Management Consulting Market – Global Industry Analysis and Forecast (2020-2027)
Global Management Consulting Market was valued US$ 977.3 Bn in 2019 and is expected to reach US$ XX Bn by 2027, at CAGR of XX % during the forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
Global Management Consulting Market
Growth in the historic period resulted from the robust economic growth in developing markets, regulatory improvements in the financial sector, outsourcing of back-end operations to low-cost economies, and public investments. Factors that negatively influenced growth in the historic period were lacks of skilled workers, and political and social instability. Going forward, faster economic growth, the development of digital consulting, and the increase of globalization will amplify growth. Factors that could hamper the growth of the market in the future contain increasing costs and reducing margins, developments of artificial intelligence with a potential to substitute management consultants and in-house management consulting teams in big technological companies.
The management consulting (MC) market involves of the sales of MC services and associated goods such as organizations, sole traders and partnerships that offers a range of services providing counsel and assistance on human resource practices, organizational planning, marketing strategies, financial budgeting, administration policies and production & logistics planning. Such services comprise solutions for administrative management issues, business process improvement, strategic & organizational planning, human resource & personnel policies, productivity improvement, developing marketing planning and strategy, quality assurance and quality control. Management consulting providers assume processes where human capital is the key input. They provide the awareness and skills of their staffs, often on a task basis, where an individual or team is accountable for the provision of services to the client.
Management Consulting Market Drivers
Digital Consulting To Drive Growth – Incorporation of analytics, media, cloud, and social media with business models are predicted to drive the management consulting market in the forecast period. Digital consulting services are the rapid growing segment in the consulting industry, and are forecast to grow by more than XX% from 2017 to 2027. This will surge the market for IT transformation & social media marketing, cyber security, and boost the digital consulting services market in the forecast period.
Management Consulting Market Restraints
Developments Of Artificial Intelligence – The increase of artificial intelligence (AI) projects in the management consulting field is expected to arrest the growth of the management consulting market in the estimated period. It is anticipated that advanced AI technology during the predicted period will substitute some share of management consultants in the industry. For example, after collaborating with UBS Group AG, a Swiss multinational investment bank and financial services company, Amazon’s Alexa, a virtual assistant developed by Amazon, can answer economic questions for clients of UBS Group AG. A new partnership permits some of UBS’s European wealth-management clients to enquire Alexa some financial and economic questions, which Alexa answers with the data delivered by UBS’s chief investment office without any external search online. The offering of business services by AI is predicted to expand in the forecast period, limiting the growth of the management consulting market.
Management Consulting Market Trends
Major trends influencing the management consulting market include:
Virtual Firms in the Management Consulting Industry – Prompt technology change, augmented pressure to decrease costs, and improved use of smartphones are offering the concept of virtual firms to market players in the management consulting industry. It is anticipated that a high number of management consulting firms will go virtual and have few permanent offices. By hiring contract staffs, employing the whole infrastructure in the cloud, and using a small number of physical offices, management consulting firms will be capable to reduce costs and rise revenues. Companies such as Aepiphanni Business Consulting have already implemented a virtual firm concept and are delivering management consulting to their clients online.
IT Transformation in Management Services –With the exposure of information communication and technology, the world is promptly moving towards the development of digitalization. Investor expectations, increasing competition, new regulatory forces and emergent opportunities are driving organizations under pressure to digitalize their processes and management. Management consulting businesses are delivering IT transformation services to businesses, banks and other organizations to resolve challenges like increasing stakeholder anticipations and flat or decreasing budgets. Such services contain finding critical technologies, setting an IT agenda, merging, systematizing and harmonizing IT solutions thru business divisions in a cost effective mode. For instance, Accenture Consultancy amplified its revenues from the communications, media & technology division by 16.6% from 2017 to 2018, because of increased demand for digital transformation for management services.
Opportunities and Recommendations in the Management Consulting Market.
Opportunities – The topmost opportunities in the global management consulting market will emerge in the financial advisory segment which will capture $X63.X4 billions of global annual sales by 2022. The management consulting market size will attain the most in the UK at $X7.X1 billion. Market-trend-based strategies for the management consulting market comprise standardization of services, intensified focus on technology advisory, and implementation of value-oriented revenue model and others. Player-adopted strategies in the management consulting industry consist of strengthening M&A strategies, development in other geographies, and increasing advisory services to small and medium social enterprises.
Recommendations – To take benefit of the opportunities, The Business Research Company suggests the management consulting companies to consider emphasizing on technology advisory offerings, introducing virtual management consulting firms, increasing in developing markets, concentrating on increasing their product portfolio through alliances, and providing services to pre-retirees, among other strategies.
Global Management Consulting Market is segmented by Service Line, the overall business consulting segment displayed a significant CAGR of X.8% between 2019 and 2027 in the global management consulting service market and registered for XX.5% of the total market in 2019. The extremely impulsive economies in the emerging and developed regions, together with persistent reforms in governmental regulations are some of the factors driving the firms to turn to management consulting providers for getting assistance in their financial operations. Based on solutions, the IT management consulting segmented produced the highest revenue in 2018 and was secured at USD XX.32 billion. On the other hand, the blockchain management segment is expected to witness the X.7% growth of the market over the forecast period.
North America led the market via producing revenues of USD 1X7.X6 billion in 2019, followed by Europe with revenues USD X3.X3 billion in the same year. The reason being the supplier abilities which are high in these regions who serve complex client requirements as compared to the APAC region. The demand for management consulting services is mainly driven by factors like increasing need for operational efficacy, regulations compliance as well as technological developments.
The report covers the market leaders, followers and new entrants in the industry with the market dynamics by region. It will also help to understand the position of each player in the market by region, by segment with their expansion plans, R&D expenditure and organic & in-organic growth strategies. Long term association, strategic alliances, supply chain agreement and M&A activities are covered in the report in detail from 2014 to 2019. Expected alliances and agreement in forecast period will give future course of action in the market to the readers. More than ten companies are profiled, benchmarked in the report on different parameters that will help reader to gain insight about the market in minimum time. For Example, In January 2019, Litmus Automation, an Industrial Internet of Things (IIoT) platform provider, partnered with Boston Consulting Group (BCG) to offer joint IoT offerings. This partnership allowed the former’s customers to adopt Industry 4.0 and gather valuable, real-time data from their assets to make better business decisions. Also, in October 2018, Bain & Company entered into a strategic partnership with Endava, an IT service company, to deliver next-generation technology services. This partnership resulted in maintaining a sustainable competitive advantage by both the companies, accelerating the development and delivery of digital consulting solutions and services.
The objective of the report is to present a comprehensive analysis of the Management Consulting Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by Vehicle. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by Vehicle on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Management Consulting Market dynamics, structure by analyzing the market segments and project the Management Consulting Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Management Consulting Market make the report investor’s guide.
Scope of the Management Consulting Market
Management Consulting Market, By Service Line
• General Business Consulting
Management Consulting Market, By Industry
• Financial Services
• Healthcare & Life Sciences
• Public Sector
Management Consulting Market, By Other Industries
• Real Estate
• Private Equity
• Commercial Industry Products
Management Consulting Market, By Solutions
• Digital Management Consulting
• IT Management Consulting
• Artificial Intelligence
• Robotic Process Automation
• Block Chain Management Consulting
Management Consulting Market, By Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in the Management Consulting Market
• Deloitte Consulting
• Booz Allen Hamilton
• The Boston Consulting Group
• Bain & Company
• Capgemini Consulting
• Cognizant Technology Solutions
• Ernst & Young
• Fulcrum Worldwide
• FTI Consulting
• Grant Thornton
• Hay Group
• HCL Axon
• Hewitt Associates
• Hitachi Consulting and among others
Maximize Market Research provides B2B and B2C market research on 20,000 high growth emerging technologies & opportunities in Chemical, Healthcare, Pharmaceuticals, Electronics & Communications, Internet of Things, Food and Beverages, Aerospace and Defense and other manufacturing sectors.
Name: Vikas Godage
Organization: Maximize Market Research Pvt.Ltd.Pune
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