US MANAGEMENT CONSULTING SERVICES MARKET - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

US MANAGEMENT CONSULTING SERVICES MARKET - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Management consulting firms provide services which help the organizations improve their efficiency. The firm analyzes the operations and understand the existing oranizational inefficiencies ranging from high cost of raw materials to HR policies in the organization. Post which the firm uses its expertise develops a plan to tackel all the issues in the best possible way. With growing competition in the market in various industries, profit margins are shrinking and one of the best ways to improve the profits is through increasing the organizational performance. Considering the wealth of experiance these consulting firms bring businesses competing at the highest level cannot afford to not have access to management consulting services.

Key Market TrendsIncreased emphasis on understanding client's requirement

The biggest challenge management consulting firms face is the change in customer demands. Over half of the firms in US have reported this as one of the major challenge which they consistantly face. The clients requests for a particular information wnd when the information is provided the client would want more or claim that the information provided was not what he wanted. Occassionally such situations can boost the revenue of the company as they demand more money for additional hours put in the report but often it hinders the business efficiency. Considering the same, consulting firms are expected to improve their communication with clients and eliminate re work of the project.

Considering clients demands are becoming more complex, as competition increases resulting in decreasing profit margins staying ahead of the market has become a paramount importance to the clients. Hence, clients seek more information and this issue will continue to persist. Majority of the clients will take measures to tackle the issue in next five years.

Growth of new market research market

The 'new' generation market research firms have grown in prominance in last decade. One of the major factors being that management consultancy firms are fast becoming as expensive proposition to partner with. The growth of 'new' research firms and availability of various databases has resulted in the rise of business analytics tools. This has made it possible for businesses to collect important and actionable data at fraction of a cost management consultancy firms would charge. This could act as a huge disrupter in the management consultancy market.

However, management consultancies still have their niche as majority of fortune 500 companies would still prefer partnering with a management consultancy firmover a market resaerch firm citing credibility and the fact that these firms act as a one-stop destination for all their consultancy needs ranging strategy consulting to legal consulting. The new resaerch market is growing 6.48% between 2013 and 2018 while Traditional research firms grew at 3.16% CAGR during the same period.

Competitive Landscape

Competitive landscape analysis provides detailed strategic analysis of the company’s business and performance such as financial information, revenue breakup by segment and by geography, risk analysis, key facts, company overview, business strategy, key product offerings, marketing and distribution strategies, new product development and recent news.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Deloitte
EY
KPMG
PwC
McKinsey
Boston Consulting Group
A.T Kearney
Booz Allen Hamilton
Bain & Company
Accenture Strategy

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