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 and managed services market 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. Within the managed services market, many companies focus on specific vertical markets such as legal services, financial services, healthcare or manufacturing. MSPs often perform their tasks remotely.

What are managed service provider (MSP) statistics?

MSP statistics refer to data and metrics that provide insights into the managed service provider (MSP) industry, covering areas such as managed services market size, growth, revenue, trends and the specific challenges and benefits experienced by MSPs.

These statistics help illustrate the impact MSPs have on businesses, their role in improving IT efficiency and their ability to ensure compliance and enhance security.

What are the key drivers of the managed services market?

The managed services market continues to grow rapidly due to the increasing need for real-time monitoring, advanced IT tools and efficient use of resources.

Businesses benefit from MSPs through access to specialized tools and experts, which enhance security and operational continuity.

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 managed services 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 2022, Cloudsaver estimated there were 150,000 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 market 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.

As part of the larger managed services market, many small to mid-size MSPs provide key services for other SMBs in their local region.

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 cybercrime will cost the world $10.5 trillion by 2025. A key priority in the managed services market is protecting businesses and safeguarding their valuable data and assets. 

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 Forbes Advisor, people around the world use email for personal and professional communication, making email a target for cybercriminals and the most common vector for malware. In 2023, 35 percent of malware was delivered via email, and more than 94 percent of organizations reported email security incidents.

Do people know what to do if they are hacked?

According to a survey conducted by Varonis, 64 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 research conducted by the University of Maryland, 82 percent of ransomware attacks are upon small to midsize businesses. Once hit with a cyber-attack, one in five businesses completely cease operation until it is resolved. This is part of the reason the managed services market is focused on cybersecurity. 

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 a Cisco Umbrella report, 43 percent of cyberattacks target small businesses.

Why are small and midsize businesses targets for cyberattacks?

With the increasing shift to remote and roaming work, businesses of all sizes are more vulnerable to threats and attacks. According to a Cisco Umbrella report, 47 percent of small businesses say they have no understanding of how to protect themselves against cyberattacks.

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.

How does an MSP business improve operational efficiency for small to midsize companies?

According to a report from CompTIA, 93 percent of organizations that use managed services say they improved overall operational efficiency. This is largely because MSP businesses help streamline workflows, automate processes and provide proactive monitoring that prevents costly downtime.

How many small to midsize businesses use MSPs to ensure compliance with regulations?

A 2024 ConnectWise report indicated that 83 percent of organizations are planning to increase their cybersecurity budgets by an average of 19 percent to ensure compliance. This aspect of IT support is expected to be a growing part of the managed services market. 

How does technical expertise play into the success of small to midsize businesses?

According to a Kaseya report, 83 percent of SMBs rely on MSPs for their technical expertise in handling complex IT environments and to stay ahead of industry trends.

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 is projected to reach $24.68 billion in 2024.

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