More than half (51%) of the respondents to Kaseya’s 2022 MSP Benchmark Survey, which polled more than 1,200 MSPs across the globe said COVID-19 enabled them to increase their ability to expand services within their client base, while 62 per cent said it led to an increase in their overall monthly recurring revenue (MRR).
Nearly half of the MSP respondents reported monthly recurring revenue growth above 10 per cent because of these favourable factors. Mike Puglia, Chief Security Officer & GM of Security Products, Kaseya considers how the events of the past two years are still affecting everything: from global logistics to the work environment.
Security reigns supreme
Top of mind for many MSPs as we stand on the cusp of the post-pandemic age is the cyber-security landscape. According to the survey – 50 per cent said their business is more at risk from cyber-crime compared to one year ago, which is an 11 per cent increase from 2021’s data. But this challenge is also an opportunity. Over 95 per cent of respondents told Kaseya their clients turned to them for advice on cyber-security plans and best practices in 2021.
All the evidence suggests that cyber-security will continue to be a grim topic for the SMB community moving forward. Among the MSP respondents surveyed, 73 per cent said up to 20 per cent of their clients experienced at least one cyber-attack in the past 12 months. This trend is consistent with 2021 survey responses.
It is evident though that cybercrime is hitting more businesses. The percentage of respondents who said between 21 per cent and 40 per cent of their clients had experienced at least one cyber-attack jumped from 13 per cent to 21 per cent.
Putting the spotlight on BCDR
Due to the increasing complexity of IT environments and the cyber-threat landscape, IT professionals are instructed to test their disaster recovery capabilities regularly. Kaseya’s 2022 survey found 30 per cent of MSPs simulate disaster recovery capabilities quarterly, 25 per cent test annually, and 9 per cent test monthly - with 15 per cent admitting that they never test at all.
Remote work has also provided a wealth of opportunities for MSPs to look to capitalise on. That’s because it is seen as a significant pain point for MSPs’ customers, with 36 per cent of respondents selecting it as one of the top three IT problems for clients in 2022.
Finding a solution
According to the Kaseya research, 96 per cent of respondents agree that integrating core technologies improves operational efficiency. Ultimately, the challenges and opportunities being faced can best be addressed through IT solutions and services that deliver application integration and operational efficiencies.
MSPs can win more customers by offering strong cybersecurity and compliance services as well as impressive customer support. As MSPs onboard more clients, they must streamline their operations to drive operational efficiency while also lowering costs.
Integration between critical business tools, such as remote monitoring and management, PSA solutions, and IT documentation, will help them accomplish this. As a whole, the state of the MSP market remains strong and the outlook looks promising. With careful planning and foresight, MSPs can overcome obstacles and carve out a niche for themselves through the remainder of 2022 and beyond.