MSPs Are Making All The Right Moves
IT procurement continues its rapid shift to a services-led model in the channel. Once again we present the annual CRN MSP 500, the comprehensive list of managed service providers that are leading the way.
The MSP segment of the IT channel continues to grow at a rapid pace as more businesses and organizations see the potential benefits of turning their IT operations over to managed services companies: The advantages that customers can receive include lower capital spending, quicker access to leading-edge IT, a solution to the shortage of skilled IT workers, and reduced cybersecurity threats.
The global managed services market is estimated to have reached $299.01 billion in 2023 and is forecast to grow at a CAGR of 13.6 percent through 2030, according to a Grand View Research report.
But the industry is experiencing its own turbulence. MSPs are struggling with labor shortages and face an increasingly competitive market as more solution providers add managed services to their offerings. Business models continue to evolve as more MSPs adopt a co-managed business model. And merger and acquisition activity could increase this year if the U.S. Federal Reserve begins cutting interest rates.
CRN has assembled the 2024 Managed Service Provider 500, an annual list that recognizes North American MSPs and managed security service providers (MSSPs) that have proven track records of innovation and growth.
In their applications for this year’s list, MSP executives answered a number of questions about their businesses and their outlook for 2024, including what emerging technology areas they see as presenting the biggest opportunities, the single most significant change their company made in the last year to drive success, and what they anticipate will be the biggest challenge to their MSP business in 2024. A sampling of their answers can be found in slide shows running on CRN.com through this week and answers from all MSP 500 companies can be found in their profiles.
The MSP 500 is organized into three categories. The MSP Elite 150 have an extensive managed services portfolio, including on-premises and off-premises capabilities, weighted toward midmarket and enterprise customers. The MSP Pioneer 250 have largely built their business model around providing managed services to SMB customers. And the Managed Security 100 spotlights MSPs with cloud-based security, services and expertise.