South-East Asia Consulting Services Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

South-East Asia Consulting Services Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The South-East Asia Consulting Services Market size is estimated at USD 10.51 billion in 2024, and is expected to reach USD 14.81 billion by 2029, growing at a CAGR of 7.10% during the forecast period (2024-2029).

Consulting services provide specialized expertise for a fee, encompassing advisory and implementation-based services. A cornerstone of consulting is the commitment to an independent and unbiased perspective. Although consultants have the flexibility to operate across various sectors, the term has become predominantly linked with business advisory services in recent decades. This emphasis spans business strategy, management, organizational and operational processes, and technology.

Key Highlights

• Southeast Asia is a vibrant hub for the consumption of online goods and services. The region boasts a burgeoning tech start-up scene bolstered by ambitious national strategies championed by its governments. Yet, amidst this digital push, growth remains uneven regionally and within individual nations.
• While human capital is pivotal for poverty alleviation, sustainable development, and social unity, Southeast Asia grapples with a gap: digital literacy and skills trail behind infrastructure and usage. Technology adoption is rising, yet challenges like affordability, connectivity, and coverage persist.
• Organizations in the region are increasingly investing in emerging technologies, driven by the imperative to stay competitive in the market. Consulting firms are instrumental in this journey, guiding businesses in technology adoption and implementation, ensuring they meet their strategic objectives while managing the associated complexities and risks. These firms provide critical insights and strategies that help businesses navigate the fast-evolving technological landscape.
• As organizations focus on efficiency to meet their strategic objectives, consulting services are pivotal in promoting sustainable growth and navigating intricate challenges. Consulting services and the integration of new technologies and strategies provide the necessary expertise and strategic direction that businesses need.
• Consulting services have long been vital for businesses seeking expert guidance and solutions to navigate challenges. The market has faced significant hurdles in recent years, grappling with modern projects' intricacies and the consulting realm's shifting dynamics. The consulting services industry has become a complex and multifaceted environment, requiring firms to continuously adapt and evolve to meet the changing needs of their clients.

South-East Asia Consulting Services Market Trends

Strategy and Operations Segment to Witness Major Growth

• Strategy consulting encompasses the assistance provided to businesses in formulating strategic plans for a range of processes. Typically, strategy consultants collaborate with C-suite executives and senior management to gain insights and offer recommendations aligned with a company's goals and objectives. This consulting field is dedicated to aiding private sector clients in creating corporate, organizational, or functional strategies, as well as supporting public sector organizations and institutions in formulating economic policies.
• The strategy consulting services market encompasses a variety of disciplines, including corporate strategy, business model transformation, economic policy, mergers & acquisitions, and organizational strategy. In Southeast Asia, industries such as financial services, information technology, and life sciences are experiencing significant growth, creating numerous opportunities for various firms. As companies continue to evolve with diverse advancements and portfolios, competition intensifies. Consequently, there is an anticipated increase in demand for strategy consulting services throughout the region to deliver tailored solutions to various businesses.
• Consulting projects in operations management enhance client operations by providing guidance and assistance in implementing modifications to the target operating model, functional business processes, management systems, organizational culture, and other components of the value chain. The operations consulting and management services market encompasses several key disciplines, including organizational operations, sales and marketing, supply chain, sourcing and procurement, business process management, and outsourcing.
• The sourcing and procurement services within operations management encompass all activities related to procurement, focusing on the identification, assessment, and engagement of suppliers for the acquisition of goods and services. This sector is anticipated to experience significant growth during the forecast period, driven by the implementation of spend analysis to identify synergies and enhance both direct and indirect procurement operations. The increasing investments in the infrastructure by countries like Indonesia, Malaysia, and others are expected to drive opportunities across the supply chain and sourcing & procurement segments. According to the Ministry of Finance Indonesia, by 2024, the Indonesian government will allocate IDR 423 trillion (USD 0.027 trillion) for infrastructure development, an increase of 8% compared to 2022.

Vietnam Holds Major Market Share

• The country has been registering significant growth in its economic development in line with the growth of its manufacturing and service sectors through startup and foreign direct investments. These are fueling the growth of the business ecosystem in Vietnam and creating a growth opportunity for consulting services during the forecast period.
• The National Business Registration Portal in Vietnam reported significant growth and an increasing monthly number of newly registered businesses. This will require business, financial, and operational strategy and advisory services in the market, supporting the growth of consulting services. In April 2024, the General Statistics Office (GSO) of Vietnam reported that around 14.3 thousand new business registrations were recorded in Vietnam in November 2023.
• Vietnam has actively pursued trade liberalization to foster an export-oriented economy, complementing its efforts to attract external investments. In line with this strategy, the nation has entered into Free Trade Agreements, supporting the business activities in the country, which would help the demand for consulting services.
• The country's government is prioritizing infrastructure development to support the country's manufacturing capability and service sector growth by building special economic zones and industrial parks, which would create a market growth opportunity. AMATA's industrial park projects in Vietnam have witnessed a surge in positive developments, attracting investments from multinational corporations.
• In August 2024, the northern midland province of Phu Tas completed the construction and expansion of 7 industrial zones and 21 industrial clusters, aiming to attract manufacturing and business projects. This shows the development of the industrial sector in the country, which would support the demand for consulting services for strategy, operations, technology, and financial productivity of businesses.

South-East Asia Consulting Services Industry Overview

The Southeast Asian consulting service market is fragmented and substantially competitive, and it comprises many regional and global players. These market participants account for a significant share and focus on increasing their global client base. They focus on strategic alliances, R&D activities, and other organic as well as inorganic growth strategies to stay competitive within the market, and some of the players are Deloitte Touche Tohmatsu Limited, Accenture PLC, PricewaterhouseCoopers LLP, Ernst & Young Global Limited, Cognizant Technology Solutions Corporation.

• March 2024 - Itochu, a prominent Japanese trading and investment firm, partnered with the renowned consulting firm Boston Consulting Group to establish a new consultancy focused on digital transformation. This joint venture aims to guide companies in implementing effective digital transformation strategies and assist in managing intricate technological changes.
• February 2024 - According to McKinsey, it has significantly enhanced its expertise in implementation, digital and organizational transformation, and sustainability consulting in recent years, notably through the acquisition of over 25 firms. In 2023, the organization achieved a remarkable revenue of approximately USD 16 billion.

Additional Benefits:

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