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The marketing consulting market size is estimated to grow by USD 37.9 billion at a CAGR of 4.35% between 2023 and 2028. The market is experiencing significant growth, driven by the increasing demand for enhanced customer digital experiences. Recognizing the significance of customer-centric online marketing, consulting firms are making substantial investments in marketing automation software. This trend is fueled by the shift towards digital transformation and the need for businesses to stay competitive in the digital age. Another growth factor is the rising number of mergers and acquisitions in the market, as companies seek to expand their offerings and capabilities. However, this market also faces challenges, including the increasing risks related to data security and privacy. As businesses collect and store more customer data, they must ensure it is protected from cyber threats and adhere to strict regulations. These factors contribute to the dynamic and evolving landscape of the market.
Market Forecast 2024-2028
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In the dynamic Fast Moving Consumer Goods (FMCG) sector, strategy development is crucial for leveraging unique content and creating customized solutions. Companies are increasingly turning to niche specialist to refine their product strategy and align it with overarching business strategy goals. The integration of digital marketing channels and traditional marketing channels ensures a comprehensive approach, enhanced further by the use of AI tools for data-driven insights and optimization. This blend of innovative and classic methods allows for effective engagement and adaptation in a rapidly changing market. Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market.
Marketing consultants are adopting subscription-based models, where customers pay a frequent fee for ongoing advice and support, thereby fostering long-term relationships. Subscription consulting usually includes a comprehensive approach to meeting the client's requirements. Customers using a subscription model often benefit from priority service, which can contain quicker response times and reliable attention from consultants.
Furthermore, advances in technology, including virtual meetings and project management tools, have made it easier for consultants to deliver ongoing support under a subscription model, yet of a geographic location. Therefore, the rising popularity of subscription-based models will have a positive impact on the growth of the market during the forecast period.
Marketing consulting companies have now changed their consultant selection process. Customers have changed the way they evaluate and select advisors. They are now using online services to research and determine what advice best suits their requirements. The speed of these services and the low cost of using Internet databases affect many large consulting firms.
Moreover, an established business with a reputation that took decades to build can be handed over to a smaller company with specific knowledge. A parallel trend is the creation of an internal team of former consultants. These internal teams eliminate the need for exterior consultants. Therefore, the market is expected to grow significantly during the forecast period.
The market is unanticipated and new companies appear regularly, changing the level of competition and the market scenario. In addition, all kinds of political or economic changes must be carefully accounted for by the consulting firm's collaborators. Owing to its unpredictable nature, it is essential that the investigation work is carried out at a very high level and seriously and that the proposed solution can target the problem area.
Moreover, the consulting market is rapidly evolving from one that depended heavily on person-to-person contact to develop new business activities, such as networking and personal referrals, to open an online space. There have been many mergers and acquisitions (M&A) and the entire landscape of the market is changing rapidly. Thus, such factors may impede the growth of the market during the forecast period.
The Sales management and development services segment will account for a major share of the market's growth during the forecast period.?Marketing consultants play a pivotal role in helping businesses optimize their marketing efforts. They provide auditing services to assess the current state of a company's marketing strategy and identify areas for improvement. Customer analytics is a key focus for marketing consultants, enabling businesses to better understand their online journey and consumer behavior.
The Sales management and development services segment was valued at USD 19.20 billion in 2018. Digital marketing channels, such as social media and email, are essential for online businesses, and marketing consultants offer expertise in strategy development and promotional activities. Unique content creation is also crucial for effective marketing campaigns, as is the integration of AI tools for data-driven marketing and automation. Operations advisory and financial advisory services are also offered by marketing consultants, ensuring that marketing plans align with overall business strategy. Niche specialists provide customized solutions for industries such as chemicals, machine industry, and metalworking. Marketing consultants advise on product strategy and consumer data analysis, enabling omnichannel engagement and optimizing traditional marketing channels. By offering expert advice and innovative solutions, marketing consultants help businesses stay competitive in today's dynamic marketing landscape.
Based on application, the market has been segmented into automotive, chemicals, machine industry, and others. The automotive segment will account for the largest share of this segment.?Marketing consultancy in the automotive industry involves providing specialist advice and strategies to car manufacturers, including manufacturers, dealers, suppliers, and after-sales service providers. The auto industry is undergoing a significant transformation, driven by factors such as the growing adoption of electric vehicles, automated driving technology, growing consumer preferences, and environmental concerns. This transformation has made a growing demand for marketing consulting services in the automotive sector, which will drive the growth of the market during the forecast period.
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APAC is estimated to contribute 43% to the growth by 2028. Technavio's analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. With the development of new research companies and the availability of various databases and business analytics tools, this region is a major contributor to the market. This allows businesses to collect meaningful, useful data at a fraction of the cost that marketing consultants pay.
Additionally, the ease of scaling virtualization and automating administrative tasks dynamically will increase SaaS adoption. Due to digitalization, various businesses and organizations in this region are adopting SaaS solutions, which help improve a range of operations such as business planning, order fulfillment, and customer service. Hence, such factors are expected to drive market growth in this region during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
We also have detailed analyses of the market's competitive landscape and offer information on 20 market companies, including:
Alvarez and Marsal Holdings LLC, Bain and Co. Inc., BearingPoint Holding BV, Boston Consulting Group Inc., Cedar Management Consulting International LLC, Deloitte Touche Tohmatsu Ltd., Elixirr International plc, Ernst and Young Global Ltd., INNOPAY B.V., KPMG International Ltd., L.E.K. Consulting LLC, McKinsey and Co., Nextcontinent, OC and C Strategy Consultants, PricewaterhouseCoopers LLP, RGA Media Group Inc., The Nielsen Co. US LLC, The North Highland Co., YCP Solidiance, and ZS Associates Inc.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The marketing consulting services market is evolving rapidly with a focus on data-driven marketing and customer analytics. Auditing consumer data and understanding the online journey is critical for developing effective marketing plans and strategies. Digital marketing and promotional activities are increasingly integrated with automation and omnichannel engagement to enhance customer relationship management (CRM). In the consulting industry, firms offer operations advisory and financial advisory to support online business and fast-moving consumer goods (FMCG) sectors. Marketing campaigns are crafted to optimize customer engagement and improve day-to-day operations, leveraging insights from metalworking and other industries. Human resources and advice services play essential roles in aligning marketing efforts with organizational goals.
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Market Scope |
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Report Coverage |
Details |
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Page number |
176 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.35% |
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Market growth 2024-2028 |
USD 37.9 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
4.14 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 43% |
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Key countries |
US, Germany, China, Canada, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Accenture Plc, Alvarez and Marsal Holdings LLC, Bain and Co. Inc., BearingPoint Holding BV, Boston Consulting Group Inc., Cedar Management Consulting International LLC, Deloitte Touche Tohmatsu Ltd., Elixirr International plc, Ernst and Young Global Ltd., INNOPAY B.V., KPMG International Ltd., L.E.K. Consulting LLC, McKinsey and Co., Nextcontinent, OC and C Strategy Consultants, PricewaterhouseCoopers LLP, RGA Media Group Inc., The Nielsen Co. US LLC, YCP Solidiance, and ZS Associates Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Market Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for Market forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Service
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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