Singapore’s MSPs More Ambitious Despite Cyberattacks
Despite the pressures of the global economy and fierce competition, Managed Service Providers (MSPs) in Singapore are poised to experience an impressive 18% revenue growth in 2023.
These growth projections come as MSPs adapt their service portfolios to address customers' evolving security challenges, such as remote and hybrid workforces and the expanding attack surface. Barracuda Networks, a provider of cloud-first security solutions, unveiled these findings in a report titled "The Evolving Landscape of the MSP Business 2023," published with the annual Global MSP Day.
MSPs play a vital role in cybersecurity, safeguarding organizations of all sizes against increasingly diverse cyber threats. Luke Smith, regional account director, APAC, Barracuda MSP, highlighted the significance of MSPs' commitment to cybersecurity: "Our research shows how seriously MSPs take that commitment. It highlights some of the opportunities MSPs see in 2023 and the challenges they face competing for talent and market share alongside other commercial entities. We hope the findings will help the security community better understand the needs and concerns of MSPs."
Despite ongoing economic uncertainties, the surveyed MSPs in Singapore exhibit ambitious plans for growth in 2023, anticipating an average revenue increase of 18%. This surge in revenue would amount to a substantial leap from USD16.01 million in 2022 to USD18.86 million in 2023.
In addition, the anticipated growth would be driven by adding new services tailored to meet evolving customer demands. Singaporean MSPs plan to introduce an average of four new services in 2023, an increase from three in the previous year. Furthermore, half of the surveyed MSPs desire to expand their client base into previously unexplored industry sectors.
Challenges for MSPs
While growth is on the horizon, MSPs in Singapore face various challenges within their businesses. Over half of the surveyed MSPs (55%) express concerns about heightened competition in the market compared to the previous year. Attracting talent also poses a significant challenge for 42% of the MSPs.
Additionally, many believe there is room for improvement in keeping up with the latest technology and security trends (39%) and prioritizing employee well-being (26%). The report highlights the considerable stress levels experienced by the average MSP employee, with 13% reporting a high-stress level.
Image credit: iStockphoto/Orhan Turan
