Strategy Consulting Market Research Report—Global Forecast till 2030

Strategy Consulting Market Research Report: Information By Service (Business & Corporate Strategy, Innovation Strategy & Delivery, Transaction Strategy, People Strategy, Technology Strategy), By Organization size (Large Enterprise, SME), By Vertical (IT & Telecommunication, Retail, Manufacturing, BFSI, Healthcare, Pharmaceuticals, Others) and Region (North America, Asia-Pacific, Europe, Rest of the world)—Forecast Till 2030

ID: MRFR/ICT/5515-CR | September 2022 | Region: Global | 122 Pages         

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Strategy Consulting Market

Strategy Consulting Market will Hit USD 63,246.1 million by 2030
Market Size
CAGR
Dominating Region
Forecast Period
$ 63,246.1 million
5.7%
North America
2022-2030
Segmentation
By Services
By Size
By Vertical
  • Mergers & Acquisitions
  • Corporate Strategy
  • Business Model Transformation
  • Economic Policy
  • Organisational Strategy
  • Large Enterprise
  • Small & Medium Enterprise
  • IT & telecommunication
  • Healthcare
  • BFSI
  • Retail
  • Manufacturing
Companies Profiled
Key Players
T. Kearney Inc.
Bain and Company
Accenture PLC
Delloite
The Boston Consulting Group
Booz Allen Hamilton Inc.
Ernst & Young Ltd.
CGI Group Inc.
Market Driving Forces
Drivers
There is a growing need for strategic planning amongst businesses for their wide growth
There is an increase in competition amongst businesses to dominate the market operations
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Market Overview


The global strategy consulting market is expected to witness substantial growth during the forecast period, primarily due to growing need for competitive advantage. As per MRFR, the global strategy consulting market has been growing at a significant rate from the past few years and is expected to reach USD 63,246.1 million by 2030, at a CAGR of 5.7% during the forecast period, 2022–2030.


The global strategy consulting market has been segmented into service, organization size, vertical, and region. Based on Service, the global strategy consulting is segmented into business & corporate strategy, Innovation Strategy & Delivery, transaction strategy, people strategy, and technology strategy. Business and corporate strategy segment is further divided into Value Creation Strategy & Shareholder Activism Defense, M&A, Transactions, & Post-Merger Integration, Strategic Planning Excellence, Finance Function Excellence, Risk Management, New market entry opportunities, Digital transformation strategy, Go-to-market strategy and Others. Innovation Strategy & Delivery segment is further divided into Business Model Innovation, Corporate Venturing, and Product Innovation & Engineering. Transaction Strategy segment is further divided into Operational and IT diligence, Commercial & Vendor due diligence, Integration strategy planning and execution, Divestiture strategy planning and execution, Value realization and tracking and Others. People Strategy segment is further divided into Leadership Development, Talent Development, Upskilling, and Reskilling, Organizational Culture, Learning Programs, Digital HR and Others. Technology Strategy segment is further divided into Cloud strategy & advisory, Intelligent operating model & innovation, Resilient architecture and Analytics & automation.


Based on organization size, the global strategy consulting is segmented into Large Enterprise and SME. Based on vertical the global strategy consulting is segmented into IT & Telecommunication, Retail, Manufacturing, BFSI, Healthcare, and Pharmaceuticals, Others. Based on region, the global strategy consulting is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America.


GLOBAL: STRATEGY CONSULTING MARKET, 2018-2030

STRATEGY CONSULTING MARKET, 2018-2030

Source: Industry Expert, Secondary Research, and MRFR Analysis


Covid-19 Analysis of Strategy Consulting Market


The COVID-19 pandemic has had a wide-ranging impact, including a significant influence on the worldwide consulting business. To recover from the effects of the pandemic, experts are developing new job prospects and company strategies to adapt to the post-pandemic environment. The imminent impact of the pandemic on the global economy may present consulting businesses with some intriguing prospects. However, most firms are likely to strive to spend available resources in present operations that require the greatest attention, rather than giving resources to consultants at this moment. For example, the travel and leisure business, which has been heavily damaged, may be unwilling to invest in consultants at this time. On the contrary, the healthcare industry, which is under stress as a result of the epidemic, may be more willing to seek consultancy help in the future. The impact would also differ by area. For example, in Europe, where several nations have been badly afflicted, consulting assignments have been paused in comparison to places such as Africa and the Middle East, which have been relatively less affected by the virus pandemic.


Typically, consulting businesses rely substantially on travel and in-person client interactions. They also adhere to strict timeframes for their commitments. Traditional modes of operation, on the other hand, will have to adapt to the post-pandemic reality. With COVID-19 showing no signs of abating, worldwide governments and regulatory organizations are implementing new and more draconian social distancing and quarantine measures. This epidemic is driving huge alterations in consumer demand, behavior, and expectations in the consulting industry throughout the world. Most consultants spend 80 percent of their working life away from home, travelling across the world to assist their customers with a range of advising concerns, and thus are more prone to be victims of viral propagation. The economic downturn caused by the epidemic has had a significant impact on the income of consulting businesses. Projects have also been delayed, with their scope decreased or abandoned entirely, resulting in income losses.


Strategy Consulting Market Dynamics


Consultants, who are also known as strategic consultants, provide strategy consulting services, offering expert advice on highly important decisions that mostly turn out to deliver the best results for businesses. Strategy consulting services are required in commercial sectors including the BFSI, automotive, and IT & telecommunication. In addition, the rising demand for customer-centric consulting services and the need for gaining and maintaining competitive advantage are some of the driving factors of the global strategy consulting market. Disruptive technologies such as artificial intelligence and automation are expected to create opportunities for the global strategy consulting market players during the forecast period. However, the lack of skilled workforce for operating sophisticated analytical tools is expected to limit the market growth during the next few years.


Drivers



  • Growing Need for Competitive Advantage


Organizations across industry verticals have been witnessing various challenges such as intense competition and rapidly changing business models. In recent years, e-commerce companies such as Amazon, Alibaba, e-Bay, Flipkart are witnessing cut-throat competition both regionally and globally. Also, rapidly changing customer purchasing patterns have also intensified the rivalry in the industry. Thus, companies need expertise advisory and consulting teams, who offer unique solutions. Such solutions include a deep understanding of customer purchasing patterns and enable efficient, scalable, and sustainable operations. The collaborative approach of consulting firms helps companies maintain an edge over competitors using the domain expertise gained for offer effective solutions. For instance, PricewaterhouseCoopers (PwC), one of the globally recognized consulting firms, has partnered with Amazon Web Services to offer distinctive capabilities, such as retail interface design, customer relationship management, and advanced technological innovation. This partnership has helped Amazon proactively manage changes in the marketplace and restructure its business models to offer operational excellence. Thus, the need for competitive advantage is expected to drive the growth of the global strategy consulting market during the forecast period.


RESTRAINTS


Consulting firms deliver comprehensive insights to clients for gaining better understanding of the market conditions. However, understanding such insights require deep knowledge of analytical tools, the use of which is usually limited. Both developed and developing countries are witnessing a lack of experts who possess a deep understanding of analytics beneficial for consulting purposes and the right skills to deliver the service. Thus, the lack of skilled workforce is expected to restrain the growth of the global strategy consulting market during the during period.


OPPORTUNITY



  • Integration of Technologies with Consulting Services


Disruptive technologies such as artificial intelligence and automation have gained considerable popularity in consulting services and play a crucial role in three areas of information, streamlining administration task, and improving productivity. Firstly, integrating AI technology in the processes of consulting helps in gathering a large amount of unstructured data from various business functions such as marketing, sales, and finance. This information plays a critical role for consultants and marketers to identify new revenue streams to develop effective strategies for marketing and advertising campaigns. Secondly, automation processes such as robotic process automation enable the firms to perform a series of tasks that include generating and offering invoices, matching incoming payments with the correct invoice, and record-keeping.


Strategy Consulting Market Segmentation


The global strategy consulting market has been segmented into service, organization size, and vertical.



  • Based on Service, the global strategy consulting market is segmented into business & corporate strategy, Innovation Strategy & Delivery, transaction strategy, people strategy, and technology strategy.

  • Based on organization size, the global strategy consulting is segmented into Large Enterprise and SME.

  • Based on vertical the global strategy consulting is segmented into IT & Telecommunication, Retail, Manufacturing, BFSI, Healthcare, Pharmaceuticals, and Others.


Strategy Consulting Market Regional Analysis


Geographically, the global strategy consulting market has been segmented into North America, Europe, the Middle East & Africa, and South America.


North America is likely to lead the strategy consulting market. The players present in North America are one of the top players in the world. North America accounted for the largest market share of XX% in 2021, with a market value of USD XXX million; the market is expected to register a CAGR of 5.3% during the forecast period. Europe was the second-largest market in 2021, valued at USD XXX million; the market is projected to exhibit a CAGR of 5.9%. However, the market in Asia-Pacific is expected to register the highest CAGR of 7.1%.


GLOBAL: STRATEGY CONSULTING MARKET, BY REGION, 2021 (% SHARE)STRATEGY CONSULTING MARKET, BY REGION, 2021 (% SHARE)Source: Industry Expert, Secondary Research, and MRFR Analysis


Competitive Landscape


The strategy consulting market consists of various major as well as privately held consulting firms. Rising need for customer-centric consulting services and maintaining sustainable competitive advantage is positively impacting the strategy consulting market. The consulting firms compete with each other to provide cost-efficient and digitized consulting services to businesses and customers. The solution providers offer a wide range of consulting services ranging from business strategy consulting to financial consulting. However, according to MRFR analysis, the growth of the strategy consulting firms is dependent on market conditions, digitization, as well as industrial development.


McKinsey & Company, Boston Consulting Group, Bain & Company Inc., PricewaterhouseCoopers (PwC) (Booz & Co.), Roland Berger LLC, Marsh & McLennan Companies Inc. (Oliver Wyman), Kearney, Deloitte Touche Tomatsu Limited, Accenture, Ernst & Young Ltd., KPMG International Cooperative (KPMG), Mercer, LLC, Booz Allen Hamilton Inc., CGI Inc., and The Hackett Group, Inc. are some of the prominent players competing in the market to provide better solutions in order to increase their geographical presence and enhance customer and business engagement.


Recent Developments



  • In June 2022, Ernst & Young announced an investment of USD 1 billion in a next-generation assurance technology platform for providing high-quality audits and responding rapidly to changing expectations from regulators, governments, standard setters, audit committees, and boards. The integration of this platform will help facilitate advanced risk identification and further boost the capital market.

  • In May 2022, McKinsey & Company had announced the foundation of a new platform aimed at helping clients across industries transform their sustainability function. McKinsey Sustainability aims to help clients reach net-zero by 2050 and cut carbon emissions in half by 2030.

  • In May 2022, McKinsey acquired Madrid-based S4G Consulting (S4G) to help organizations drive end-to-end growth transformation and put AI-powered capabilities at the heart of customer relationship management. As a top Salesforce Platinum Partner, S4G specializes in helping companies of all sizes extend the power of Salesforce’s CRM platform to engage with their customers anytime, anywhere.


Report Overview


This study estimates revenue growth at global, regional, and country levels and offers an overview of the latest developments in each of the sub-sectors from 2018 to 2030. For this analysis, MRFR segmented the global strategy consulting market has been segmented based on service, organization size, and vertical.


By Service



  • Business & Corporate Strategy

    • Value Creation Strategy and Shareholder Activism Defense

    • M&A, Transactions, and Post-Merger Integration

    • Strategic Planning Excellence

    • Finance Function Excellence

    • Risk Management

    • New market entry opportunities

    • Digital transformation strategy

    • Go-to-market strategy

    • Others



  • Innovation Strategy & Delivery

    • Business Model Innovation

    • Corporate Venturing

    • Product Innovation & Engineering

    • Transaction Strategy

    • Operational and IT diligence

    • Commercial & Vendor due diligence

    • Integration strategy planning and execution

    • Divestiture strategy planning and execution

    • Value realization and tracking

    • Others



  • People Strategy

    • Leadership Development

    • Talent Development, Upskilling, and Reskilling

    • Organizational Culture

    • Learning Programs

    • Digital HR

    • Others



  • Technology Strategy

    • Cloud strategy & advisory

    • Intelligent operating model & innovation

    • Resilient architecture

    • Analytics & automation

    • Others




By Organization size



  • Large Enterprise

  • SME


By Vertical



  • IT & Telecommunication

  • Retail

  • Manufacturing

  • BFSI

  • Healthcare

  • Pharmaceuticals

  • Others



Report Scope:

Report Attribute/Metric Details
  Market Size   2021- USD: 37,954.4 million 2030- USD: 63,246.1 million
  CAGR   5.7%
  Base Year   2021
  Forecast Period   2022–2030
  Historical Data   2018-2020
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   By Service • Business & Corporate Strategy • Innovation Strategy & Delivery • Transaction Strategy • People Strategy • Technology Strategy By Organization size • Large Enterprise • SME By Vertical • IT & Telecommunication • Retail • Manufacturing • BFSI • Healthcare • Pharmaceuticals • Others
  Geographies Covered   • North America • Europe • Asia-Pacific • Middle East and Africa • South America
  Key Vendors   1. McKinsey & Company (US) 2. Boston Consulting Group (US) 3. Bain & Company Inc. (US) 4. Pricewaterhousecoopers (PWC) (Booz & Co.) (UK) 5. Roland Berger LLC (Germany) 6. Marsh & Mclennan Companies, Inc. (Oliver Wyman) (US) 7. Kearney (US) 8. Deloitte Touche Tomatsu Limited (Japan) 9. Accenture (UK) 10. Ernst & Young Ltd. (UK) 11. KPMG International Cooperative (KPMG) (US) 12. Mercer, LLC (US) 13. Booz Allen Hamilton Inc. (US) 14. CGI Inc. (Canada) 15. The Hackett Group, Inc (US)
  Key Market Opportunities   o Integration of Technologies with Consulting Services
  Key Market Drivers   o Growing Need for Competitive Advantage o Digital transformation driving growth of consulting services


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Frequently Asked Questions (FAQ) :

North America regional market is projected to be the major driver of the market.

The segments in the market are Service, Organization Size, and Vertical.

The major contenders in the global market are are Deloitte Touche Tohmatsu Limited (Japan), PricewaterhouseCoopers (PwC) (UK), Ernst & Young Ltd (UK), McKinsey & Co. (US), The Boston Consulting Group Inc. (US), and Bain & Company (US).