Managed Service Provider (MSP)-A BOON TO BUSINESSES

Managed Services Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 7.9% during the forecast period, to reach USD 354.8 billion by 2026 from USD 242.9 billion in 2021.

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Enterprises across the globe and verticals are highly investing in their IT infrastructure to maintain their competitive position and attain operational excellence. As enterprises are adopting highly complex technologies regardless of their size, they turn to MSPs to manage their IT infrastructure, thus delivering services faster and more efficiently. These technologies are forcing enterprises to redefine their business strategies and emphasize information security. Managed services help enterprises maintain and manage the IT infrastructure and address risks associated with IT assets in an efficient and cost-effective way. This helps enterprises focus on their core competency without increasing the IT footprint.

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NEED FOR MSPS

In March 2020, Nuspire, a managed security service provider, identified a nearly 100% increase in malicious emails since the coronavirus. In order to combat the ever-evolving cyber threats, the demand for managed services will likely increase. As per industry experts, unplanned downtime costs enterprises around USD 58,000 for every 100 users. An average employee loses 12.4 and 6.2 hours per year due to a server and network downtime, respectively. However, the implementation of managed IT infrastructure services can reduce server and network downtime by over 85%. According to an industry expert, enterprises have experienced a 42% savings in IT budget by bypassing the need for additional staffing costs. A managed service provider (MSP) maintains the network infrastructure at a meager price. It moves costs from CapEx to OpEx with greater flexibility. Big telecom managed services giants such as Ericsson, Huawei, Nokia, and Cisco claim that an average cost reduction of 15-30% is achievable using managed services. The cost reduction in OpEx could help enterprises address customers' need for new business models, creating an additional revenue stream.

MSPS MEET REGULATORY COMPLIANCES AND MITIGATE CYBERATTACKS

Colocation center providers must meet several compliance standards to provide assurance to data centers. These include the Payment Card Industry (PCI), International Organization for Standardization (ISO) 27001, ISO 20000, Statement on Standards for Attestation Engagements (SSAE), Health Insurance Portability and Accountability Act (HIPAA), International Standard on Assurance Engagements (ISAE) 3402, Service Organization Control 2 (SOC2), and ISAE 340. Managed colocation services comprise shared rack; dedicated rack; caged space; deploying, maintaining, and troubleshooting the equipment; and hardware maintenance. As per the CompTIA survey, 38% of organizations adopt managed services for security and compliance purposes. In the global scenario, 82% of the organizations stated they face a cybersecurity skills shortage.

INCREASED RELIANCE BY SMALL AND MEDIUM-SIZED ENTERPRISES ON MSPS

Small and medium-sized enterprises (SMEs) seek to adopt more managed services as their IT spending increases. According to a research study by Barracuda MSP, a survey of 1,007 IT decision makers at SMEs in the US and UK suggests that MSPs are now being viewed as more essential than ever before. SMEs rely most heavily on MSPs for cloud storage (51%), security management (48%), and system monitoring (43%). The increased IT spending by SMEs is expected to fuel the demand for MSPs as they adopt the cloud, automate services, and explore advanced digital technologies. These technologies have made the provision of managed services to smaller businesses more cost-effective and efficient. The Datto study suggests that 3 out of 10 SMEs in the UK, the Netherlands, Germany, France, and Australia outsource their IT needs. This hints at the enormous untapped potential in the SME segment. Furthermore, SMEs are more prone to cyberattacks than large enterprises. According to the Verizon 2019 Data Breach Investigations Report (DBIR), 43% of cyberattacks target small businesses. SMEs face significant budget constraints and must maintain compliance and data protection laws; thereby, they are reaching out to MSPs to tackle these challenges.

Organizations' existing IT staff may be incapable of keeping up with new technological trends. A lack of skilled IT security services makes businesses prone to cyberattacks, hindering their brand equity. Hiring skilled professionals can lead to budgetary misbalance for SMEs. Therefore, managed service providers can bridge the gap by providing their expertise to organizations to focus on their core businesses.

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