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Industry Landscape
The Managed IT Services (MSP) industry is experiencing robust growth driven by increasing digital transformation, the complexity of IT infrastructure, and the rising threat of cyberattacks. SMBs, in particular, are relying more on MSPs for specialized expertise, cost-efficiency, and strategic IT guidance, especially with the continued adoption of cloud solutions and hybrid work models. Compliance and data security remain paramount concerns, further fueling demand for comprehensive managed security services.
Total Assets Under Management (AUM)
Managed Services Market Size in United States
~320.1 billion USD
(13.6% CAGR)
The growth is propelled by: increasing cloud adoption, demand for cybersecurity solutions, and the need for operational efficiency among businesses.
Total Addressable Market
320.1 billion USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
AI-Powered IT Automation
Utilizing Artificial Intelligence and Machine Learning to automate routine IT tasks, predict system failures, and enhance threat detection and response capabilities.
Generative AI for Support
Leveraging generative AI models for intelligent chatbots, advanced self-service portals, and automated knowledge base generation to improve help desk efficiency and user experience.
Zero Trust Architecture (ZTA)
Implementing a security framework that assumes no implicit trust and requires continuous verification of every user and device attempting to access network resources, regardless of their location.
Impactful Policy Frameworks
California Privacy Rights Act (CPRA) of 2020
Building on the CCPA, CPRA expands consumer data rights, establishes the California Privacy Protection Agency (CPPA), and includes new requirements for businesses regarding sensitive personal information and data retention.
This policy increases compliance burdens for Parachute, requiring enhanced data handling, consent management, and data breach reporting for client data, especially for their California-based SMBs.
NIST Cybersecurity Framework 2.0 (2024)
NIST CSF 2.0 is an update to the voluntary framework providing guidance on how organizations can assess and improve their ability to prevent, detect, and respond to cyberattacks, with new focus on governance and supply chain risk management.
While voluntary, this updated framework sets a higher standard for cybersecurity best practices, influencing client expectations and requiring Parachute to continuously evolve its security offerings and internal processes.
SEC's Cybersecurity Disclosure Rules (2023)
The U.S. Securities and Exchange Commission adopted new rules requiring public companies to disclose material cybersecurity incidents within four business days and to periodically disclose their cybersecurity risk management, strategy, and governance.
Though primarily for public companies, these rules set a precedent for heightened cybersecurity transparency and accountability, potentially increasing demand for robust incident response planning and continuous monitoring services from MSPs like Parachute for their SMB clients preparing for public offering or operating in supply chain of public companies.
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