What’s Happening Across Managed IT Services

The managed services market is growing, and shows no signs of stopping. The global MSP market size grew to $238.71B in 2021, and is expected to reach $274B by 2026, with expansion occurring at a compound annual growth rate (CAGR) of 13.4% from 2022 to 2030. Put more simply, demand for managed services is on an accelerated path as more businesses strive to boost operational efficiency, productivity and cater to remote work environments.

For customers, implementing and managing infrastructure technology will continue to become more complex and challenging as firms transition to the Cloud to stay competitive while also facing a constant stream of issues around cybersecurity and network management.

Here’s what else is going on:

• According to a commissioned IDC study, nearly 55% of companies are using managed services for value-added services and to reduce security risks, which have multiplied since the pandemic’s outbreak as employees work remotely and business partners and customers rely entirely on electronic communication
• One survey by CompTIA showed that 50% of companies who engaged an MSP saved 1-24% in annual IT costs, 33% saved 25-49%, while 13% reported savings of more than 50%
• It is expected that 36% of the ballooning managed cloud services growth will originate from North America between 2022-2026, with the U.S. being the key driver. According to a 2022 report by Technavio, this increasing cloud technology adoption among end-users such as SMBs and large enterprises for automating their business process, including data processing and outsourcing and Internet services, will fuel the growth
• According Statista, the U.S. has the highest average total cost of a data breach at $9.44 million. In 2020, 25 percent of respondents worldwide reported the average hourly downtime cost of their servers as being between $301,000 and $400,000 U.S. dollars
• A 2021 study found that only 54 percent of respondents at U.S. businesses employing 500 or more staff have a documented, company-wide disaster recovery plan in place.
• Globally, there was a 141% jump in the number of records stolen in 2020 – reaching a total of 37 billion, as cybercriminals target more diverse data sources to sell and to use for extortion.

Keeping pace with the rate of technological change is hard enough, it is even harder to rationalize managing IT, digital transformation, and the cyber threat landscape on your own.

Whether you’re managing your IT in-house and need a boost, or are looking for a partner to manage it all – Thrive can help. Speak with one of our experts today to see how our bundled managed services packages can help your organization meet its NextGen IT goals.