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Wednesday, 12 June 2024 11:21

Ninety-four percent of Australian MSPs need to know more about AI to meet customer needs

By Barracuda Networks

GUEST RESEARCH: Barracuda Networks, a trusted partner and leading provider of cloud-first security solutions, today published The Evolving Landscape of the MSP Business 2024 report, which shows how managed service providers (MSPs) around the world are embracing marketplaces and artificial intelligence (AI) to better meet customer needs, but worry about their lack of knowledge about AI and its applications.

Barracuda’s seventh annual MSP report, undertaken together with Vanson Bourne, features the findings of an international survey of 700 MSP organisations. The report is being released alongside Barracuda’s Global MSP Day, which includes virtual and live events for MSP partners in North America, Europe, and Asia Pacific.

The findings show that MSPs continue to shift from project-based customer support to a recurring services model. This year, Australian MSPs expect 39% of their revenue to come from such recurring services. According to 96% of respondents in Australia, businesses are scaling back their in-house IT and relying more on MSPs, and this is likely to be a key driver for the rise in recurring services.

Customer demand is greatest for security products and services. According to the survey, the top three solutions Australian MSPs offer and support are network security (51%), security awareness training (50%), and security operations centres (49%).

Other key findings include:

  • MSPs believe that cloud marketplaces will simplify operations: 94% of Australian respondents identified cloud marketplaces as a crucial tool for their organisation. In addition, 46% are using cloud marketplaces already, and 53% of the remaining respondents are exploring the option.
  • Appetite for AI knowledge: Nine in 10 of the Australian MSPs surveyed (94%) say they need either significant or notable improvements in their knowledge and application of AI products and services. In addition, 80% feel under pressure to offer customers AI insight and tools.
  • MSPs have concerns about their own security: 90% of Australian MSPs believe they need to improve their internal security posture.
  • MSPs are realistic while being optimistic: While growth is expected in 2024, Australian MSPs cited their top challenges as increased competition in the MSP market (43%), up from 44% in 2023; and lack of ability to help customers comply with government regulations (77%).

"MSPs must navigate constant change as they contend with rising competition and evolving market strategies, while new technologies and digital transformation broaden the potential for cyberattacks,” said Barracuda regional sales director Paul Crighton. "Managing all of this is challenging, with the survey indicating that 66% of Australian MSPs are seeking additional support from vendors when it comes to AI expertise and guidance as one key example. Overall, the data underscores the importance of strong vendor partnerships, which will help MSPs overcome hurdles and succeed in the competitive environment of 2024 and beyond."

“In 2024, MSPs are strategic partners to their clients, helping them to address technology complexities and manage the security challenges of digital transformation,” said MSP growth consultant and MSP Day speaker Richard Tubb. “The research shows that many MSPs are responding to shifting client needs by actively embracing new opportunities that will benefit clients as well as their own operations and business growth.”

To view the full report, visit https://www.barracudamsp.com/resources/reports/report-the-evolving-landscape-of-msp-business-2024

About Barracuda  
At Barracuda we strive to make the world a safer place. We believe every business deserves access to cloud-first, enterprise-grade security solutions that are easy to buy, deploy, and use. We protect email, networks, data, and applications with innovative solutions that grow and adapt with our customers’ journey. More than 200,000 organisations worldwide trust Barracuda to protect them — in ways they may not even know they are at risk — so they can focus on taking their business to the next level. For more information, visit barracuda.com.  

About MSP Day
Barracuda MSP, the MSP-dedicated division of Barracuda Networks, introduced Global MSP Day seven years ago to recognise and celebrate MSPs around the world while providing an opportunity for MSPs and vendors to collaborate, interact, and share success, best practices, and key industry insights. This event is full of opportunities for IT managed service providers — the information and shared experiences are guaranteed to increase knowledge and help businesses discover best practices to promote business growth.

This year’s event includes both virtual and in-person experiences. The virtual event highlights insight from international IT business growth expert Richard Tubb and leading voice and advocate for the IT ecosystem, The Computing Technology Industry Association (CompTIA). We’re also delighted to include Wingman MSP Marketing and Channel Program in this year’s celebration.

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