A new TD SYNNEX report reveals a strong consensus among MSPs that expanding solution offerings is essential for growth.
According to the Direction of Technology (DoT) report, 80% of MSPs are prioritising the enhancement of their service portfolios, with 65% also deeming investments in business consulting and planning as imperative.
Sergio Farache (pictured), CSO at TD SYNNEX, said: "These results track with how we view the MSP partner journey and growth strategy. The MSPs we work with cite the critical need for strategic planning, business development, alongside training and enablement to leverage the opportunities presented by lucrative high-growth technologies.
"With the current pace of change across the technology landscape, it is clear MSP respondents are focused on pulling the right levers to ensure their financial success.”
With networking (28%) and security (27%) as past top revenue contributors, MSPs expects future growth to be driven by data analytics and AI/machine learning (each at 37%), along with AR/VR (31%).
Key challenges for MSPs
The report pinpoints talent acquisition (46%) and upskilling (33%) as critical challenges, in line with these technological shifts.
As for growth strategies, three-quarters of MSPs are leaning towards acquisition (73%) and organic expansion (77%), while global expansion (69%) and new market entry (66%) are also key, alongside a significant focus on solution diversification (80%).
Regulatory changes
One-third of MSPs find adapting to regulatory changes (36%) and ESG compliance (34%) challenging, with ESG expected to become their primary concern (42%) in two years, overtaking data protection (35%) and cybersecurity (38%).
Jill Kermes, Corporate VP, Global Corporate Communications and Citizenship, added: “This data underscores the competing needs and priorities for MSP growth, as well as the challenges to that growth.”
The survey, running from May to July 2023, gathered insights from over 550 B2B channel partners across 60 countries, including North America, Europe, LAC, and APJ, with 227 MSPs participating.
