free demonstration today.
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INKY is an award-winning, behavioral email security platform that blocks phishing threats, prevents data leaks, and coaches users to make smart decisions. Like a cybersecurity coach, INKY signals suspicious behaviors with interactive email banners that guide users to take safe action on any device or email client. IT teams don’t face the burden of filtering every email themselves or maintaining multiple systems. Through powerful technology and intuitive user engagement, INKY keeps phishers out for good. Learn why so many companies trust the security of their email to INKY. Request an online demonstration today.
2Source: www.smartermsp.com/10-trends-for-2023-that-msps-cant-afford-to-ignore/
3Source: www.ic3.gov/Media/PDF/AnnualReport/2022_IC3Report.pdf