The research involved insights from 500 decision-workers from MSP organizations
Barracuda Networks, a leading provider of cloud-first security solutions, has released a new report showcasing how Managed Service Providers (MSPs) in Singapore are adjusting their service offerings to address the changing security landscape. The report, titled “The Evolving Landscape of the MSP Business 2023,” was published in conjunction with Barracuda’s Global MSP Day, an annual event for MSPs.
The research highlights the evolving priorities and opportunities for MSPs in Singapore. Key findings from the report include:
- Optimistic Outlook: Despite economic uncertainties, the surveyed MSPs in Singapore have ambitious growth plans. They anticipate an average revenue increase of 18 per cent, from $US16.01 million in 2022 to $US18.86 million in 2023, compared to the global average of 25 per cent.
- Expansion of Services: MSPs in Singapore are focused on adding new services to their portfolios. On average, they plan to introduce four new services for customers in 2023, compared to three in 2022.
- Diversification of Client Base: Half of the Singaporean MSPs surveyed aim to expand their client base into new industry sectors, indicating a desire to support a broader range of customers.
- Competitive Challenges: MSPs in Singapore express concerns about heightened competition in the market compared to 2022. They also face challenges in attracting talent and keeping up with the latest technology and security trends.
- Employee Well-being: The report indicates that employee stress levels among MSPs in Singapore are considerable, with 13 per cent reporting a high level of stress. MSPs recognize the need for improvements in employee well-being.
The research was conducted by independent research organization Vanson Bourne and involved insights from 500 decision-makers and knowledge workers from MSP organisations across North America, EMEA, ANZ regions, with employee sizes ranging from five to 350.
Luke Smith, Regional Account Director, APAC, Barracuda MSP, emphasized the critical role of MSPs in the cybersecurity landscape and the importance of understanding their needs and concerns. The findings of the report aim to provide insights to the security community regarding the evolving landscape of MSPs.
Barracuda Networks’ research highlights the opportunities and challenges faced by MSPs in Singapore as they adapt to the changing security requirements of organizations, particularly in the context of remote and hybrid workforces and an expanding attack surface.