Managed Service Provider Statistics and MSP Marketing 2024

Every business and organization relies on technology to make their operations fast and effective. Who ensures that these systems work as they should? Managed service providers. As MSP marketing professionals, we are eager to share managed service provider statistics and information on the overall IT services industry in the U.S. in 2024. Below you’ll also find answers to your key questions on MSPs.

What is a managed service provider (MSP)?

TechTarget defines a managed service provider (MSP) as a company that manages a client’s IT infrastructure and end-user systems. They are often hired by small and midsize businesses (SMBs), nonprofits, governmental agencies and other entities that do not have sufficient in-house IT services. 

What services do managed service providers (MSPs) offer?

Services offered by managed service providers often include network and infrastructure management, security and monitoring. Many focus on specific vertical markets such as legal services, financial services, healthcare or manufacturing. MSPs often perform their tasks remotely. 

How big is the managed service provider market?

According to Fortune Business Insights, the global managed services provider (MSP) market size was $255.86 billion in 2022. 

How much is the managed service provider market growing?

According to Fortune Business Insights, the global market is projected to grow from $283.90 billion in 2023 to $671.14 billion by 2030 with a compound annual growth rate (CAGR) of 13.1 percent.

How many managed service providers are there?

In 2019, ConnectWise estimated there were 40,000 managed service providers (MSPs) in the United States.

What areas do managed service providers generate revenue in?

Research and Markets estimated that 78 percent of North American MSP revenue comes from IT and managed services, infrastructure and business applications. 65 percent of the revenue from IT and managed services is made from support and consulting services.

What is the largest part of the managed service provider market?

The IT managed services segment is expected to lead the market during the forecast period of 2023-2028, according to Fortune Business Insights.

Who are the top companies in the managed service provider market?

According to Fortune Business Insights, the top MSP companies in 2022 were IBM Corporation, Accenture plc, Fujitsu Ltd., Microsoft Corporation, NTT DATA Corporation, Amazon Inc. and DXC Technology. 

What do MSPs spend per month on social media ads? 

According to JoomConnect, an MSP can expect to pay about $100 a month on social media ads. 

What is the relationship between managed service providers (MSPs) and the information and communications technology (ICT) market?

In 2018, Research and Markets predicted that, with a compound annual growth rate of 12 percent, managed service providers will account for 13 percent of the ICT market in North America by 2023. This represents about $120 billion of an estimated $900 billion ICT market. 

How much money does the world lose to cybercrime?

Cybercrime Magazine predicts that by 2021 cybercrime will cost the world $6 trillion every year. Cybercrime costs are expected to grow from $3 trillion in 2015 to $10.5 trillion in 2025.

How often do cybercrimes occur?

There is a hacker attack every 39 seconds on computers with Internet access, according to a study by the University of Maryland. 

Why do cybercrimes happen?

According to a 2014 report by IBM, over 95 percent of cybersecurity incidents are attributable to human error.

Do people know what to do if they are hacked?

According to a survey conducted by Varonis, 56 percent of Americans wouldn’t know what steps to take in response to a data breach.

How do cyberattacks affect small and midsize businesses (SMBs)?

According to Turbotek, 39 percent of SMBs experienced damage to over half of their systems in the wake of a security breach, resulting in data loss and long periods of downtime. 

How much do cyberattacks cost small and midsize businesses (SMBs)?

According to Turbotek, 54 percent of cyberattacks on SMBs cost more than $500,000. 83 percent of SMBs lack the funds to deal with the financial repercussions of a cyberattack, according to the Maricopa Small Business Development Center.

How often are small and midsize businesses targeted for cyberattacks?

According to the Maricopa Small Business Development Center, 2018 saw a 424 percent increase over 2017 in cyberattacks targeted at SMBs.

Why are small and midsize businesses targets for cyberattacks?

According to the Maricopa Small Business Development Center, 62 percent of SMBs do not have in-house personnel to handle cybersecurity. 

What is the managed security services provider market?

According to Statista, the managed security services provider market consists of advanced defense centers, cybersecurity platforms, and managed security infrastructure and operations. Services offered by companies in the field include threat intelligence, incident response, vulnerability management and compliance management.

What is the revenue of the managed security services provider market?

Revenue in the managed security services market is projected to reach $23.21 billion in 2023, according to Statista. With a compound annual growth rate (CAGR) of 2.86 percent, revenue is expected to increase to $26.72 billion between 2023 and 2028. 

How much do companies spend on a managed service provider’s services?

According to Statista, the average spend per employee in the managed security services market is projected to reach $6.67 in 2023. 

In what country do managed service providers generate the most revenue?

According to Statista, the United States generates the most money in the managed services provider market. It was measured at $9.492 billion in 2023. 

Looking to Grow Your Managed Service Provider Business?

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