Providers of Managed IT Services allow businesses, ranging vastly in size — from small to large, to “delegate their IT operations to an expert third-party organization that specializes in handling these responsibilities.” In other words, these third-party entities own and remotely oversee technologies and/or services. And such technologies and services are made available to clients via subscription to a Managed IT Service Provider (MSP). Managed IT Service Providers may be in charge of the entirety or a small portion of a business’s IT operations. Managed IT Services encompass the management of IT operations like “core network, telephony and data center,” but can also “consist of core IT maintenance responsibilities like break/fix and patch management.”
Over the course of the past decade, and as technology has become an increasingly integral part of business functionality, companies have partnered with MSPs for greater efficiency at exponential rates. And this growth is only expected to continue. A recent report conducted by MarketsandMarkets estimates a “Compound Annual Growth Rate (CAGR) of 8.1%” between 2020 and 2030. If this comes to fruition, Managed IT Services will grow from a $223 billion industry to a $329.1 billion industry. This anticipated growth is in part due to advancing “cost reduction and [low] IT budgets [that may] force enterprises to leverage managed services,” as well as a low population of highly skilled IT specialists. As demand for and usage of disruptive technologies like “cloud computing, mobility, IoT, big data,… predictive analytics, etc.” continues to rise, the need for MSPs only becomes escalated. Furthermore, the betterment of such technologies bolsters productivity, improves performance, lessens wasted time, and increases the customer experiences across countless industries — from IT to banking, to healthcare, to retail, and more.
MSPs come into play because it often takes skilled IT professionals to manage these modern, advanced IT environments. Hardware is expensive, technologies are becoming increasingly specialized, IT expertise is difficult to find and can be costly, and constant IT maintenance removes focus from other business growth projects. For these reasons, businesses that seek out the help of MSPs will undoubtedly be quicker to adopt technology and services as they advance. Managed IT Services can “help companies of all sizes reduce the overhead and boost productivity.” As a result, companies that partner with an MSP can benefit from “improved reliability and efficiency, enhanced security compliance, and increased capacity for projects.”
However, all MSPs are not alike. It is vital to a company’s success that it works with an MSP that is suited to its business. With that being said, it is advised to evaluate potential MSPs that your business may work with for the types of services offered, as well as the scope of your company’s projects. “The adoption of managed services offers benefits, such as improved reliability and efficiency, enhanced security compliance, and increased capacity,” but this can only be achieved with the help of an MSP that offers the right support for your company.
At Xamin, our IT experts provide managed IT services for companies that are highly-regulated and reputation-sensitive. We offer a consultative white-glove approach to technology solutions geared at achieving and maintaining regulatory standards and adhering to compliance guidelines. With the goal of providing guidance and expertise, our team advises on and provides a wide range of cutting-edge technologies and services — helping clients to spend more effectively and to foster technological productivity.