Strategy consulting is essential for the growth of companies operating in areas such as business service, marketing and sales, financial management and controls, information technology, human resource, quality management, and others. Strategy consulting allows companies to maintain sustainable competitive advantage amidst a challenging business environment. Market Research Future (MRFR) in-depth report on the global strategy consulting market has projected the market to reach a valuation of USD 43.98 Bn at a CAGR 5.17% over the forecast period of 2018-2023.
The necessity to sustain competitive advantage in several industry verticals is facing various supply-side challenges such as strong competition, speedily changing business models among other factors. As companies want high expertise advisory and consulting teams that offer unique capability solutions, the demand for the strategic consulting market is expected to escalate. The solutions, offered by consultants, comprise of a deep understanding of customer purchasing trends and offer a way for scalable, efficient, and sustainable operations. The onset of digital transformation has made an important impact on the strategic consulting services available globally. The IT sector, which is regarded as one of the fastest growing sectors after the BFSI sector, has drastically amplified the expenditure on consulting services in the strategy consulting market. Moreover, the consultants employed for the IT sector have been able to grow their client base and have established themselves as trusted advisors to the customers, this factor has created a significant competitive advantage for the businesses in the strategy consulting market.
Increasing volatility in the economic landscape combined with fierce competition has necessitated the need for strategy development to tide over such situations. The current business world is characterized by high difficulty level in new product launches, legal complexities, and increased incidences of various supply-side challenges. Moreover, intensifying competition has compelled businesses to resort to strategic consulting services, which help them adapt to constantly changing business models.
Digitalization has had a tremendous impact on the growth of the strategy consulting market. The IT and BFSI sectors have turned to strategy consulting services to enhance their offerings, which are likely to deepen the level of growth of strategy consulting market. The inclusion of advanced technologies such as automation and artificial intelligence (AI) is estimated to create favorable groundwork for the expansion of the strategy consulting market.
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The global strategy consulting market is segmented on the basis of application, product, and region. On the basis of product, the market for strategy consulting consists of operation consultant, business strategy consulting and investment consultant. The operation consultant segment is projected to dominate the segment while attaining at USD 16.67 billion by the end of the year 2025 with 3.93% CAGR in the forecast period. The business strategy consulting segment is projected to witness a CAGR of 6.04% and is expected to be the fastest increasing segment in the strategy consulting market through the forecast period.
Based on application, the strategy consulting market consists of the chemical sector, financial sector, and automotive sector. The financial sector is likely to control the application segment in the strategy consulting market in the course of the forecast period. The automotive sector is estimated to develop while earning USD 13.68 billion in revenues by the end of the year 2025 and will expand with a CAGR of 6.54% and is estimated to be the quickest growing application segment in the strategy consulting market globally in the forecast period. The regions included in the report are Asia Pacific, Europe, North America and the rest of the world.
Region-wise, the strategy consulting market has been segmented into Asia Pacific (APAC), Rest-of-the-World (RoW), Europe, and North America.
North America accounted for the principal share of the global market in 2013 and is likely to reach USD 16.64 Bn at a CAGR of 4.75% over the forecast period. The US is a prominent market for strategy consulting in the North American region. Competitive business environment in the region along with the clustering of major market players in the region have driven the market majorly.
Europe is the second largest strategy consulting market and is expected to expand at a CAGR of 5.47% over the forecast period. The Europe market is anticipated to reach USD 13.64 Bn by the end of 2025. Europe is following the path guided by North America and is increasingly investing in strategic consulting, which is likely to augment the growth of the market over the forecast period. The burgeoning growth of the industrial sector in APAC has attracted massive investments in the region, which provides lucrative opportunities for the growth of the strategy consulting market.
The notable players in the global strategy consulting market include Roland Berger LLC, Accenture, Deloitte Touche Tohmatsu Limited, The Boston Consulting Group Inc, Marsh & McLennan Companies Inc, A.T. Kearney Inc, Bain and Company, Mc Kinsey & Company, Pricewaterhouse Cooper (PwC),
June 2019 – PA Consulting Group, a consultancy specializing in management consulting, technology and innovation, announced the acquisition of 4iNNO, Cincinnati-based firms specializing in new product platforms.
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