Enjoy complimentary customisation on priority with our Enterprise License!
The strategy consulting market size is forecast to increase by USD 121.2 billion, at a CAGR of 23.3% between 2023 and 2028. The market is experiencing significant growth, driven by the increasing demand for enhanced customer digital experiences. Consulting firms are selected based on their expertise, reputation, and ability to deliver innovative solutions. However, this trend comes with challenges, including the increased risks related to data security and privacy. As businesses increasingly rely on digital platforms to engage with customers, protecting sensitive information has become a top priority. Firms must stay abreast of the latest cybersecurity threats and technologies to mitigate risks and maintain client trust. Additionally, the consulting industry is becoming more competitive, requiring firms to differentiate themselves through specialized services and thought leadership.
Overall, the market is poised for continued growth, but firms must adapt to evolving trends and challenges to remain competitive.
Management consulting is a strategic business service that provides expert advice to organizations to help them make high-level decisions and implement operational strategies. The market is witnessing significant growth due to the increasing adoption of digital business models and ecommerce platforms. Consultants bring domain expertise to help businesses optimize their staff, improve customer relationship management, and identify risks related to disruptive technologies such as automation and digital channels. Corporate sustainability is another area of focus for strategy consulting services, as businesses seek to minimize their environmental impact and enhance their brand experience. Digital transformation also raises security concerns, with data security breaches and cyber security regulations becoming increasingly common.
Strategy consultants help businesses navigate these challenges by providing advice on information security and cloud-based marketing automation. In addition to digital business models, strategy consulting services also address corporate strategy, customer purchasing patterns, and risk identification. By leveraging their expertise in these areas, consultants help businesses stay competitive and adapt to the rapidly changing business landscape.
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 large enterprises segment is estimated to witness significant growth during the forecast period. In the realm of business consulting, strategy consulting plays a pivotal role for large enterprises in attaining a competitive edge. Renowned consulting firms, including McKinsey, Bain and Company, A.T. Kearney, and PricewaterhouseCoopers, offer expert advice to help these corporations formulate forward-thinking strategies. Strategy consulting services encompass various domains such as management training, economic policy, organizational strategy, IT and telecommunication, and digital business models. These consulting firms aid large enterprises in optimizing staff, enhancing corporate sustainability, and navigating digital transformation through business model innovation. Digital strategy is a significant focus area, with solutions encompassing digital transaction management, intelligent automation, artificial intelligence, Internet of Things, Blockchain, SaaS, and ecommerce.
Additionally, strategy consulting firms address security concerns and risk management, ensuring data security and customer relationship management. Consultants bring domain expertise and professional services to the table, guiding businesses in adapting to disruptive technologies like digital experience and automation.
Get a glance at the market share of various segments Request Free Sample
The large enterprises segment accounted for USD 22.50 billion in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
For more insights on the market share of various regions Request Free Sample
Strategy consultants play a pivotal role in guiding businesses in making high-level decisions that optimize operational strategies and enhance the brand experience. In today's digital age, automation in manufacturing and digital channels are crucial elements of business growth. Strategy consultants help identify risks associated with the implementation of automation and ensure compliance with cyber security regulations. Cloud-based marketing automation is a significant trend, offering benefits such as cost savings and increased efficiency. However, it also brings risks such as data security breaches. Strategy consultants provide expertise in implementing information security measures to mitigate these risks and ensure regulatory compliance.
Brand experience is another critical area where strategy consultants add value. They help businesses understand customer needs and preferences, enabling them to deliver personalized experiences. In the era of increasing cyber threats, strategy consultants also play a vital role in implementing cyber security regulations to safeguard sensitive information and maintain trust with customers.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Rising need for improved customer digital experience is the key driver of the market. In today's competitive business landscape, management consulting firms are increasingly focusing on staff optimization and digital business models to deliver expert advice to clients while maintaining affordability. Digital strategy, business model innovation, and digital transformation are key areas of investment for consulting firms, with a particular emphasis on disruptive technologies such as SaaS, intelligent automation, Artificial Intelligence, Internet of Things, Blockchain, and Digital transaction management. These technologies enable organizations to enhance customer relationship management, analyze customer purchasing patterns, and improve risk management through advanced analytics and assurance technology platforms. Moreover, consulting firms are investing in disruptive technologies to provide domain expertise in areas like healthcare, ecommerce, IT and telecommunication, and economic policy, ensuring a digital experience that prioritizes data security and addresses security concerns.
By leveraging these technologies, consulting firms can offer innovative solutions to large enterprises, providing strategic management and management training that aligns with organizational strategy.
The consulting firm selection process is the upcoming trend in the market. In today's digital age, management consulting services have undergone significant transformation. Clients now employ various online resources to research and select consulting firms based on their specific requirements. This shift towards digital platforms offers numerous advantages, including swift service delivery and cost-effectiveness. It enables businesses to identify subject-matter experts (SMEs) with specific knowledge, thereby bypassing the traditional reliance on referrals and hiring based on domain expertise. Established consulting firms with long-standing reputations can be challenged by smaller businesses specializing in digital strategy, business model innovation, risk management, and assurance technology platforms. Consulting services now encompass various domains such as healthcare, ecommerce, IT and telecommunication, and customer relationship management.
Further, disruptive technologies like Artificial Intelligence (AI), Intelligent automation, SaaS, Internet of Things (IoT), Blockchain, Digital transaction management, and Digital experience are increasingly shaping the consulting landscape. Consultants provide expert advice on economic policy, organizational strategy, strategic management, and corporate sustainability. As businesses undergo digital transformation, they require professional services to navigate disruptive technologies, manage security concerns, and optimize staff. Consulting firms offer valuable insights into customer purchasing patterns, digital business models, and economic policy to help large enterprises stay competitive.
Increased risks related to data security and privacy are a key challenge affecting the market growth. In the realm of management consulting, strategy consulting services play a pivotal role in helping organizations optimize their staff, navigate corporate sustainability, and embrace digital business models. Digital strategy, business model innovation, and digital transformation are key areas of focus for consulting firms. However, the adoption of disruptive technologies such as SaaS, intelligent automation, Artificial Intelligence, the Internet of Things, Blockchain, and Digital transaction management brings about new challenges. Security concerns are paramount, especially in sectors like healthcare and e-commerce, where customer purchasing patterns are sensitive. Cloud-based solutions, including marketing automation software, are increasingly popular due to their convenience and cost-effectiveness.
Yet, the transfer of data to the cloud necessitates security measures. The risk of data leakage and misuse can lead to significant legal and regulatory issues. Professional consultants offer expert advice on various aspects of business strategy, from organizational strategy and economic policy to IT and telecommunication. They bring domain expertise and help large enterprises manage risk, ensure data security, and implement digital experience strategies. Consulting firms also assist in the implementation of disruptive technologies like automation, AI, and the Internet of Things. Additionally, they provide assurance technology platforms and risk management services to ensure regulatory and legislative compliance.
In the era of digital transformation, consulting services play a crucial role in helping businesses stay competitive and innovative.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
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.
A.T. Kearney Inc. - The company offers technology strategy consulting services for IT hubs.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Management consulting is a professional service that provides expert advice to help organizations make informed decisions and navigate complex business challenges. The strategy consulting services market is witnessing significant growth due to the increasing demand for digital business models, staff optimization, and corporate sustainability. Digital strategy, business model innovation, and digital transformation are key areas of focus for consulting firms. The healthcare sector is a major contributor to the market, with a growing emphasis on digital transaction management, risk management, and assurance technology platforms. Disruptive technologies such as SaaS, intelligent automation, artificial intelligence, the Internet of Things, blockchain, and digital experience are transforming industries and creating new opportunities.
However, consulting firms are also providing professional services in areas such as ecommerce, customer purchasing patterns, and customer relationship management. Security concerns are a major priority, with a focus on data security and economic policy. Organizational strategy, strategic management, and economic policy are also areas of expertise for consulting firms. Large enterprises are investing in management training and IT and telecommunication to stay competitive. The consulting industry is also supporting startup projects, providing domain expertise and professional consultants to help bring new ideas to market. The use of automation and disruptive technologies such as automation, artificial intelligence, and the Internet of Things is becoming increasingly important in delivering efficient and effective consulting services.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
181 |
|
Base year |
2023 |
|
Historic period |
2018-2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 23.3% |
|
Market Growth 2024-2028 |
USD 121.2 billion |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
18.63 |
|
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
|
Performing market contribution |
North America at 35% |
|
Key countries |
US, China, UK, Germany, and Japan |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
A.T. Kearney Inc., Accenture Plc, Bain and Co. Inc., Booz Allen Hamilton Holding Corp., Boston Consulting Group Inc., Capgemini Service SAS, CGI Inc., Cognizant Technology Solutions Corp., Deloitte Touche Tohmatsu Ltd., Ernst and Young Global Ltd., Infosys Ltd., International Business Machines Corp., KPMG International Ltd., Marsh and McLennan Companies Inc., McKinsey and Co., Oracle Corp., PricewaterhouseCoopers LLP, Roland Berger Holding GmbH, Tata Consultancy Services Ltd., and The Hackett Group Inc. |
|
Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
|
Customization purview |
If our market 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 End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
