Asia/Pacific (Excluding Japan) Business Consulting Services 2022 Market Share

Asia/Pacific (Excluding Japan) Business Consulting Services 2022 Market Share

As volatility becomes the new normal, enterprises in Asia/Pacific are becoming cautiously optimistic about economic growth; hence, they are scrutinizing their spending with third-party SPs to manage cost. This IDC Market Share reviews the top 10 business consulting services (BCS) vendors in Asia/Pacific (excluding Japan) (APEJ) for 2022 as ranked in IDC's 2H22 APEJ IT and Business Services Tracker. The following sections provide key findings and conclusions from IDC's analysis of the APEJ BCS market. Because exchange rate volatility can have a significant effect on growth rates across both time periods and geographies, all market sizing and forecast numbers as well as associated growth rates were measured using constant currency.The year 2022 witnessed enterprises in Asia/Pacific preparing for an economic slowdown that is driven by the impact of inflation and recessionary pressures. As a result, the BCS market in APEJ grew by 7.7%, reaching US$8.61 billion in 2022. Enterprise buyers continued to bank on the expertise of BCS providers to optimize business operations to save cost and accelerate business model changes to fit the digital-first world.The top 10 business consulting services providers by market share represented 93.22% of the APEJ market in 2022, increasing slightly compared with the 91.6% share rate in 2021. Most of the top 10 vendors continued to sustain growth in this area because of the increasing customer demand to align business models with digital strategy, manage change associated with legacy IT modernization, and transform core industry operations to achieve business resilience.IDC's analysis of the business consulting services market found that Deloitte led all BCS SPs for 2022 by achieving an estimated revenue of US$2.13 billion for business consulting services in APEJ. Deloitte was followed closely by PricewaterhouseCoopers (PwC) and McKinsey & Company, which ranked second and third, respectively. Accenture and Ernst & Young (EY) rounded out the top 5.Going in to 2023, economic expectations for 2023 in APEJ remain more positive than the global average, which is expected to further boost growth in the BCS market in APEJ. According to IDC's 2023 Future Enterprise Resiliency and Spending Survey, Wave 12, 66% of enterprise respondents plan to increase spending on business consulting services in 2023 compared with their spending in 2022.According to IDC FutureScape: Worldwide Digital Business Strategies 2023 Predictions — Asia/Pacific (Excluding Japan) Implications (IDC #AP47847021, December 2022), by 2026, 40% of the total revenue for A2000 organizations will be generated by digital products, services, and experiences, indicating the further expansion of the digital business fabric. As a result, value creation within the digital business fabric takes center stage, and enterprise buyers will bank on the expertise of their BCS providers to operate and innovate within the digital fabric efficiently. BCS providers will help enterprises manage changed behaviors, processes, people, technology, data, and governance to close the ROI gap within the digital fabric.This IDC study provides a review of the top 10 business consulting service vendors in APEJ for 2022 as ranked in IDC's 2H22 APEJ IT and Business Services Tracker."This year proves to be a watershed year for business consulting. Against a backdrop of digital acceleration and economic uncertainty, U.S.–China relations, and a crisis of trust in Australia, the industry will need to rally to ensure that it keeps its client focus mandate, as well as purpose for society and the ecosystem in the longer term," says Linus Lai, VP, IDC Asia/Pacific Software and Services Research Group.

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