Strategy consulting is a type of service that is provided by a third-party expert to the business owners for making business-related decisions to overcome the strategic challenges the organization faces. Strategy consulting is also termed boardroom consulting or strategic advisory. This type of consulting is carried out to advise organizations on high-level decisions in a manner that is impartial and uses in-depth knowledge of the specific industry to deliver the best results. Several consultants consider strategic counseling one of the most prominent consultancy services within the professional services industry—this type of counseling emphasizes the growth of organizational functional or corporate strategies.
Some of the factors aiding the market growth of the strategy consulting market include an increasing number of new businesses worldwide, demand for overcoming cyber security challenges, increasing business digital transformation among the enterprises, and demand for business model transformation across different industry verticals. Moreover, the factors such as the increasing number of organizational in-house consulting divisions and the rising number of independent or freelancing consultants are expected to be some of the major restraining factors hindering the strategy consulting market growth.
Several threats to the business such as risk and uncertainty can highly affect the business operations. Conventional and traditional business practices always face the risk factor from disruptive technologies or new entrants in the global strategy consulting market. Strategy consulting plays a very important role in managing business operations and effectively running the organization’s operations. Hence, the rising number of SMEs worldwide and increasing demand for the digital transformation of business is generating awareness among the enterprises to outsource strategy consulting worldwide. Moreover, most of the SMEs do not have their own consulting divisions which are leading to the adoption of strategy consulting globally.
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Strategy Consulting Market: Strategic Insights
The global strategy consulting market has been segmented on the basis of services and industry verticals. There is a myriad of services present to be catered by the consulting services players. For the strategy consulting market, some of the widely used services have been broadly segmented into business model transformation, corporate strategy, economic policy, organizational strategy, mergers & acquisitions, functional strategy, strategy & operations, and digital strategy. Further, the strategy consulting market has been segmented on the basis of industry verticals into IT & telecommunication, healthcare, BFSI, retail, manufacturing, and others. The market analysis is conducted with respect to five major regions; North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America (SAM) which is also provided in the strategy consulting market report. According to the strategy consulting market study, North America accounted for the largest market share in 2017.
According to the strategy consulting market forecast, the rise in economic growth enabled by the introduction of eCommerce enterprises, as well as an increase in customer spending, may fuel demand for strategy consulting during the near future. The fierce competition between Amazon, Alibaba, and Flipkart, as well as quick changes in customer purchasing patterns, may result in a market demand for specialists. PwC, for example, has teamed up with Amazon Web Services to offer novel methods to customer relationship management, retail interface design, and technology innovation.
Manufacturing, IT & telecommunications, retail, healthcare, BFSI, and others are the industry verticals that the global strategy consulting market is divided into. In 2018, the IT & telecommunications segment held the biggest market share. The competition for clients and the convergence of mobile and fixed services may lead to an increase in consulting services demand. Moreover, the demand for online sales across different industry verticals is generating a lot of challenges for companies to transform their sales channel model. This is leading to the adoption of strategy consulting across different markets and boosting the growth of the global strategy consulting market.
The global strategy consulting market is divided into mergers and acquisitions, strategy & operations, organizational strategy, corporate strategy, economic policy, business model transformation, functional strategy, and digital strategy, based on services. Due to the use of digital and traditional ways to cut operational costs and boost productivity, the strategy & operational services can provide a boost to organizational businesses. Furthermore, the rising number of mergers and acquisitions across different industries is also demanding more focused business operations and different ways to incorporate or implement the business strategies among the enterprises. This is also expected to boost the strategy consulting market growth during the forecast period.
The regional trends and factors influencing the Strategy Consulting Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Strategy Consulting Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2017 | US$ 43.07 Billion |
| Market Size by 2025 | US$ 91.38 Billion |
| Global CAGR (2017 - 2025) | 9.9% |
| Historical Data | 2015-2016 |
| Forecast period | 2018-2025 |
| Segments Covered |
By Services
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Strategy Consulting Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Strategy Consulting Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The List of Companies - Strategy Consulting Market
1. A.T. Kearney, Inc.
2. Accenture PLC
3. Bain & Company, Inc.
4. The Boston Consulting Group
5. Deloitte Touche Tohmatsu Limited
6. Ernst & Young Ltd.
7. KPMG International
8. McKinsey & Company
9. Mercer, LLC
10. PricewaterhouseCoopers