The annual Top 100 Vertical Market MSPs list and research recognize and honor the leading MSPs in healthcare, legal, government, financial services, manufacturing and additional vertical markets.
This year’s research revealed key MSP business, security and market trends. Additionally, the research affirms that vertical market MSPs have vastly expanded their managed security capabilities.
The research and corresponding list are based on a worldwide survey of MSPs, conducted in Q4 2021 through January 2022. Rankings are based on annual recurring revenues in specific vertical markets for fiscal year 2021. This is our seventh-annual research report.
The results reveal that the best vertical market MSPs easily grew faster than overall U.S. small business IT spending in 2021. Among the comparative data points to note:
U.S. SMB IT spending (including products and services) grew 7.6% in 2021 over 2020, according to Techaisle.
U.S. SMB IT services spending (excluding one-time product sales) grew 8.6% – driven by managed services, data/platform integration, cloud orchestration, and business process automation, Techaisle found.
In contrast, the Top 100 Vertical Market MSPs for 2022 increased their revenue 42% on average in 2021 vs. 2020, according to ChannelE2E. That growth (roughly 17 points higher than usual) reflects heavy M&A activity coupled with snap-back 2021 spending after the initial coronavirus-related business pressures in 2020.
The 100 MSPs lifted combined revenues in their top verticals to $3.05 billion, up roughly 42% from last year’s research. The larger than-usual boost likely involved:
The U.S. economy, which witnessed accelerated IT spending in 2021 vs. 2020 as businesses adjusted to the “new extended normal” of COVID-19.
MSPs doubled down on the manufacturing vertical, where customers spent heavily to navigate supply chain and cybersecurity business pressures.
M&A deals, often backed by private equity firms, continued to unite several vertical market MSPs.
Forty-nine of this year’s Top 100 honorees also appeared on last year’s list. That is lower than last year’s repeat honoree count (59). The dip in repeat honorees reflects a larger base of MSPs participating in the survey, coupled with previous honorees that have been acquired.
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