Market Highlights
According to Market Research Future (MRFR), the global strategy consulting market is expected to reach USD 43.98 billion at 5.24% CAGR from 2018 to 2025 (forecast period). The report offers a concise summary of the global situation, the economic situation, and the COVID-19 analysis of the overall market.
Organizations in all industry verticals are facing numerous supply-side challenges, such as extreme competition and fast-changing business models. In recent years, companies in the e-commerce market, such as Amazon, Alibaba, e-Bay, and Flipkart, have been facing global and regional competition. In addition, rapidly evolving customer buying habits have also increased market competition. As a result, businesses need highly specialized advisory and consulting teams that provide unique capability solutions. These solutions, given by consultants, provide a deep understanding of consumer buying habits and provide a way for effective, flexible, and sustainable operations. The collaborative approach of consulting firms helps companies retain an advantage over rivals through their domain expertise, offering companies effective solutions to complex business problems. For example, PricewaterhouseCoopers (PwC), an internationally respected consulting firm, has collaborated 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 market changes that have driven it to restructure its business models and offer operational excellence.
Market Dynamics
The need for strategic planning in a highly competitive market ecosystem and the need to build business capabilities to meet and exceed changing requirements are surging the growth of the strategy consulting market, although the rapid development of new business models at a high pace than the conventional companies structure serve as one of the growth factors for the strategy consulting market. Driving factors such as increasing expertise across business sectors that drive consultancy needs and gain competitive advantage, and increasing regional business diversity demand for competent consultation and execution, are expected to have a significant effect on the development of the consulting strategy market in the coming years.
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Segmentation:
The global market for strategy consulting has been segmented based on services, organization size, and industry vertical.
Based on services, the global strategy consulting market has been segmented into economic policy, corporate strategy, mergers & acquisitions, organizational strategy, business model transformation, functional strategy, strategy & operations, and digital strategy.
Based on organization size, the global strategy consulting market has been segmented into small and medium enterprises (SMEs) and large enterprises. The large enterprises segment held the larger market share in 2018, whereas the SMEs segment is projected to account for the higher CAGR during the forecast period, 2019–2025
Based on industry vertical, the global strategy consulting market has been segmented into IT & telecommunication, healthcare, BFSI, retail, manufacturing, and others. The IT & telecommunication segment held the largest market share in 2018, whereas the retail segment is estimated to witness the highest CAGR during the evaluation period.
Regional Analysis
Regionally, the global strategy consulting market has been segmented into the Asia Pacific, North America, Europe, South America, and the Middle East & Africa.
North America is predicted to dominate the strategy consulting market and maintain its role throughout the forecast period. Early adoption of technology and increased investment in sustainable development programs by companies and the existence of a highly skilled workforce are driving the growth of this sector. In 2018, the US accounted for about 20 % of the global market share.
The Asia Pacific is estimated to be the fastest-growing region in the forecast period. Emerging economies like China, Japan, and India are rising faster, leading to market growth in the Asia Pacific. Furthermore, the accelerated adoption of customer-centric consulting services is also expected to accelerate the market's growth in this area.
Key Players
The industry giants in the global strategy consulting market are McKinsey & Company (US), Roland Berger LLC (Germany), The Boston Consulting Group (US), Bain & Company (US), Marsh & McLennan Companies Inc. (US), Deloitte Touche Tohmatsu Limited (UK), PwC (UK), Accenture (Europe), CGI Group Inc (Canada), A.T. Kearney (US), and Booz Allen Hamilton Inc. (US).
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