Top 4 MSP Industry Predictions for 2024

Ah, 2024. What a time to be alive.

The technology space has been rapidly changing within the past few years. And these changes have led to the evolution of the managed service provider (MSP) industry.

Predicting the future is impossible. But based on past experience and present trends, we have a pulse on the industry’s trajectory in upcoming years.

Print Partner is the trusted partner to hundreds of MSPs throughout the country, providing top-shelf managed print services to their clients. 

We’ve observed industry trends first-hand, and after hearing feedback from them, we can confidently make educated guesses as to where the MSP industry will go in the near future.

This article will review some of our theories about what to expect from the MSP industry this year and how your team can prepare accordingly!

1. A Shift to Cloud-Based Service

Businesses have been transitioning to cloud-based systems for the past decade or more. But in recent years, especially since 2020, the shift has been more evident than ever.

Following the height of the COVID-19 pandemic, many companies have made a mass exodus from their downtown offices in favor of remote or hybrid work environments. This has led to a widespread reliance on cloud-based services.

Employees more than ever require access to business accounts from in-office and off-campus, and managing a cloud environment is a necessity for MSPs more than ever.

And it doesn’t look like most will be returning to the offices anytime soon - at least, not full-time.

Jack Flynn of Zippia estimates that, by 2025, 36.2 million Americans working remotely. This is a 417% increase from pre-pandemic levels, where there were only 7 million US remote workers.

Along with MSPs, managed print vendors like us have also had to reshape and restructure our services. To learn more about the pandemic’s effects on print vendors, read: How Has COVID-19 Impacted MPS?

To meet the increasing demands for cloud-based services, there has been no shortage of cloud-based options your MSP can start offering. Research your client base, and find out which services can meet their needs. From monitoring services to cloud security services, you may be surprised by how many cloud-based services are available.

A seamless transition between home and office is a must, which is why we predict cloud-based IT support will continue to grow in the coming years.

2. Increased Cybersecurity

It’s time for some “good news, bad news.”

Good news? Technology is rapidly advancing in cybersecurity, with breakthroughs happening every day that bolster the defenses of companies’ servers.

Now the bad news: The same level of breakthroughs is also happening on the hacker side.

Malware, cyber attacks, and hackers are constantly mobilizing and discovering new ways to steal data and money from your clients.

“Nearly two-thirds of companies say they have been the victim of a cyberattack in the past year,” writes David Carmiel of Forbes. “The economic impact of these attacks is significant, costing the global economy about $445 billion every year, and it will only get worse.”

Security should be the top priority of every MSP, as breaches in your clients’ servers could lead to serious financial losses, which will irreversibly damage your relationship with them.

3. Rise in Artificial Intelligence

Artificial intelligence (AI) is something that we, as humans, have fantasized about since the birth of science fiction. And while robots haven’t quite taken over the world, they’re getting closer every day.

Between the rise in chatbots, like ChatGPT, to AI-generated art, AI isn’t going away anytime soon.

Businesses of every walk of life are clamoring to take advantage of AI-powered breakthroughs, though many don’t even know where to start.

But as your clients’ trusted technology advisors, managed service providers are well-positioned to take advantage of AI.

Josh Howarth of Exploding Topics lists the following statistics about AI:

• The global AI market is valued at over $136 billion.
• AI industry value is projected to increase by over 13x over the next 7 years.
• The US AI market is forecast to reach $299.64 billion by 2026.
• By 2025, as many as 97 million people will work in the AI space.
• AI market size is expected to grow by at least 120% year-over-year.
• 83% of companies claim that AI is a top priority in their business plans.
• 48% of businesses use some form of AI to utilize big data effectively.

Industry experts agree: AI will only get bigger and better going forward. Companies need to get on the AI train, or get run over by it!

But since many businesses don’t truly comprehend the capabilities of AI, many will refer to their trusted technology advisors for help - AKA, their MSPs.

Kashyap Vyas of Channel Insider writes, “MSPs can create better data solutions, enhance customer experience, provide robust data protection, build business intelligence, develop custom applications, and optimize performance.”

Because of the explosion in demand for AI and the nearly infinite potential it brings, MSPs in the future will adapt to take full advantage of this new-age gold rush that is artificial intelligence.

4. Expanding Service Suites and MSP Competition

 The ever-changing landscape of modern technology has dramatically increased the demand for MSPs.

Whether it's adapting to cloud-based servers, AI adaptation or implementing new security measures, the value of MSPs cannot be overstated.

Because of this ever-increasing demand, we expect to see many new MSPs popping up in upcoming years. And companies outside of the MSP space - like many print vendors -  have begun slapping their own IT packages onto their offerings to compete with dedicated IT providers.

To learn more about this phenomenon in the print world, read: The Greatest Threat to Your MSP Clients: Managed Print Providers

And so, be ready for more competition!

In order to stay ahead of their curve, many MSPs have started expanding their offerings. And we expect this trend to continue.

Some beef up their in-house offerings, adding security packages, BDR, advanced cloud support, etc.

Others partner with other supplemental service providers that can pair with the MSP’s pre-existing suite. For example, many MSPs don’t want to deal with print, so that partner with vendors like us to expand their offerings without changing anything about their business model.

To learn more about how to evaluate print vendors to work with, read: MSPs: How to Choose a Print Partner

Print Partner and MSP Industry

The future is, by nature, unpredictable. But if one thing in human nature is certain, it’s our need to push technology forward.

And few can do so without help from their trusted technology partners - AKA, their MSPs!

At Print Partner, our goal is to support our MSP partners and your clients with our own managed print services. We understand that many MSPs get bogged down by print support calls, and we want to help.

Plus, we’ll pay you! For each deal we close, we’ll pay the person who registers the opportunity at least $500 for the introduction and an additional $250 per $25K in revenue the deal brings us. For the MSP, we’ll pay $1,000 per 11x17 MFP sold, $100 per printer sold, and 5% recurring revenue on the client’s print allotment. And we’ll provide exceptional client service while we’re at it.

So if you want to take your MSP’s future back into your own hands, then partner with us, a Print Partner you can trust.