Dublin, July 07, 2023 (GLOBE NEWSWIRE) -- The "Global Management Consulting Market: Analysis by Type, By Sector, By Enterprise Size, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2028" report has been added to ResearchAndMarkets.com's offering.
In 2022, the global management consulting market was valued at US$307.62 billion, and is probable to reach US$511.88 billion by 2028.
Management consulting is a professional service industry that assists organizations in improving their performance, solving complex problems, and implementing effective strategies. It involves highly skilled consultants who offer objective advice, expertise, and specialized knowledge across various industries and functional area.
The type of consulting services demanded often varies depending on the state of the economy. During periods of economic growth, companies typically seek out consulting services to help them with growth strategies, M&A, and new product development. This can include services like market research, strategic planning, and financial consulting. Conversely, during periods of economic contraction, companies may be more focused on cost-cutting measures, operational efficiency, and risk management.
This can lead to increased demand for consulting services related to restructuring, supply chain management, and risk analysis. Globalization, consolidation, developments in laws and legislation, efficiency and technology have acted as the main growth drivers of the global management consulting industry. The global management consulting market value is projected to grow at a CAGR of 9.00%, during the forecast period of 2023-2028.
Global Management Consulting Market Dynamics:
- Growth Drivers: Regulatory Reforms has the potential to boost the growth of the management consulting market. This is because regulatory reforms bring about a change in government policies, laws, and regulations and companies need to understand and comply with the updated regulations to avoid legal and financial risks. Management consulting firms offer expertise in regulatory compliance, helping organizations navigate complex regulatory landscapes, assess compliance gaps, and develop strategies to meet regulatory requirements. These reforms may result in an increase in management consulting services, as well as market growth overall. Further, the market is expected to increase due to globalization, rapid urbanization, rising GDP, increased need for digital consultancy and Public Private Investments.
- Challenges: Risk of data breach can present several challenges for the management consulting market. Management consulting firms often work closely with their clients and handle sensitive and confidential information. A data breach can compromise client confidentiality, leading to a loss of trust and reputation. The other challenges that management consulting market face are rising number of independent consultants, political instability, etc.
- Trends: A major trend gaining pace in management consulting market is Artificial Intelligence. The focus on automation is driving demand for management consulting. This trend is likely to continue as more clients seek to optimize their tools, leveraging AI to automate manual, monotonous processes. As the integration of AI increases with consulting services, the management consulting market would also witness growth over the forecast period. More trends are believed to augment the market growth are rising penetration of IoT, ensuring compliance with sustainability, rise in management consulting services among SMEs, etc.
Impact Analysis of COVID-19 and Way Forward:
The COVID-19 pandemic has initially had negative impact on the global management consulting market. As global economies pushed to the brink of recession and clients has delayed or put a hold on projects, Q2 proved to be the hardest for management consulting companies.
However, the post-COVID impact on the management consulting market is expected to result in increased demand for consulting services in areas such as crisis management, digital transformation, risk mitigation, and innovation.
Competitive Landscape and Recent Developments:
Global management consulting market is fragmented. The global consultancy market has over 700K enterprises, and its participants range from small local businesses to major professional services corporations and strategy houses.
A small number of major players dominate the market share in the sector, with a long tail of smaller boutique consulting firms and regional players who can provide particular knowledge and local insight.
The top 10 firms hold more than 55% share of the market, with the 'Big Four' (Deloitte, PwC, KPMG, and EY) and the 'MBB' (McKinsey, BCC, and Bain) accounting for approximately 35% and 10% of this total, respectively.
Key players of global management consulting market are:
- IBM
- Accenture
- Deloitte
- KPMG
- Ernst and Young
- Capgemini
- Boston Consulting Group
- Bain & Company
- McKinsey & Co.
- Booz Allen Hamilton
- PwC
- Strategyn
- Sia Partners
- Grand Thornton
Key Attributes:
| Report Attribute | Details |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $332.69 Billion |
| Forecasted Market Value (USD) by 2028 | $511.88 Billion |
| Compound Annual Growth Rate | 9.0% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Introduction
3. Global Market Analysis
3.1 Global Management Consulting Market: An Analysis
3.1.1 Global Management Consulting Market: An Overview
3.1.2 Global Management Consulting Market by Value
3.1.3 Global Management Consulting Market by Type (Operations Consulting, Financial Advisory Consulting, Technology Consulting, Human Resource Consulting, Strategy Consulting and others)
3.1.4 Global Management Consulting Market by Sector (Financial Services, Public Sector, Healthcare and Others)
3.1.5 Global Management Consulting Market by Enterprise size (Large enterprises and small and medium enterprises)
3.1.6 Global Management Consulting Market by Region (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)
3.2 Global Management Consulting Market: Type Analysis
3.2.1 Global Management Consulting Market by Type: An Overview
3.2.2 Global Operations Management Consulting Market by value
3.2.3 Global Financial Advisory Management Consulting Market by value
3.2.4 Global Technology Management Consulting Market by Value
3.2.5 Global Human Resource Management Consulting Market by Value
3.2.6 Global Strategy Management Consulting Market by Value
3.2.7 Global Others Management Consulting Market by Value
3.3 Global Management Consulting Market: Sector Analysis
3.3.1 Global Management Consulting Market by sector: An Overview
3.3.2 Global Financial Services Management Consulting Market by Value
3.3.3 Global Public Sector Management Consulting Market by value
3.3.4 Global Healthcare Management Consulting Market by Value
3.3.5 Global Others Management Consulting Market by Value
3.4 Global Management Consulting Market: Enterprise Size Analysis
3.4.1 Global Management Consulting Market by Enterprise Size: An Overview
3.4.2 Global Large Enterprise Management Consulting Market by Value
3.4.3 Global Small & Medium Enterprise Management Consulting Market by Value
4. Regional Analysis
5. Impact of COVID-19
5.1 Impact of COVID-19 Management Consulting Market
5.2 Post COVID-19 Impact on Management Consulting Market
6. Market Dynamics
6.1 Growth Drivers
6.1.1 Rising GDP
6.1.2 Rapid Urbanization
6.1.3 Globalization
6.1.4 Regulatory Reforms
6.1.5 Growing Need for Digital Consultancy
6.1.6 Public Private Investments
6.2 Challenges
6.2.1 Political Instability
6.2.2 Risk of Data Breach
6.2.3 Rising Number of Independent Consultants
6.3 Market Trends
6.3.1 Rising Penetration of Internet of Things (IoT)
6.3.2 AI for Improved Business Performance
6.3.3 Ensuring Compliance with Sustainability
6.3.4 Rise in Management Consulting Services among SMEs
7. Competitive Landscape
7.1 Global Management Consulting Players by Market Share
8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/kj9nm3
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
