Global Strategy Consulting Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Strategy Consulting Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Strategy consulting, often referred to as strategy consultancy, strategic advisory or boardroom consulting, is regarded by the majority of consultants as the most 'high-end' and prestigious segments within the professional services industry. Strategy consulting or strategic consulting is the process of bringing in an outside advisor or firm to help businesses guide them on how to better achieve their goals. Businesses leaders will work with strategy consultants to develop and execute plans for bridging gaps, overcoming challenges, and finding opportunities.

Typically, these professionals advise the company during a set period of time, during which they will get to know the key players in various departments, closely examine processes and procedures, and analyze all aspects of the business or individual department, all toward the end goal of solving problems and helping the organization achieve its objectives. This may involve a complete overhaul of company missions and operations.

Market Overview:

The latest research study on the global Strategy Consulting market finds that the global Strategy Consulting market reached a value of USD 44688.2 million in 2022. It’s expected that the market will achieve USD 74534.98 million by 2028, exhibiting a CAGR of 8.9% during the forecast period.

The growth of downstream customers' demand for strategic consulting is the main driving force for the development of the industry

There are several situations where a business may hire a strategic consultant or firm to help them take the company to the next level. For example, a business that is undergoing a merger or acquisition will hire a strategic advisor. Currently, strategic consultants are adapting existing technologies to improve business performance by creating new products or improving current processes, thereby positioning their clients' businesses for a better competitive advantage. Digital strategy consultants focus primarily on the use of technology aimed at changing business models and creating possibilities for digital platforms. This will embed a new transformation process that facilitates the implementation of technologies in support of overall business objectives, ultimately contributing to the growth of the strategy consulting market. At the same time, faster project delivery is actively driving the market. Downstream customers expect shorter project periods, greater value and reusability. For consultants, it is necessary to respond to customer needs more quickly and deliver consulting suggestions that can bring exact results to customers.

Consulting projects are increasingly global

Changes in strategic consulting projects for company operations along with increasing globalization continue to positively impact the growth of the market. It improves the ability to understand the market and attract and retain high-value customers. In addition, globalization has facilitated the diffusion of new IT and telecommunication technologies, which has had an impact on the redesign of internal processes and the creation and support of new consulting business models.

Region Overview:

Americas had the highest growth rate of all regions

Company Overview

Boston Consulting Group, McKinsey & Company, Bain & Company were the top 3 players in the Strategy Consulting market in 2022.

Boston Consulting Group

Boston Consulting Group is a global consulting firm that partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. On January 10, 2023, Boston Consulting Group (BCG) was named a leader in the customer experience (CX) strategy consulting practice in a new report from independent research firm Forrester Research. Forrester's report assessed 14 of the foremost CX strategy consulting providers, identifying participating vendors as challengers, contenders, powerhouses, or leaders. Based on its performance, BCG ranks among the leaders.

McKinsey & Company

McKinsey & Company is a global management consulting firm. McKinsey & Company is a trusted advisor to the world's leading businesses, governments and institutions. McKinsey & Company works with leading organizations in the private, public and social sectors. McKinsey & Company's size, scope and knowledge enable us to solve problems that others cannot. McKinsey & Company has deep functional and industry expertise and broad geographic reach. McKinsey & Company is passionate about taking on big challenges that matter to our clients and to the world.

Segmentation Overview:

Among different product types, Business Strategy segment is anticipated to contribute the largest market share in 2027.

Application Overview:

By application, the BFSI segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Strategy Consulting market covered in Chapter 3:

Cognizant Technology Solutions
Bain & Company
Deloitte Consulting
Boston Consulting Group
Accenture Consulting
Ernst & Young Advisory
KPMG Advisory
GEP
IBM Global Services
PricewaterhouseCoopers Advisory
Tata Consultancy Services
McKinsey & Company
Infosys Consulting
Capgemini Consulting
CGI Group

In Chapter 4 and Chapter 14.2, on the basis of types, the Strategy Consulting market from 2018 to 2029 is primarily split into:

Operations Strategy
Business Strategy
Investment Strategy
Technology Strategy
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Strategy Consulting market from 2018 to 2029 covers:

IT & telecom
BFSI
Energy & Utilities
Healthcare
Manufacturing
Government and Public Sector
Retail and E-commerce
Automotive
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)