4 MSP trends to help you grow your business in 2024

Pax8 2024 Trends Blog

The managed service provider (MSP) trends taking shape in 2024 are extensions of those that took the industry by storm in 2023, but increased nuance and new complexities mean partners need to reconsider previous approaches to popular solutions and technology. The industry will continue to feel the impact of artificial intelligence (AI), while cybersecurity and data privacy will remain top of mind for virtually every business and service provider, among other developments. Read on to learn more about the most relevant trends for partners and their small and medium-sized business (SMB) clients in 2024.

Trend number 1: smart AI adoption

If 2023 was the year of AI explosion, then 2024 will be the year of smart AI adoption. The opportunity here is twofold: partners can leverage AI to increase their own efficiency and grow their revenue while being trusted advisors to SMBs as they integrate AI tools into their tech stacks. In both cases, the widespread use of AI that is expected in 2024 will unlock new avenues of revenue for MSPs. The general availability of Microsoft Co-pilot, for example, in addition to AI tools that many of our vendor partners are launching, create new solution offerings for partners to package for their clients. This is an important area for MSPs to build their knowledge base so they can bring their guidance to the forefront of their clients’ decision-making.

AI tools need to be carefully selected and implemented for them to provide meaningful improvements to productivity. MSPs should be more than an instant enabler of AI but rather help clients properly prepare for the best possible use of these powerful solutions.

Of course, AI does not come without concern and risk. While its positive use cases are poised to bolster productivity, threat actors are also taking advantage of AI across the cybersecurity landscape. MSPs and SMBs should be prepared to double down on security and governance best practices ahead of another busy year for threats and attacks.

Trend number 2: the client experience, personalized

Optimizing the client experience is not a new concept, but 2024 will see a rise in the importance of hyper-personalization that factors into how clients and their end customers perceive their overall experience with technology. While getting clients to purchase and deploy technology is important, it’s even more important to consider their experience and that of their end users before that deployment happens.

Technology, no matter how innovative or necessary it may be, will never live up to its potential if it’s not utilized properly. The tricky thing about this for MSPs is that each client’s experience is going to be different, and each one increasingly wants their experience to be tailored exactly to them. One-size-fits-most servicing won’t appeal to most SMBs these days; what they want is customization of their solutions stack and overall technology approach.

It would be a huge mistake for MSPs to deploy advanced technology without considering the impact of that technology on their clients’ experience. Rather, their experience should be central to the planning process while designing, deploying, and leveraging all forms of cloud technology.

Trend number 3: the need for data privacy and security compliance

Cybersecurity trends alone could take up an entire blog post, but MSPs should be especially aware of privacy and compliance going into 2024. This is perhaps best seen in the rise in prominence of cyber insurance policies. As SMBs adopt cyber insurance more frequently in 2024, they’ll need to ensure their practices stay in line with security best- practice frameworks — covering everything from multifactor authentication (MFA) to endpoint detection and response (EDR) and ongoing employee cybersecurity training.

Businesses likely already have lots of data stored across their technology stack, and securing that data will need to take priority in 2024. Partners should consider talking to clients about increased focus on continuity and security solutions to enable the best approach to compliance and privacy in 2024 and beyond.

Trend number 4 : maximizing SMB solution outcomes

SMBs should focus on how they optimize their solutions in 2024 and move away from the notion that simply adopting them will be enough to reach their business goals in revenue growth, operational efficiencies, or security. MSPs will be incredibly important to the success of many SMB digital transformation projects, as they can guide business owners through choosing the solutions that fit their needs and goals.

With thousands of solutions on the market and a seemingly endless number of possible use cases for many of them, MSPs will need to be strategic with which solutions they deploy for their clients and their own practices. MSPs can, once again, take the role of trusted advisor to ensure new success in 2024 as they package solutions and products together for SMBs. By doing so, they can help their clients achieve the business goals they set and compete with organizations of any size.

2024 will be a landmark year for the use of technology amongst SMBs, and that means it is also going to be a landmark year for opportunities that MSPs can capitalize on the grow their businesses. The Pax8 Cloud Commerce Marketplace can help you make the most of these trends by offering the latest solutions and expertise in areas like cybersecurity and AI. To get started, browse our solutions on the Marketplace or speak with one of our representatives to have your questions answered.

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