The coronavirus pandemic has taken a bite out of the American economy. Over 800,000 U.S. businesses permanently closed during the first year of the virus, a 200,000 increase over previous years. Moving forward, many companies still struggle to stay afloat in the ever-changing environment of post-pandemic uncertainty. And, with more businesses cutting budgets, marketing firms are seeking to stand out from the crowd to continue to earn business from the survivors.
In 2020, the coronavirus pandemic forced businesses from all industries to take a closer look at their operations and move toward a more digital environment. Digital transformation was a buzzword and the shift to remote work and hybrid office environments only accelerated the trend. As expected, the resulting interest in digital technologies saw the managed services industry explode, with a market size that should reach $319.5 billion by 2024.