Management Consulting Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Management Consulting Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Management Consulting Services Market is expected to register a CAGR of over 5.5% during the forecast period (2021 - 2026). There is a growing demand for the management consultancy services thereby targeting company executives and providing them with industry-specific specialists and subject-matter experts.

Key Highlights

• Implementing compliance using company policies helps to detect and prevent any violation of governance, such as fraud, abuse, or discrimination, thereby protecting the organization from fines and lawsuits.
• Advancement in the quality of services from the consultancy is innovating the efforts to develop a new perception of quality which helps them in achieving the desired results.
• Disruptive strategic innovations providing simpler or more elegant solutions to the existing problems, enabled by the emergence of new technology, often at a lower cost is expected to drive the market growth during the forecast period.

Key Market TrendsStrategic Business Operation is Gaining Traction Due to Emergence of Consulting Services

• The service includes providing advice on strategy concepts such as business strategy & operational techniques, within proper time management, depending upon the needs of the company.
• Industry professionals are trying to figure out the best way to respond to emerging trends such as AI, analytics, cybersecurity, and digital transformation.
• Collaboration across the cross-domain platforms has been a practical move in various enterprises. Investment in new technologies will continue to gain revenue for companies along with the growth strategy, acquisitions, tax & compliance.
• Further, major consultancies have implemented the digital marketing strategy to boost their offerings. For instance, in September 2018, Capgemini has merged its management consulting, digital and creative businesses into one single brand. The new unit, Capgemini Invent, bundles the expertise of Capgemini Consulting, LiquidHub, Fahrenheit 212, Idean, Adaptive Lab, and Bakelite to form an advisory group with over 6,000 consultants in 30-plus offices and 10 creative studios around the world.

North America to Register as the Largest Growing Market During the Forecast Period

• North America is the largest revenue-generating market due to the presence of some of the prominent consultancy firms catering across a wide range of end-user verticals significantly.
• The highly volatile marketplace across the economy of the United States, along with the sustained reforms in government regulation is driving companies to turn to management consulting providers for acquiring assistance in their financial operations across the region.
• Prominent consultancy providers across the region such as PricewaterhouseCoopers, IBM, Deloitte, and BCG are incorporating the digital transformation across their business model, thereby serving across multiple end-user domains.
• Also, evolving business models such as network-based consulting and crowdsourcing are now emerging across management consulting, and are being adopted by emerging players, thereby driving the demand for the management consulting services during the forecast period.

Competitive Landscape

The management consulting services market is moderately competitive and consists of a few major players. In terms of market share, some of the players currently dominate the market. However, with the advancement in the professional consultancy services, new players are increasing their market presence thereby expanding their business footprint across the emerging economies.

• October 2019 - Booz Allen has entered into a letter agreement, under its joint venture partnership agreement with the U.S. Department of Commerce’s National Technical Information Service (NTIS), to assist the U.S. Department of Defense’s (DoD) Joint Artificial Intelligence Center (JAIC). Booz Allen is collaborating with NTIS in its mission to provide innovative data services to federal agencies, through joint venture partnerships with the private sector, to advance federal data priorities, promote economic growth, and enable operational excellence.
• October 2018 - Bain & Company and Endava have entered into a global strategic partnership, combining Bain’s industry-leading management consulting services with Endava’s world-class strategy-led enterprise delivery and next-gen technology services. The Bain-Endava partnership brings together deep skills in business and technology strategy, product ideation, technology development & deployment, and organizational change management to help support clients through successful transformations.

Additional Benefits:

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

Companies Mentioned

McKinsey & Company
Bain & Company
Boston Consulting Group
Booz Allen Hamilton Inc.
Deloitte Touche Tohmatsu Limited
KPMG International
Gartner Inc
Wikistrat Inc.
Ernst & Young Global Limited
PricewaterhouseCoopers LLP
AT Kearney Inc
Tata Consultancy Services
Accenture PLC
Oliver Wyman Inc
Capgemini SE
LEK Consulting LLC
Mercer LLC

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