The Industries That Need Managed Service Providers the Most (And Why)

Businesses across various sectors are increasingly relying on Managed Service Providers (MSPs) to handle their IT needs. This rising trend is characterized by the expansive role MSPs play—not just in everyday operations but as pivotal partners in strategic decision-making and business continuity. From ensuring cybersecurity to streamlining compliance measures, the value proposition of MSPs extends well beyond conventional IT support.

Financial Services

The financial services industry, including banks, insurance companies, and investment firms, is among the most stringent when it comes to regulatory compliance and data security. According to a report by Allied Market Research, the global managed services market for BFSI was valued at $14.5 billion in 2020 and is projected to reach $41 billion by 2026, at a CAGR of 15.5%. The demands for regulations such as SOX, HIPAA, and NIST Compliance are driving financial institutions to adopt managed services to ensure robust governance and risk management practices. Moreover, with financial data being a prime target for cyber threats, the integration of Identity Management solutions, such as those offered by Avatier’s Governance Risk and Compliance Management Solutions, becomes indispensable.

Healthcare

The healthcare sector’s reliance on MSPs is fueled by its need for robust data protection measures under stringent regulations like HIPAA. As of 2021, the cost of healthcare data breaches was around $9.42 million per breach, further highlighting the urgency for advanced cybersecurity measures. Providers like Avatier offer HIPAA-compliant identity management services, which are critical in safeguarding patient data while ensuring compliance. Additionally, MSPs help healthcare facilities increase efficiency through automation, ensuring that medical professionals can focus on patient care rather than IT management.

Government Services

Government agencies at all levels handle large volumes of sensitive data, often making them targets for cyber-attacks. Managed services play a crucial role in safeguarding this data, ensuring both security and compliance with federal regulations. Avatier’s solutions, particularly in relation to FISMA and NIST compliance, are particularly well-suited for this sector. These services ensure the integrity of government operations, providing secure access and identity management solutions that maintain high compliance standards.

Manufacturing and Logistics

The manufacturing sector, especially with its increasing reliance on Industry 4.0 technologies, involves extensive data exchange and operation integration across various supply chains. As such, MSPs aid in offering uninterrupted connectivity and security across these networks. Additionally, the rise of smart factories necessitates seamless integration solutions that support automation. The manufacturing sector’s increasing data volumes require stringent management solutions, making Avatier’s Identity Management Anywhere for Manufacturing an ideal solution to handle complex identity needs.

Education

With the shift towards digital learning environments, educational institutions increasingly require managed services to handle their IT infrastructure, cybersecurity, and data privacy needs. MSPs ensure that schools and universities maintain compliance with regulations like FERPA, while also providing robust security frameworks to protect sensitive student and faculty information. In light of these requirements, Avatier’s solutions, particularly those ensuring FERPA compliance, become essential allies in the education sector.

Media and Entertainment

In the age of digital media, the entertainment sector is heavily reliant on data analytics, cloud computing, and digital content delivery. MSPs provide the infrastructure and security needed for these operations to run smoothly. Managed services enable media companies to focus on content creation and distribution without being bogged down by IT concerns. Given the sector’s rapid evolution towards data-driven decision making, Avatier’s Identity Management Anywhere for Media and Entertainment ensures seamless access control and data protection.

Energy Sector

The energy sector, including utilities and renewable energy firms, is heavily reliant on robust IT infrastructure to manage vast networks and sensitive data. With the increasing focus on smart grids and sustainable energy, managed services help integrate advanced technologies while ensuring cybersecurity and operational efficiency. Avatier’s NERC CIP compliance solutions are designed to meet the stringent regulatory and security requirements characteristic of this sector.

Conclusion

MSPs are no longer just supportive actors in the IT ecosystem; they are strategic partners integral to the success of various industries. From ensuring regulatory compliance to providing cutting-edge cybersecurity, the right MSP can transform operational efficiencies and enable businesses to focus on their core missions. Avatier stands at the forefront of this movement, offering industry-tailored solutions to empower enterprises towards digital prowess and security resilience. As companies continue to navigate the complexities of modern IT landscapes, the role of MSPs only becomes more critical, ensuring they remain indispensable in driving forward business success and innovation.