The world of IT services is rapidly evolving, and nowhere is the front line of this evolution more evident than in what you, the trusted MSP, face on a daily basis.
From the “break/fix” model of the early '90s to the recurring revenue managed services model of today, MSPs now face a rapidly growing market fraught with challenges, and opportunities.
In fact, the global managed services market is expected to grow from $180.5 billion (USD) in 2018 to $282.0 billion by 2023, at a CAGR of 9.3% during the forecast period.
The increase in spending on IT coincides with the global rise in work being done online. Estimates cite that 80 billion devices will be connected to the internet by 2025, and, as work shifts online, so does data. At the current global rate, 2.5 quintillion bytes of data are being created every day, and one staggering statistic from IDC predicts that the collective sum of the world’s data will grow to 175 zettabytes by 2025, representing a compounded annual growth rate of 61%.
The bad news is, data breaches are also becoming the norm. Consider JPMorgan Chase’s 2014 data breach that impacted 7 million small businesses (the company subsequently doubled its cybersecurity budget to $500M) or the 2006 TJX data breach that cost $200M.
In fact, as more and more people go online, not only do more and more crimes shift online but so does the financial impact and occurrence of those crimes. The annual cost of cybercrime is expected to increase to $6T by 2021, up from $3T in 2015, and, ransomware attacks that happened every 40 seconds in 2016 are expected to happen every 11 seconds by 2021.
And as expected, regulation is following at a rapid pace. Europe’s General Data Protection Regulation (GDPR), Singapore’s Personal Data Protection Act (PDPA), and the Philippines Data Privacy Act (DPA) are just a few far-reaching examples of data protection laws being established across both the developed and developing world.
This confluence of factors has put MSPs in the hot seat. As a trusted IT provider, YOU are the natural choice for your customers to turn to for all IT needs - security included.
This eBook is the first step in exploring how you can successfully scale your security offerings, and compete in the ever-evolving world of cybersecurity.