In a recent published report, Kenneth Research has updated the market report for Strategy Consulting Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Strategy Consulting Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.
Strategy Consulting Market over the period 2019-2026.The volatile economic landscape and increased competition in the market have motivated the development of the strategy consulting market in recent times. The need to decide effectively between a good and a bad economic decision that can lead to high potential losses is a key factor spurring the expansion of the strategy consulting market. The market is anticipated to develop at a CAGR of 5.17% while achieving revenues worth USD 43.98 billion in the forecast period. The requirement of professional consultants in the corporate sector is intensifying due to changing market conditions, which is expected to benefit the market in the forecast period.
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The complex issues faced by the enterprises are critical in nature and must be addressed or corrected to avoid calamitous failures; thus the application of strategic consulting helps in reducing the damage or the avoid the problem completely. The growing incidence of difficulty in product launches or legal complications is increasing the demand for strategic consulting services. Moreover, the incidence of various supply-side challenges such as intense competition, speedily changing business models along with swiftly changing customer purchasing patterns has also intensified the market competition. The presence of these factors has enabled easy identification of customer purchasing patterns which are expected to modify the development of the strategy consulting market further. The market also gains certain benefits due to the rising demand for scalable, efficient, and sustainable operations in the market.
The intensification in the level of digital transformation has made a significant impact on consulting services. The development in sectors such as BFSI and IT are expected to create a significant impact on market growth as there has been a drastic rise in the expenditure on consulting services in recent years. The emphasis on greater speed of delivery of services and products to customers and thus improving the overall customer experience is a top priority of many corporations in the market; this trend is forecasted to deepen further the level of growth that can be expected from the strategy consulting market.
The inclusion of knowledge-based services is anticipated to have a considerable effect on the progress of the market in the forecast period. The presence of disruptive technologies such as artificial intelligence and automation have gained considerable popularity in consulting services and are expected to create favorable opportunities for the growth of the strategic consulting market. However, the lack of skilled expertise is expected to create hindrances to the progress of the market in the forecast period.
The global strategy consulting market is segmented on the basis of product, application, and region. On the basis of product, the market for strategy consulting consists of operation consultant, business strategy consulting and investment consultant. The business strategy consulting segment is expected to witness a CAGR of 6.04% and is likely to be the fastest growing segment in the strategy consulting market over the forecast period. The operation consultant segment is projected to grow at USD 16.67 billion by the end of the year 2025 with 3.93% CAGR from 2018 to 2025.
Based on application, the strategy consulting market consists of financial sector, chemical sector, and automotive sector. The automotive sector is anticipated to flourish while earning USD 13.68 billion by the end of the year 2025 and expanding with a CAGR of 6.54% and is expected to be the swiftest growing application segment in the strategy consulting market globally in the forecast period. The regions included in the report are Asia Pacific, Europe, North America and the rest of the world.
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Regional Analysis
The regional analysis of the strategy consulting market consists of regions such as Asia Pacific, Europe, North America and the rest of the world. The North American region is responsible for the principal market value of USD 9.80 billion in 2013 with a market share of 39% and is anticipated to expand at USD16.64 billion with a CAGR of 4.75% through the duration of the forecast period. The operation consultant segment is expected to expand at USD 6.52 billion by the end of the year 2025 with a 3.26 % CAGR The European region was the next principal market estimated at USD7.50 billion in 2013; it is likely to grow at a CAGR of 5.47 % and is anticipated to touch USD 13.64 billion by 2025.
Competition Tracking
The Boston Consulting Group Inc, Bain and Company, Pricewaterhouse Cooper (PwC), Roland Berger LLC, Marsh & McLennan Companies Inc, Mc Kinsey & Company, A.T. Kearney Inc, Deloitte Touche Tohmatsu Limited and Accenture are some of the prominent competitors shaping the strategy consulting market.
The escalating need for customer-centric consulting services and the need for preserving a sustainable competitive advantage is expected to impact the strategy consulting market in the coming years optimistically. The consulting firms in the market are competing with each other to deliver cost-efficient and digitized consulting services to customers and businesses.
Organizations across all industry verticals are witnessing various supply-side challenges such as intense competition and rapidly changing business models. In recent years, companies in the e-commerce sector, such as Amazon, Alibaba, e-Bay, and Flipkart, are witnessing a cut-throat competition globally and regionally. Additionally, rapidly changing customer purchasing patterns have also intensified market competition. Thus, companies need highly expertise advisory and consulting teams that offer unique capability solutions. These solutions, provided by consultants, include a deep understanding of customer purchasing patterns and provide a way for efficient, scalable, and sustainable operations.
The collaborative approach of consulting firms helps companies maintain an edge over competitors through their domain expertise that offers companies effective solutions to resolve the complex business problems. For instance, PricewaterhouseCoopers (PwC), a globally recognized consulting firm, has partnered with Amazon Web Services to offer distinctive capabilities solution such as retail interface design, customer relationship management, and advanced technological innovation. This partnership helped Amazon proactively manage changes in the marketplace, which led it to restructure its business models and offer operational excellence.
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The Global Strategic Consulting Market was valued USD 30.90 billion in 2018 and is expected to expand at 5.24% CAGR and reach USD 43.98 billion by 2025.
Synopsis
The global strategic consulting market has been segmented based on services, organization size, industry vertical, and region.Based on services, the global market has been segmented into economic policy, mergers & acquisitions, organizational strategy, corporate strategy, business model transformation, functional strategy, strategy & operations, and digital strategy.
Based on organization size, the global market is divided into small and medium enterprises (SMEs) and large enterprises. The large enterprises segment accounted for the larger market share in 2018 whereas the SMEs segment is expected to account for the higher CAGR during the forecast period, 2019–2025
Based on industry vertical, the global market is categorized into IT & telecommunication, healthcare, BFSI, retail, manufacturing, and others. The IT & telecommunication segment accounted for the largest market share in 2018, whereas the retail segment is expected to exhibit the highest CAGR during the forecast period.
Regional Analysis
Geographically, the global strategic consulting market has been segmented into Asia-Pacific, North America, Europe, and the Middle East & Africa, and South America.
North America is expected to dominate the strategic consulting market and is expected to retain its position during the forecast period. The early adopters of technology and increase investments to adopt sustainable development programs by the enterprises and the presence of a highly skilled workforce are some of the factors boosting the growth of this market. The US accounted for approximately 20% of the global market share in 2018.
Asia-Pacific is expected to be the fastest-growing region during the forecast period. Emerging economies such as China, Japan, and India are growing at a faster pace, and thus contributing to the growth of the market in Asia-Pacific. Furthermore, the rapid adoption of customer-centric consulting services is also anticipated to propel the growth of the market in this region.
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Companies Covered
The key players of the global strategic consulting market are McKinsey & Company (US), The Boston Consulting Group (US), Bain & Company (US), PwC (UK), Roland Berger LLC (Germany), Marsh & McLennan Companies Inc. (US), A.T. Kearney (US), Deloitte Touche Tohmatsu Limited (UK), Accenture (Europe), CGI Group Inc (Canada), and Booz Allen Hamilton Inc. (US).
Key Developments
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.
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.
Market Segmentation
By Services: Economic Policy, Mergers & Acquisitions, Organisational Strategy, Corporate Strategy, Business Model Transformation, Functional Strategy, Strategy & Operations, and Digital Strategy
By Organization Size: Small and Medium Enterprises and Large Enterprises
By Industry Vertical: IT & telecommunication, Healthcare, BFSI, Retail, Manufacturing, and Others
Key questions addressed by the report
What was the historic market size (2017)?
What was the Base year market size (2018)?
Which segmentation (Services/ Organization Size, Industry Vertical) is driving the market?
What will be the growth rate by 2025?
Who are the key players in this market?
What are the strategies adopted by key players?
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