In a sign of continued MSP and technology market momentum, an impressive 379 IT service providers surfaced on the Inc. 5000 list for 2022.
The annual list tracks the fastest growing privately held businesses in America. Among the key financial and business takeaways from this year's list:
- IT service provider honorees generated 190% median revenue growth, and added more than 38,000 new jobs to the economy.
- Total combined revenues for the IT service providers was $14.4 billion -- or roughly $38 million per IT service provider company -- which is far larger than than the MSP industry norm.
Inc. 5000: Software, Security, Telecom and Hardware Honorees
The Inc. 5000 list for 2022 also included:
- 590 software companies (delivering 266% median growth);
- 79 security companies (260% median growth);
- 59 telecommunications companies (186% median growth); and
- 21 hardware companies (221% media growth).
Though impressive, the Inc. 5000 list is sometimes difficult to put into proper context. The list emphasizes year-over-year percentage revenue growth -- which generally makes it easier for smaller companies to dominate the top of the list.
Also, Inc. no longer publishes actual revenue dollar figures for each company, and profits (or losses) for each business are undisclosed. As a result, it's difficult to see which of the Inc. 5000 honorees truly have sustainable business models -- and which ones are more likely to flame out.
Benchmarking Tool for MSPs, IT Service Providers
Still, the annual list provides an important benchmark for small business innovation, job creation and other data points that allow MSPs and IT service providers to measure themselves against fast-growth companies.
