Management Consulting Services Market 2021 Upcoming Trends, Technological Development, Business Challenges, Investment Opportunities, Demand, Growth, Key Players & Forecast 2025
Technological advancements that include ERP consulting and IT training is a major contributing factor for the management consulting services market industry growth over the foreseeable years.
Dallas, United States – April 27, 2021 /MarketersMedia/ —
The global management consulting service market size is anticipated to reach USD 343.52 billion by 2025 growing at a CAGR of over 3%, owing to the strong demand on the back of internationalization and localization with the rise of new segments. Increase in digital, cybersecurity and design thinking segments, there is a never-ending competition in this market paving ways for growing demand.
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The upcoming years might either be a boon for the management consulting services with skyrocketing demand propelled by the turmoil in critical industries such as healthcare and media or a bust due to legislative and policy changes. Irrespective of the aforementioned factors, the traditional factors such as opportunities and risks are expected to bring impetus in the demand for management consulting services.
Management consulting services is the practice of improving the performance of businesses by strategic planning, succession planning, organizational development, facilitation, organizational change management, and more. The management consulting services help identify the areas in businesses or organizations that need improvements and help develop appropriate solutions to fit the organization’s resources and capabilities. Management consulting is also referred to as business consulting or an advisory offered to senior management teams of an organization to help them effectively improvise their business strategies, operational processes, and more. Management consulting services is the biggest area within the consulting industry covering between 50%-55% of the overall consulting market. The benefits offered by the management consulting services to the business have allowed business managers to get management consulting thereby driving the management consulting services market.
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Among all the segments operating in the management consulting services market the strategy consulting, operations consulting, HR consulting are the most preferred areas by the business leads. Most players in this market are focused on management consultancy firms or organizations that offer management consulting services. Here the solution providers specializing in offering the services are service providers that provide implementation support and change management, recruitment firms, temporary employment agencies, and also other providers like freelance management consultants.
The management consulting firms also provide assistance and advice regarding business planning, finance, marketing, HR practices, administration policies, and other production and logistics-related consulting services. Growth in the emerging markets, regulatory reforms, increased outsourcing for back-end operations, public and private investments have spurred the management consulting market growth. Additionally, the rise in digital consulting and globalization has also propelled market growth.
However, lack of skilled professionals resulting in unsatisfactory result, political & social instability, rising costs of consulting, decreasing margins, new technological advancements like Artificial Intelligence that are replacing traditional consultants, and many large organizations establishing in-house teams that provide consulting are some major factors hampering the growth of the management consulting services market.
Banking, insurance, and many other industries opt for management consulting to enhance their business at all levels.
North America dominated the market generating revenues of USD 107.76 billion in 2017, followed by Europe with revenues USD 93.23 billion in the same year. The reason being the supplier capabilities which are high in these regions who serve complex client requirements as compared to the APAC region. The demand for management consulting services is majorly driven by factors such as rising need for operational efficacy, regulations compliance as well as technological advancements.
Ernst & Young, PriceWaterhouseCoopers (PwC), Accenture, KPMG Consulting, McKinsey & Company, IBM Services, Affiliated Computer Services (ACS), Booz Allen Hamilton, Bain & Company, Aon Consulting, CA Technologies, Buck Consultants, Deloitte Consulting, Computer Sciences Corporation (CSC), Grant Thornton LLP and Gartner are the leading players present within the global management consulting industry.
Key segments of global management consulting service market
Service Line Overview, 2015-2025 (USD Billion)
Strategy/Operations
Transactions
General Business Consulting
Industry Overview, 2015-2025 (USD Billion)
Financial Services
Healthcare & Life Sciences
Energy
Public Sector
Technology
Media
Communications
Others
Other Industries Overview, 2015-2025 (USD Billion)
Construction
Real Estate
Hospitality
Private Equity
Consumerial Industry Products
Non-Profit
Solutions Overview, 2015-2025 (USD Billion)
Digital Management Consulting
IT Management Consulting
Artificial Intelligence
Robotic Process Automation
Block Chain Management Consulting
Others
Regional Overview, 2015-2025 (USD Billion)
North America
US
Canada
Europe
UK
Russia
Spain
Italy
France
Germany
Rest of Europe
Asia Pacific
China
Japan
Singapore
Southeast Asia
India
Australia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC
Rest of MEA
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