Rockville, Feb. 21, 2023 (GLOBE NEWSWIRE) -- The management consulting services market is expected to grow at a 4.8% CAGR between 2023 and 2033, according to Fact.MR. By 2033, the global market for these products is expected to reach US$ 477.3 Billion. According to Fact MR, a provider of market research and competitive intelligence, the global management consulting services market is rapidly growing and is expected to continue its growth trajectory in the coming years.
The growth of the management consulting services market is driven by a range of factors, including technological advancements, globalization, complex regulatory environments, changing business models, increasing competition, demands for cost-saving measures, and growing awareness of the benefits of management consulting. These factors are creating significant opportunities for management consultants and driving the continued growth of this industry.
With the rapid pace of technological innovation, companies have been struggling to keep up with the latest developments and ensure that their operations are efficient and effective. This has led to increased demand for management consultants who can provide guidance and support in areas such as digital transformation, data analytics, and automation. This factor is anticipated to accelerate the growth of the management consulting services market during the forecast period.
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Additionally, the growth of the global economy and the increasing interconnectedness of businesses have led to increased requirement of management consultants with experience in cross-border transactions, international operations, and cultural sensitivity. This is likely to fuel the market growth in the near future. The companies operating in highly regulated industries, such as finance, healthcare, and energy, are facing an increasingly complex regulatory environment. This has led to increased demand for management consulting, which can help these companies navigate these regulations and stay compliant.
Furthermore, with the rise of e-commerce, the gig economy, and other new business models, companies are facing new challenges and opportunities, and the management consulting services can help these companies adjust their strategies as well as operations to take advantage of these changes. In addition, the companies are becoming increasingly aware of the benefits of working with management consultants, including improved business performance, better decision-making, and enhanced organizational efficiency. Hence, these factors are projected to propel the revenue share of the market in the forthcoming years.
Key Takeaways from the Market Study
- In 2023, the global management consulting services market is estimated to have a global market size of US$ 298.6 Billion
- The operational consulting category is expected to have a 43% market share in 2023 and to dominate the global market from 2023 to 2033.
- The BFSI category is expected to have a 37% market share in 2023 and to dominate the global market from 2023 to 2033.
- North America is predicted to acquire a 37% global market share by 2023.
- Europe is forecast to have a revenue share of 21% as of 2023, with regard to management consulting services
“The implementation of value-based revenue models and other strategies, as well as the increased emphasis on technological advisory, are the major factors that are anticipated to augment the growth of the Management Consulting Services market during the forecast period,” comments a Fact.MR analyst.
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Key Segments Covered in the Management Consulting Services Market Report
- By Services :
- Operational Consulting
- HR Consulting
- Strategy Consulting
- Others
- By End Use Industry :
- BFSI
- Manufacturing
- Oil, Mining & Energy
- Public Sector
- Pharmaceuticals
- Retails
- Others
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia and Oceania
- Middle East & Africa
Competitive Landscape
- Ernst & Young Global Limited, in August 2022, announced the acquisition of Digital Detox Ventures Limited, a United Kingdom-based digital engineering consultancy. The acquisition brought a range of new skills and capabilities to support EY clients across four essential sectors including real estate, health, wellness and sciences, TMT, and hospitality and construction.
- Bain & Company announced the launch of an office in Athens in June 2022. This decision was motivated by the firm's growing client base of Greek companies and the high level of demand for its services from clients.
Prominent Players in The Global Market
- A.T. Kearney, Inc.
- Accenture, Aon Plc.
- Bain & Company, Inc.
- Booz Allen Hamilton Inc.
- Boston Consulting Group
- CGI Inc.
- Cognizant Technology Solutions
- CSC Consulting Services
- Deloitte
- Ernst & Young
- KPMG International Limited
- McKinsey & Company
- Mercer LLC
- PwC, Strategyn LLC
- Sia Partners
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More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global Management Consulting Services market, presenting historical analysis from 2018 to 2022 and forecast statistics for the period of 2023-2033.
The study reveals essential insights based on management consulting services market analysis by services (Operational Consulting, HR Consulting, Strategy Consulting, and Others), by end-use industry (BFSI, Manufacturing, Oil, Mining & Energy, Public Sector, Pharmaceuticals, Retails, and Others), and by region (North America, Latin America, Europe, East Asia, South Asia and Oceania, and Middle East & Africa).
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