Barracuda Networks Inc., a provider for cloud-first security solutions, today announces findings today from its 2022 “The Evolving Landscape of the MSP Business” report, launched in conjunction with MSP Day.
Barracuda created MSP Day in 2018 and continues to highlight, challenge, and celebrate the evolving managed services industry. This year’s report demonstrates a huge appetite for managed services exists, with global services-related MSP revenue set to increase by more than a third this year compared with 2021.
Barracuda surveyed 500 decision-makers and knowledge workers from managed service provider (MSP) organizations in the North America, EMEA, and ANZ regions, with between five and 250 employees.
The answers revealed similar opportunities and challenges when it comes to service provision, and similar pressures from customer expectations.
“The themes in this year’s report align with what we have been hearing from our Partner Advisory Council,” said Neal Bradbury, SVP, Barracuda MSP. “We know that MSPs desire strong relationships with partners that can help them provide the very best managed security services to their customers, while at the same time allowing them to focus on the well-being of their own employees.”
Key findings from the report include:
- Growth in managed services revenues predicted for 2022. MSPs expect revenues to grow with average revenues predicted at $12.12 million this year, compared with $8.93 million in 2021, according to survey respondents.
- Employee burnout is a growing concern with fears of cyberattacks on the rise. MSPs will have to focus more on employee wellbeing to stay successful. Nearly one in five respondents believed the average employee is highly stressed, while 56 percent said stress levels could be defined as moderate. Further, 80 percent of respondents believed their customers increasingly are concerned about being breached by cybercriminals and are looking to them for help, which creates more pressure on the MSP to deliver.
- Concerns over regulations and compliance are increasing.Adding to that strain are evolving cybersecurity regulations. Thirty-six percent of MSP respondents were confident they were fully up-to-date and compliant with regulations. Another 36 percent said they need to comply to too many cybersecurity regulations. It is no surprise that 89 percent said they felt their organizations needed more support and education around the regulations.
- Nearly 100 percent of respondents need more vendor support. A whopping 98 percent of those surveyed admitted they had at least one area where they need additional vendor support, including security incident response planning (44 percent); help with hybrid working best practices (50 percent); and marketing support (44 percent).
For more information, visit barracuda.com.
