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Management consulting refers to the practice of helping organizations enhance their performance by operating through the analysis of previous organizational concerns, along with the development plans for its improvement. Organizations across the world can draw the services of management consultants for gaining access and external advice to the consultant’s specialized expertise. The market is witnessing strong growth prospects owing to internationalization, coupled with the growth of segments like digital and cybersecurity and design thinking.Management consulting services helps to evaluate the present issues and make improvement plans accordingly. Surging concerns towards enhancing operational efficiency plummeting costs are considered primary growth stimulants for the management consulting services market. Soaring need for cybersecurity in order to protect businesses from threats is estimated to accelerate the market growth in the foreseeable future. Escalating demand for management consulting services from emerging economies will further represent lucrative opportunities for the market in the long run. Improving economic condition is likely to dictate the growth trajectory of the market.
Major Key Players:
Deloitte Consulting
PwC
EY
KPMG
Accenture
IBM
McKinsey
Booz Allen Hamilton
The Boston Consulting Group
Bain & Company
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The improving economy has resulted in China being favored as a region for investment by several companies across the globe. Due to investment opportunities being detected and tapped by MNCs, there is a surging demand for consulting services globally. The management consulting services market in China will witness steady growth despite economic downfall owing to soaring demand from the end users. Moreover, major consultancies have acquired digital agencies in order to boost their offerings, which has further fueled the market growth globally. The technology is much mature, and new enterprises will not be able to surpass existing brands on design or reputation in the short term.
On the contrary, the existence of freelancers is likely to vitiate the market. Also, the presence of in-house consulting groups is likely to restrict the market growth in the foreseeable future.
By type, the management consulting services market is segmented into strategy advisory, operations advisory, and HR advisory. Of these, the operations advisory is likely to gain prominence and will retain its position in the coming years.
By application, the management consulting services market is segmented into less than $500m, $500-$1bn, $1bn-$5bn, and $5bn+.
The management consulting services market has been studied under Europe, Asia Pacific, North America, South America, and the Middle East & Africa. Considering the global scenario, Asia Pacific is predicted to acquire a prominent share in the global management consulting services market. The existence of developing nations like China and India are considered as significant players stimulating the market growth in the region. The soaring demand for operational efficacy, advancing technology, and regulations compliance are some of the primary growth stimulants of the regional market. Regions like the Middle East, Europe, and North America are constantly experiencing infrastructural growth, which is further stimulating the market growth in these regions.
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July 2019: A German consulting firm, ROI Management Consulting has recently merged into Efeso Consulting. The joining of forces has further added 120 staffs and consultants to Efso consulting. This has taken the overall headcount to 500 across 30 across the globe.
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