Europe Management Consulting Services Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The Europe Management Consulting Services Market is expected to register a CAGR of 5.52% during the forecast period. With the highly dynamic nature of several European industries and markets, especially after the COVID-19 pandemic, companies prefer to consult management consulting firms for a deeper and more assured insight into the markets and other purposes to ensure well-thought and data-backed decisions.
Key HighlightsAccording to FEACO, the number of employees in the European management consulting industry increased marginally between 2020 and last year. Also, compared to 2020, management consulting jobs in Greece grew by 11% last year, which was the highest compound annual growth rate (CAGR) that was found.
DACH Region to Hold the Largest Market ShareThe European Management Consulting Services market is moderately fragmented, with local and international players having decades of industry experience. The vendors are incorporating a powerful competitive strategy by leveraging their expertise and spending significantly on advertising. Quality certification, service offerings, costs, and technical capabilities are important factors for attracting new contracts in the market. Overall, the intensity of the competitive rivalry is high in the market, and it is expected to remain the same over the forecast period.
In February 2022, McKinsey & Company leveled up its digital division in Europe by acquiring IncepTech, a Hungary-based company that developed digital products and businesses. The addition of IncepTech added a team of more than 60 digital consultants, product engineers, and software architects in Budapest to McKinsey Digital.
Capgemini bought ChappuisHalder in May 2022 to improve the company's high-demand specialist consulting services in environment, social, and governance (ESG), and climate risk strategy. This also helped Capgemini improve its ability to help clients in Europe and South-East Asia with banking, wealth management, and insurance.
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