BARRACUDA MSP SURVEY
and services. This is not surprising when you consider that 69% say they feel pressured to offer AI insights and tools to their customers. Partnering with vendors that offer advanced AI-powered security products as well as related training and sales enablement tools can help MSPs to address this challenge and harness the significant business opportunities presented by AI. 4 Keeping pace with security trends From evolving cyber threats to new advancements in technology, the cybersecurity industry is undergoing constant change. MSPs rarely have the time to dig deep into the evolving cyberthreat landscape. This is another area where vendors can help, educating MSPs on emerging threats and providing advice and guidance on the cybersecurity tools that will provide the best possible protection for their customers. 5 Growing compliance demands Regulations are important for ensuring that businesses have the right measures in place to protect their systems and data. But for many organisations understanding and achieving regulatory compliance can be complex and resource intensive. As measures become more stringent and the penalties for transgression more severe, it’s an increasingly critical area of business risk. The UK MSPs we spoke to recognise this customer need, but many find this a tough area to navigate, with 72% saying that they’re not sure how to help customers comply with government regulations and 29% struggling with their own compliance obligations. Conclusion The role of MSPs as strategic partners looks set to increase as businesses downsize their own internal IT operations. This presents opportunities and the research shows there are areas where MSPs can support their customers through the complexities of cybersecurity from managing new threats to implementing the latest technologies. But MSPs face their own challenges too. They’re on the frontline of helping clients to address and manage security threats while facing their own struggles in areas such as getting to grips with AI, managing the increasing amount of industry regulations and in recruiting and retaining staff – especially those in areas with a shortfall of skills.
Vendors that can deliver specialist experience in the field of security and AI integration can help MSPs address these key challenges and ensure they thrive in this competitive landscape.
The Evolving Landscape of the MSP Business Report 2024 New business challenges Winning new business presents its own series of challenges for MSPs. Respondents report that customer budget constraints are the greatest obstacle (48%) for customers. The same proportion (48%) sees the current global economic situation making organizations cautious about investments.
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To counteract these challenges, it is even more important for MSPs to drive greater innovation and support in areas such as cybersecurity, cloud, and AI. Report Extract – New business challenges
Which, if any, of the following challenges is your organization experiencing specifically when trying to win new business? Not showing all answer options [n=700] Which, if any, of the following challenges is your organization experiencing specifically when trying to win new business? Not showing all answer options [n=700]
W th ke
Budget constraints of potential customer organizations
48%
Current global economic situation making organizations cautious
48%
Fully understanding the requirements of specific organizations/industries
47%
Winning business against established competitors
40%
Ensuring our offerings are fit for purpose
40%
39%
My organization increasing its prices
Navigating regulation and compliance demands
34%
THE EVOLVING LANDSCAPE OF THE MSP BUSINESS REPORT 2024
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