Kaseya, a provider of unified IT management and security software for managed service providers (MSPs) and small to midsize business (SMBs), today released its 2024 MSP Benchmark Report, which surveyed close to 1,000 MSPs from the Americas, EMEA (Europe, Middle East and Africa) and APAC (Asia Pacific) regions and includes responses from both IT professionals and executives.
Not surprisingly, cybersecurity remained a top priority and an area of growth for MSPs, with 73 per cent of those polled saying it is a top revenue driver for their business.
A release issued Tuesday stated, “the threat of cyberattacks continues to weigh on both MSPs and their clients. The report found that a staggering 78 per cent of respondents consider cybersecurity as a top IT challenge, compared to 67 per cent the year prior, and highlighted the importance of businesses continuing to invest in the right technology to protect against ever-evolving cybersecurity threats.”
Authors of the report noted that with the current economic landscape “remaining uncertain and challenging, SMBs are feeling the pressure to recession-proof and strengthen their IT infrastructure to stay competitive and safeguard themselves against the relentless onslaught of cyberattacks.
“In response, managed service providers (MSPs) are bolstering their solutions stack with advanced tools that offer seamless integration and automation capabilities to meet the heightened demand for IT services. MSPs that can successfully mix innovation, expertise and customer-centricity will stand out from the pack.”
Findings revealed that there is positive news for those SMBs that have, the report said, “prioritized investments in the right technology and IT partners. There are fewer of them being hit by cyberattacks – a majority of MSPs (64 per cent) said that less than 10 per cent of their SMBs customers experienced a cyberattack this year.”
Mike Puglia, general manager of security products at Kaseya, said, “cybersecurity remains a critical concern for MSPs, driven by two factors: the escalating threat landscape, and the persistent challenge proving high quality security services across all of their clients.
“This year, we have witnessed a heightened sense of urgency compared to previous years. Even those MSPs who demonstrate proficiency in cybersecurity wrestle with the strategic dilemma of resource allocation. Our research underscores the imperative for MSPs to bolster their efforts to meet the rapidly growing market demands.”
The report found that investing in IT management offerings with built-in automation integration capabilities is a top priority, as 85 per cent of participants shared that automation is a must-have: “While automation increases efficiency, integration helps create a unified system: 67 per cent of IT executives believe integration between core MSP applications is very important for their work.”
In addition, it said, “over three quarters of participants (75 per cent) agreed that integration between applications is a time-saving measure, and almost an equal amount (70 per cent) believe that integration drives efficiency. With both integration and automation, businesses are saving time and money, streamlining IT operations and ultimately contributing to better business outcomes.”
Of note is that a number of IT professionals indicated that they are eager to use artificial intelligence (AI) to address pain points in their jobs and achieve more balance. The report noted, “A third of respondents (33 per cent) predicted they will use AI to streamline otherwise tedious IT tasks. While MSPs and their clients are leaning into the adoption of AI and machine learning, implementing these technologies will be challenging, according to 37 per cent of MSPs.”
The release notes, “from AI and machine learning to automation and integration – technology is rapidly changing, and MSPs are adapting as quickly as they can to stay at the forefront. Attracting skilled IT professionals who understand these new technologies is not only harder, but more expensive too. Respondents say hiring is the third most critical challenge for MSPs in 2024.”
Forty per cent of the respondents indicated that their work-life situation is a “well-balanced seesaw, while 60 per cent were either neutral or dissatisfied with it.”
In addition, findings revealed that 56 per cent of executives said they have worked consecutive 50+ hour weeks, 38 per cent of technicians said they have pulled an all-nighter, and 70 per cent of executives and 57 per cent of technicians said they have worked over a holiday or weekend.