New York, June 24, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Europe Management Consulting Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06288112/?utm_source=GNW
Key Highlights
Management consulting firms provide services that help organizations improve their efficiency. The firms analyze the operations and understand the existing organizational inefficiencies ranging from the high cost of raw materials to HR policies in the organization, post which the firm uses its expertise to develop a plan to tackle all the issues in the best possible way. With growing competition in the market in various industries, profit margins are shrinking, and one of the best ways to improve profits is through increasing organizational performance. Considering the wealth of experience these consulting firms bring to competing businesses, these organizations cannot afford not to have access to management consulting services.
There is a growing need for management consulting services, owing to the strong economic growth in the European markets, the regulatory reforms in the financial sector, the outsourcing of back-end operations to low-cost economies, and public investments.
Many companies are constantly trying to reduce costs and increase their efficiency to transfer the costs saved to the customer and withstand the intense competition they face. This is leading to an increase in the demand for business process improvisations and consulting related to operational efficiency.? Regulatory changes, such as Brexit and the EU General Data Protection Regulation (GDPR), have led to a rise in demand for consulting across all major service lines. In order to stay compliant with regulations, multinational organizations seek high-value advice, thereby boosting the demand for management consulting services.?
Management Consulting companies are facing an increasingly complex macro-environment in which they must continue to provide the best advice. Firms are delivering projects working with subcontractors, partner companies, and independents to make the process easier. Hence, delivering the project faster, more efficiently, and with tighter budgets while achieving customer satisfaction is a challenge.? Moreover, increasing client demand for more value, higher-quality service, and faster delivery of solutions and services in a more agile environment fueled by rapid innovation is hindering the growth of the market.
The COVID-19 pandemic created an opportunity for many consulting firms to look after vaccination rollout programs and supply chain processes. For instance, in February 2021, Scotland’s health service awarded a contract worth more than GBP 2 million to KPMG for management and advisory services for the nation’s COVID-19 vaccine program.?
Key Market Trends
Europe Management Consulting Services Market, Market Share (%), By Application
With advancements in technology and digital transformation, financial institutions such as banks, asset management companies, and insurance companies are adopting management consultation services such as transaction banking, regulatory and compliance, accounting and tax advisory, cost optimization, operation efficiency, Strategy, corporate financing, and many more.
With increased applications of digital solutions, financial institutions are advancing toward digital transformation, which enhances the relationship between the financial institution and its clients. Further, in recent times with technologies becoming more advanced and complexities mounting, outsourcing to specialized consulting firms is emerging as an increasingly attractive option with several financial institutions.
Also, implementing new regulations and rules on financial institutions to avoid mismanagement of investments with client assets has increased the adoption of management consulting services. Further, as financial institution directive boards become diversified, there has been an increase in the importance of informed decisions in terms of product development. The informed decisions include technical data analysis, which identifies the trends, patterns, and opportunities. Financial institutions are opting for management consulting services with the increased need for such analytics.
In June 2022, BearingPoint announced the acquisition of Germany-based Disphere tech, a provider of technological solutions to the financial service industry, which includes customer onboarding, approval of brokerage contracts, video, and audio consultations, portfolio transfers, client data management, GDPR-compliance, and many more.
DACH Region to Hold the Largest Market Share
The countries under DACH Region include Germany(D), Austria(A), and Switzerland (CH). These countries are home to many consulting firms, spanning well-known international consultancies and local specialist players. Some prominent consulting firms include Bain & Company, Kearney, McKinsey & Company, Boston Consulting Group, Alvarez & Marsal, Cordence Worldwide, Nextcontinent, Nexe, and many more.
According to the data from the German association for consulting firms (the BDU), Germany is home to over 4,000 prominent consultancies. These consulting firms advise and support their clients across any conceivable sector and area of expertise, meaning that companies in the private and public sectors face an enormous pool of consultancies to choose from for their required services.
Several consulting firms are expanding their geographical presence by establishing an office in the region and acquiring consulting firms to expand their offerings and presence in the region.
In May 2022, Reply S.p.A. acquired FINCON Unternehmensberatung GmbH, a German consulting company leader in digital transformation projects for the banking and the insurance industry. This investment in FINCON by REPLY aligns with the company’s growth strategy, mainly in Germany.
Also, in June 2022, Kestria added aristid Personalberatung in Austria as its newest member firm. This will enable the company to provide additional representation in the region and also enhances the depth of the company’s offerings.
Competitive Landscape
The European Management Consulting Services market is moderately fragmented, with both local and international players having decades of industry experience. ?The vendors are incorporating a powerful competitive strategy by leveraging their expertise and are also spending a large chunk of the amount on advertising.? Quality certification, service offerings, costs, and technical capabilities are some important factors for attracting new contracts in the market. Overall, the intensity of the competitive rivalry is high in the market, and it is expected to be the same over the forecast period. ?
June 2022 - McKinsey acquired Caserta, strategic technology consulting and implementation firm, to further strengthen the data capabilities and become a technology impact partner, bolstering work in data strategy and design.
May 2022 - Capgemini, a French IT-services giant, acquired Chappuis Halder, a strategy and management consulting firm for the financial services industry. The acquisition made by Capgemini would strengthen the ability to deliver end-to-end transformation to the financial service industry.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06288112/?utm_source=GNW
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