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06/03/2024

Navigating the Future: MSP Predictions 2024 Unveiled

Introduction

Embark on a journey of growth and transformation in the ever-evolving realm of Managed Service Providers (MSPs) in 2024. As estimated by Canalys, the managed services revenue is poised to soar by at least 12%, driven by escalating customer demands ranging from cybersecurity management to cloud infrastructure and AI solution consulting. This article, based on Canalys 2024 insights, delves into the intricate fabric of the MSP space, particularly highlighting the interworks.cloud platform and its pivotal role in shaping the future of cloud automation.

 

The Evolution of MSP Model: Navigating Towards Hybrid Delivery

In 2024, witness a profound evolution in the MSP landscape. While the term MSP has graced the industry for over a decade, the business model is undergoing a rapid diversification. Empowering smaller partners to cater managed services to large customers across expansive geographical ranges marks a significant revelation. Notably, 50% of MSPs envision operating in a managed services hybrid delivery model. This transformative shift signifies collaborative efforts with a diverse ecosystem of partners, vendors, and customers’ IT teams, all aimed at delivering enhanced customer outcomes.

 

Cybersecurity’s Ascension in Managed Services: Safeguarding the Digital Realm

Cybersecurity takes center stage as 34% of partners anticipate over 20% year-on-year growth in their cybersecurity revenue. Witness the transformation in solutions delivered to customers, fueled by the rise in co-managed and co-partnering models. Managed Detection and Response (MDR) and Extended Detection and Response (XDR) emerge as pivotal areas, where the channel’s full value is harnessed to provide comprehensive cybersecurity solutions, safeguarding the digital realm.

 

AI Revolutionizing Customer Management: Empowering MSPs with Microsoft Copilot

In the realm of MSPs, AI transcends being just a buzzword—it emerges as a transformative force. Explore immediate opportunities with Microsoft Copilot, as MSPs actively leverage AI for scripting, automation in ticketing, billing, project management, and more. With the arrival of Microsoft Copilot by interworks.cloud, MSPs can delve into new dimensions of customer management, streamlining processes, and enhancing efficiency to unprecedented levels. MSP automation is now more than ever important and necessary.

 

Resurgence of M&A Activity: Seizing Opportunities for Growth

After a 60% decline in M&A activity in 2023, 2024 witnesses a resurgence, albeit not to the same heights. Valuations soar, with interest rates dropping in some countries, enticing buyers back into the market. Notably, companies in Remote Monitoring and Management (RMM) and Professional Services Automation (PSA) domains, such as Addigy, Atera, HaloPSA, NinjaOne, and Syncro, are poised for high demand. Witness the strategic maneuvers in M&A, presenting opportunities for accelerated growth and innovation in service delivery.

 

Widespread Adoption of MSP Partner Programs: Embracing Collaboration

While 69% of channel partners believe in the potential of dedicated MSP programs to enhance their relationship with vendors, the actual implementation lags. However, 2024 promises a shift with the widespread adoption of MSP partner programs. Witness vendors striking the perfect balance between technology, support, and integrations, to create compelling offerings for partners transitioning into a managed services-focused motion, fostering collaboration and innovation.

 

Consulting Opportunities Driven by Compliance and Regulation: Navigating the Regulatory Landscape

The cyber-insurance industry’s growth trajectory is on an upward spiral, estimated to rise by 26% from US$17 billion in 2023 to 2030. A Canalys survey predicts a 60% growth in compliance consulting revenue for channel partners in 2024. MSPs play a pivotal role in assisting customers select and comply with cyber-insurance, leveraging their expertise gained through audits and experience, navigating the complex regulatory landscape seamlessly.

 

FAQs: Answering Key Queries in the MSP Space

Q1: What challenges will MSPs face in 2024?

Major challenges for MSPs in 2024 include new customer acquisition, upskilling existing staff, and managing customer budgets.

 

Q2: How is cybersecurity reshaping the MSP space?

With 34% of partners anticipating significant growth, cybersecurity is transforming the MSP space, introducing co-managed and co-partnering models for comprehensive solutions.

 

Q3: How does Microsoft Copilot benefit MSPs in customer management?

Microsoft Copilot, provided by interworks.cloud, revolutionizes customer management for MSPs by automating processes, reducing human error, and enabling scalable growth.

 

Conclusion: Charting a Course Towards Innovation with interworks.cloud

Navigating through the vibrant world of MSPs in 2024, interworks.cloud stands out as a pioneer of innovation, shaping the landscape of cloud automation. With advancements in the MSP model, cybersecurity’s crucial role, AI prospects, the introduction of Microsoft Copilot, and the resurgence of M&A activities, this year marks a period of growth, metamorphosis, and exceptional collaboration. Be at the forefront of progress and embark on an innovative journey with interworks.cloud, offering Cloud Provisioning, Subscription Billing, Cloud Billing, Azure MSP and White Label SaaS solutions.

 

Source: Canalys 2024 insights.

 

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