ID: MRFR/ICT/5515-CR | February 2020 | Region: Global | 104 pages
Strategy Consulting Market Overview:
The Strategy Consulting Market was valued USD 30.90 billion in 2018 and is expected to expand at ~27.60% CAGR and reach USD ~42,129.4 Million by 2027. There is a mushrooming need for strategic planning which is exceeding in a competitive market ecosystem and also, the business capabilities require sturdy and fruitful strategic plans for the ongoing forecast period.
The strategic consulting market can be understood as the concept of strategic advisory or boardroom consulting. A huge majority of consultants opt for a high-end and prestigious consultation that exists within the professional services that belong to the particular industry. Also, the main focus of such consultancies is the private sector clients that have the ability of corporate growth with the implementation of the functional and organizational strategies. Also, the public sector organizations and institutes seek these services along with the implementation of an awarding and reliable economic policy. Post the COVID 19 scenario, the market players of both the private and public sector are opting for these strategies during the forecast period of 2021-2027 so that there is a minimization of losses and increase in the productivity graph.
Strategy Consulting Market COVID 19 Analysis:
The arrival of the COVID 19 pandemic is accelerating trends in the market which most of the market vertices and industries are not familiar with. However, the market players are adopting these changes and implementing similar changes that will help the industries and companies pull themselves out from the after-effects of the pandemic. The key demand during the pandemic was for the healthcare sectors and the services rendered. The other industries and markets are struggling to cope up with the disrupted management to meet the market demand, maintain a proper flow of the demanded finished goods, and also, cope up for the investments that will help the strategy consulting market share growth during the ongoing forecast period of 2021-2027.
Hence, the strategy consulting market trends are resurfacing amongst most of the private and public sector enterprises. The market players, in the name of strategies and consultations, are open to mergers and acquisitions that will expand their market in the international market and also, allocate a larger budget that will help the market opt for growth opportunities on the way during the forecast period of 2021-2027. Also, the key focus while developing the strategic consultations is strategy and innovation that will help the developed market regions dominate the market operations.
Strategy Consulting Market Dynamics:
The global market is home to advantageous inputs that will help the global market grow as per the prediction for the forecast period of 2021-2028. There is a growing need for strategic planning amongst businesses for their wide growth. Also, there is an increase in competition amongst businesses to dominate the market operations which is further, developing the need for implementation of strategic consulting and planning. The businesses do not want to lag in competition and hence, are investing in adopting the strategies rendered by the strategy consultants on a large scale during the forecast period that ends in 2027.
However, the market needs to focus on the target audience that is not fully aware of the services and suggestions rendered by the consultants and players functioning in major locations across the globe. Also, the cost of the services is high which is further hampering the market growth and reducing the demand. The players are on the way to developing solutions that will reduce the operational cost and help in cost-cutting, as well.
Strategy Consulting Market Technology Analysis:
The strategic consulting market growth is expecting a good rise during the forecast period of 2021-2027 to its wide-scale and reliable adoption amongst the advisory department of the organization. Also, the current need of the market is the implementation of a strategy that is impartial and is also based on the in-depth knowledge of the specific industry to which it is implied. The main aim behind this is to deliver the best results. Several consultants make use of the most prominent consultancy services that are backed with professional expertise to render the best market results during the forecast period of 2021-2027. Also, the emphasis lays on strategies that support the growth initiatives and help the market reach its organizational goals and objectives.
Strategy Consulting Market Study Objectives:
To study the market scope and dynamics and consider the view points as stated by the industry experts and market leaders during the forecast period
To study the revenue potential possessed by the market segments that are functional in major global regions during the forecast period
To draw a competitive graph amongst the prominent players of the market and analyze the recent developments undertaken during the forecast period of 2021-2027
Strategy Consulting Market Segment Overview:
The strategic consulting industry is addressing the growing concerns for enterprises belonging to both the public and private sectors. Hence, the market has been segmented into various segments that are functional in major global regions. The market has been segmented based on the following:
The global market players lend services like corporate strategies, business model transformations, and economic policies that can be implemented across various departments and help the market improvise on the steps that will help in better performance of the competitors during the period that ends in 2027.
The consultants and strategic planners lend their knowledge and skill across sectors like BFSI, healthcare, alongside IT and telecommunications.
Owing to the trends and demand that is being generated by the target audience during the forecast period that ends in 2028. The target audience is not stagnant in a single place, the market is currently functional in 4 major regions. These are the North American region, European nations, the APAC region, alongside the rest of the world (RoW).
Strategy Consulting Market Regional Analysis:
The strategy consulting market forecast predicts that the North American market is likely to dominate the global market operations during the forecast period that ends in 2028. The North American market is home to the players that are majorly flocked in the US and Canadian regions. The United States is predicted to emerge as the major adopter of consulting services and the market is still in the growing phase. The market is majorly adopting new technologies along with the relevant tools to develop and implement the strategic plans on a global scale during the forecast period of 2021-2028.
Strategy Consulting Market Competitive Landscape:
To understand the competitive degree prevailing in the market during the forecast period. The report aims to draw a similar graph amongst the market players functioning across various global regions. Also, the market players are undergoing mergers, acquisitions, and takeovers to expand their scale of operations and global presence during the forecast period. The global players rendering consultation services are as follows:
Strategy Consulting Market Recent Developments:
The key market players that are functioning in the APAC region are opting for high growth during the forecast period amongst the industries especially. The main reason is that these countries have been largely hit by the pandemic and are on an outlook for innovative strategies that will lead to market expansion and revival of the companies.
Market players like Deloitte are opting for consulting services that are making a major shift from the reliance on humans for their contribution in fields like research and analysis along with processes and management. These trends will help in transforming the current billable hours and models into a flat-rate system.
The consultancies in the North American region are on the way to developing comprehensive digital strategies that can be implemented across the prominent players in the region. These strategies will help in revamping the existing businesses and operational models that will help the market grow as per the prediction during the forecast period that ends in 2028.
Strategy Consulting Market Report Overview:
The global strategy consulting market report discusses the market dynamics and key growth strategies that will help the market grow as per the expected CAGR rate and reach the predicted valuation during the forecast period. The report helps in discussing the revenue potential of the market and for the same, the report discusses the performance of the segments in various global locations. Also, the report mentions the expected regions that will dominate the market trends and also the potential players by undertaking their recent developments impacting the market growth.
Frequently Asked Questions (FAQ) :
The Global Strategy Consulting Market is expected to expand at ~5.24% CAGR and reach USD 43.98 billion by 2025
In 2018, the market was valued at USD 30.90 billion
McKinsey & Company, The Boston Consulting Group, and Bain & Company are the top players in strategy consulting market
North America is expected to hold the highest market share in the market and anticipated to expand at USD 16.64 billion
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 (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), and Accenture (Europe) are some of the prominent players competing in the strategy consulting market to provide better solutions in order to increase their geographical presence and enhance customer and business engagement.
These companies follow an organic as well as inorganic growth approach through service upgrades, partnerships, and collaborations to offer solutions for companies to sustain the soaring competition. The prominent players of strategy consulting market are highly focused on offering services to provide valuable benefits to their clients. Additionally, it is witnessed that improvements of the global economic scenario combined with an increase in the need for customer and business-centric consulting services is fueling the growth of the strategy consulting market. The competitive environment in the market is likely to intensify further due to the increasing technological innovations, and mergers and acquisitions.
McKinsey & Company is a management and advisory firm delivering consulting services to government and non-government organizations, businesses, and institutions. The company offers digital, analytical, cliental, transformational, and other services in the functional business areas including technology, marketing and sales, corporate finance, risk management, and others. McKinsey & Company signed a partnership with PTC, a company offering a robust range of Internet of Things (IoT) technology. The companies together provide a digital transformation learning capability center for offering cutting-edge technology. The partnership will provide key technologies for New Industrie 4.0.
The Boston Consulting Group Inc. engages in management consulting services. The company offers services in big data and advanced analytics, finance, globalization, corporate development, change management, growth, product development, innovation, lean and manufacturing, and others. The Boston Consulting Group partnered with Reality Works Group, a sales consulting firm, to accelerate the digital sales and revenue growth of their clients. The companies will work together to deliver next-generation B2B sales and marketing offerings.
Bain & Company Inc. engages in offering business consulting services to its clients. The consulting services are primarily offered for change management, cost and supply chain management, corporate strategy, mergers and acquisitions, growth strategy, organization, information technology, organization, revenue enhancement, private equity, performance improvement, and others. Bain & Company acquired FRWD, a digital marketing agency, to offer its clients with superior marketing consulting. This acquisition results in strengthening the marketing channels of Bain & Company which benefits the clients in maintaining long-term reliance with the company.
Booz & Co. is the subsidiary of PricewaterhouseCoopers (PwC), which engages in offering consultancy services. The company offers economic and corporate accounting advisory services. It operates in the segments including crisis management, performance improvement strategies, auditing and assurance, taxation and finance, and human resources management. PwC launched its supply chain analytical platform to accelerate its expertise in digital supply chain and analytics. The analytical application for supply chain by PwC is called supply chain opportunity and optimization platform (SCOOP).
Roland Berger LLC engages in the provision of consulting services for public and private institutions worldwide. The company offers a wide range of management consulting services including strategic advice, new leadership and business models, implementation, mergers and acquisitions, private equity, and management support for infrastructure projects. Roland Berger LLC entered into a business partnership with eight new colleagues in Germany, Japan, Indonesia, Spain, and Morocco. This partnership is in course of the growth trajectory the company is going to follow.