Managed Service Providers (MSPs) have resisted business pressures to lay off staff despite declining revenues and economic uncertainty during the COVID-19 pandemic. 80% of MSPs said they did not lay off staff and those that did expect to retire within six months.
This data was published in a survey conducted by Altaro.
Altaro Software, developer of robust backup solutions to address the core data protection needs of businesses and organisations worldwide, conducted the survey to gauge the impact of COVID-19 on managed service providers (MSPs) and their response to the pandemic.
50% faced losses in first half of 2020
Although one-third of MSPs said they faced losses of up to 50% in the first half of 2020, 21% reported revenues increase of up to 25%,.
Another 21% saw no change in revenues.
75% see remote working as best revenue-generator
More than 75% said remote working is the best revenue-generating opportunity, followed by Cloud computing (61%) and security as a service (38%).
66% plan to expand services
The majority of MSPs who said they have a post-COVID recovery plan intend to expand their product offering or services (66%), improve their services (56%) or expand their marketing segment (48%).
Nearly one-third of MSPs do not know when they will return to a pre-COVID level of operation, though 29% are confident they will do so by the end of the year.
In addition, to the unknown economic landscape, lack of business, cybersecurity threats, time management, hiring and changing technologies are the top issues that are of concern to MSPs.