The global management consulting services market size will grow from $976.3 billion in 2022 to $1,022.2 billion in 2023 at a compound annual growth rate (CAGR) of more than 4%, according to The Business Research Company’s Management Consulting Services Global Market Report 2023.
The management consulting services market is expected to grow from $1,184 billion in 2027 at a CAGR of more than 3%. Going forward, faster economic growth, increasing investments in smart cities, increasing focus on customer satisfaction, and global collaboration for environmental protection will drive management consulting services market growth.
3 Technologies Revolutionizing the Management Consulting Market
The global management consulting services market is fragmented, with a large number of players. Deloitte Touche Tohmatsu Limited was the largest competitor with 3.6% share of the market, followed by Accenture, PwC, Ernst & Young, KPMG, Boston Consulting Group, Inc., McKinsey & Company, International Business Machines Corporation, Bain & Company, and Booz Allen Hamilton. To stay competitive in the market major players are adopting new toolsets and offering consulting services that focus on a variety of new technologies.
1. Management Consulting Enters the Metaverse
Consulting companies are offering metaverse services to help companies develop strategies to operate and interact with customers in transformative ways. For instance, in March 2022, Accenture, an Ireland-based management consulting company, launched a new metaverse advisory business line, which will support clients with everything from strategy through to metaverse world-building.
2. Internet of Things (IoT) Consulting
IoT consulting helps capture enormous business opportunities created by network-connected devices. For instance, Ernst & Young, a UK-based management consulting company, provides IoT consulting services to help clients effectively capitalize on IoT technology and solutions, linking technology, vendors and customers through a holistic business model.
3. Automation and Artificial Intelligence (AI) Consulting
AI and automation help management consultants analyze massive amounts of data more efficiently and faster than an average human. For example, JLL, an American professional services and investment management company specializing in real estate, leverages an AI analysis system to drastically streamline workloads.
Lucrative Segments and Regions for Management Consulting
The global management consulting services industry is segmented as follows:
- By type: operations advisory, financial advisory, technology advisory, strategy advisory, other consulting services, HR advisory
- By end use industry: IT services, manufacturing, financial services, mining and oil & gas, construction, other end use industries
- By service provider: large enterprise, small and medium enterprise
As per The Business Research Company, top opportunities in the management consulting services market by type will arise in the operations advisory market, which will gain $63.5 billion of global annual sales by 2026. Western Europe held the largest management consulting market share in 2022.
To take advantage of the opportunities, The Business Research Company recommends that management consulting services companies focus on adopting advanced technologies, expanding in emerging economies, leveraging mergers and acquisitions, employing value-oriented pricing and competitive prices, using B2B promotions, and targeting fast-growing end-use industries.
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