The invention of new technologies every day, though, is offering seamlessness in work and enhancing productivity – it is making the IT environment more complex. To navigate through the intricacies of the new and complex IT ecosystem, companies need the support and valuable insight of Managed Services.
Organizations are not only engaging with Managed Services Providers (MSPs) to optimize their investments in the latest technologies, such as Artificial Intelligence (AI), cloud computing, Internet of Things (IoT), and other advanced tools, but also to safeguard their IT infrastructure from cyberattacks, strengthen their cybersecurity, and improve overall performance.
MSPs play a significant role in informing companies about the newest technological developments and how businesses can leverage tech to stay ahead of the competition.
In this blog post, let’s explore the top 5 trends that are set to shape the future of managed services in 2023 and beyond.
The Growing Demand for Managed Services
Undoubtedly, the demand for managed services is on the rise and a large number of organizations are turning to MSPs to handle their IT needs. According to a report, the global market size of managed services is projected to hit $757+ Billion by 2030. The factors driving the growth are attributed to the growing complexity of IT systems, the need for 24/7 support, and the ever-increasing demand for data storage and security.
Reasons Why Managed Services Are Needed?
A report by Research and Markets states that the various benefits of Managed Services positively impact the development of organizations. The research report has noted that companies that use managed services save 25-45% on IT costs, boost operational efficiency by 45-65%, and reduce downtime costs (avg. between $301,000 and $400,000 per hour).
Managed Services, apart from providing continuous monitoring, tracking, and improvement, lead to potential savings, higher protection (data & assets), improved IT efficiency, and scalability of solutions. Some of the other reasons to partner with an MSP are:
Different IT Ecosystems
MSPs are a great support system while handling different IT environments. Whether a company has on-premises infrastructure, uses cloud-based applications, or a hybrid IT ecosystem, MSPs are trained to work in different scenarios.
Another reason to partner with reliable MSPs is the growth of Edge Computing. With the invention of the Internet of Things (IoT), there is an explosion of information, and Edge Computing delivers quick access to time-sensitive data. To manage this data effectively, organizations will need the support of managed services.
Flexible Support Models
MSPs offer a flexible support model based on the customer requirement. They also provide highly skilled and trained professionals who can quickly resolve issues, proactively maintain cloud and on-prem systems, and work as per the service level agreement at agreed pricing. Thereby reducing the costs of hiring and training newer employees.
Trends That Will Shape the Future of Managed Services in 2023
With the innovation of new applications, tools, and an ever-complex IT environment, the future of Managed Services looks promising. Let’s see the trends that we believe will shape the future of managed services.
MSPs are using Automation and Machine Learning (ML) to manage routine tasks and use the remaining time to focus on strategic initiatives. While automation reduces errors and improves service quality, ML monitors systems for potential issues and automates corrective actions; these two technologies are expected to be high on the trending list.
The trend of cloud computing will continue to grow at an increased speed because a great number of businesses are implementing cloud-based solutions to streamline their operations. Cloud computing results in reduced costs, improved flexibility & scalability, and enhanced security.
Cyberattacks and cybersecurity are big concerns for organizations, and MSPs are investing hugely in Data Security and Privacy protection technologies to prevent data breaches. Data protection trends will press MSPs to strengthen cyber security, secure customers’ data, and comply with the latest privacy regulations.
A Statista report suggests that the spending on integrated risk management security in 2023 is predicted to be $7+ Billion, while the global market size of cybersecurity is expected to reach $266.2 Billion by 2027.
In addition, MSPs are also offering new services that help their customers manage and understand their data. These services can include data discovery, data classification, and data governance. By helping their customers gain insights into their data, MSPs can assist them in making better decisions about how to protect it.
MSPs customize service options based on the customer’s needs to meet high-levels of satisfaction and expand their own customer base. MSPs have started offering live chat features on their website, using artificial intelligence to provide recommendations and support, and offering 24/7 customer service.
By offering a variety of customer service options, businesses can ensure that they are meeting the needs of their customers. This will result in happier customers and improved business results.
The latest trend is Managed Service Providers are providing cloud-based services that can be accessed from any device, including smartphones and tablets. By making these services available on the go, MSPs can offer their clients a true “anytime, anywhere” solution.
Of course, not all businesses are ready to make the switch to mobile-friendly managed services. For some, the added cost and complexity of managing multiple devices is simply too much to handle. However, for those who are willing to take the plunge, mobility can be a game-changer.
The emerging trends from automation, ML, and IoT are sought after to access real-time analytics and improve customer experience. These technologies are making it easier for organizations to quickly scale their businesses while cutting costs. As we continue into 2023, these trends are likely to accelerate as more organizations recognize how beneficial managed services can be for their operations. We look forward to seeing even more advances in this space that will help businesses succeed.