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Barracuda MSP Day 2022 Highlights MSP Opportunities

by Helen J. Wolf
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Barracuda Networks released a report showing global service-related MSP revenues will increase by more than a third in 2022 compared to 2021.

Barracuda’s 2022 The Evolving Landscape of the MSP Business took into account the views of 500 decision-makers and knowledge workers from MSP organizations with between five and 250 employees in countries across North America, EMEA, and A/NZ regions.

The responses revealed similar opportunities and challenges across regions regarding service delivery and similar pressures from customer expectations.

Barracuda MSP Day 2022 Highlights MSP Opportunities

“The themes in this year’s report are consistent with what we’ve heard from our Partner Advisory Council,” said Neal Bradbury, senior vice president of Barracuda MSP.

“We know that MSPs want strong relationships with partners that can help them provide their customers with the very best managed security services while also allowing them to focus on the wellbeing of their employees.”

One of the report’s key findings showed that MSPs expect revenue growth of more than a third by 2022, with average revenue expected to be $12.12 million, compared to $8.93 million in 2021.

Since managed services are not the only source of income for many surveyed, more and more services are being offered.

In 2021, 53% of respondents’ income came from services, and this is expected to rise to 63% by 2022.

On average, respondents started using four additional services in 2021, but by 2022, 94% expect their service portfolio to grow by an average of six.

The report also found that employee burnout is a growing problem amid the ever-increasing cyber-attack threat. Employee wellbeing must be a critical focus to ensure long-term success for MSPs.

Nearly one in five (16%) respondents believed the average worker is highly stressed, while 56% said stress levels could be moderate.

Additionally, 80% of respondents believed that their customers are increasingly concerned about being violated by cybercriminals and asking their organization for help, putting more pressure on the MSP to deliver.

In addition, changing cybersecurity regulations are evolving. Only 36% of MSP respondents say they are confident that they are fully up-to-date and compliant with these regulations.

Another 36% believe there are too many cybersecurity regulations to comply with.

As a result, 89% felt their organizations needed more support and education around these regulations.

Barracuda notes that failure to address these issues could lead to staff performance and customer service issues.

Overall, 98% of respondents admitted they had at least one area where they needed more supplier support.

These include 44% in security incident response planning, 50% in hybrid work best practices, and 44% needing marketing assistance.

This year’s report was launched to coincide with MSP Day 2022.

Founded in 2018, MSP Day was created by Barracuda to highlight, challenge and celebrate the evolving managed services industry.

“The annual MSP day and report are essential to understanding the concerns and aspirations of our partners,” said Jason Howells, vice president of international sales at Barracuda MSP.

“One of the most important things we can do for our channel partners is to keep asking the right questions so we can identify where they need our help most.

“The interactions we have on MSP Day are a critical part of achieving this, as they allow us to address the issues raised in the report and act on what our partners tell us.”

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