Dubai, UAE, July 18, 2023 (GLOBE NEWSWIRE) -- As per the latest report released by Extrapolate, the Global Strategy Consulting Market size was recorded at USD 46.07 Bn in 2021 and is estimated to reach USD 122.62 Bn by 2030, exhibiting a healthy CAGR of 11.65% during the forecast period of 2022-2030. Strategy consulting, a subset of management consulting, helps businesses make important decisions regarding their operations, employees, and profitability. Companies can achieve both long-term and short-term goals with the help of strategy consultants, such as staff optimization and corporate sustainability.
Additionally, strategy consultants collaborate with organizations from the public and private sectors to address a wide range of challenges in every industry. Furthermore, consultants are less involved in business operations than business owners, so they can identify and resolve issues much faster, whether they relate to implementing new technology or concluding a merger or acquisition.
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The industry is expanding primarily due to the abundance of digitally-driven business models that strategy consulting firms provide. Moreover, the rapid globalization of consulting projects and the increased emphasis on risk sharing through strategic alliances and M&A suggestions further contribute to market growth. In addition, rising technological integration in consulting services is expected to offer a myriad of prospects for market growth. On the other hand, surging costs related to in-house consultation are likely to restrain market growth.
Competitive Landscape
The global strategy consulting market is highly competitive with the presence of several companies leading the market. Strengthening service offerings has been the primary strategy employed by prominent service providers to gain a competitive edge. Furthermore, firms focus on expanding their global reach by implementing growth strategies such as partnerships, agreements, and mergers & acquisitions.
Key players included in the Report:
- A.T. Kearney
- Accenture
- Bain & Company
- Boston Consulting Group
- Deloitte Touche Tohmatsu Limited
- Ernst & Young Global Limited
- GEP
- Infosys Limited
- L.E.K. Consulting
- Marsh & McLennan Companies, Inc.
- McKinsey & Company
- Mercer LLC
- Publicis Sapient
- PwC
- Roland Berger
- The Hackett Group, Inc
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Market Segmentation
By Services
- Corporate Strategy
- Business Model Transformation
- Economic Policy
- Mergers & Acquisitions
- Organizational Strategy
- Functional Strategy
- Strategy & Operations
- Digital Strategy
Strategy & Operations Services Gained Traction as Businesses Focused on M&A
The strategy & operations segment held the largest share of the strategy consulting market in 2021. The segment’s growth was primarily driven by the surge in mergers and acquisitions, which prompted companies to concentrate on adopting several strategies to integrate or execute business plans and streamline their operations. Furthermore, strategy & operations contributed to organizational growth by maximizing traditional and digital methods to lower operational costs and improve productivity.
By Vertical
- IT & Telecommunication
- Healthcare
- BFSI
- Retail
- Manufacturing
- Others
Convergence of Mobile to Fuel Demand for Strategy Consulting in IT & Telecom
The IT & telecommunication segment accounted for a significant share of the strategy consulting market in 2020. The need for consulting services is likely to rise due to high client competition and the penetration of mobile and fixed services, which is foreseen to propel segment expansion.
In addition, the soaring demand for online purchases across several industries makes it difficult for businesses to change how they use their sales channels. As a result, strategy consulting is becoming increasingly prevalent in numerous verticals, fueling the expansion of the global strategy consulting market.
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Digital-Driven Business Models Become More Prevalent, Accelerating Market Growth
The digital-driven business model significantly impacts strategy consulting due to its ability to reduce costs, accelerate change, and enhance customer experience. These factors are regarded as reliable business drivers that lead organizations toward digital transaction management (DTM). Additional challenges such as laborious paper-based document management, gathering and managing documents from various sources, dealing with a lack of security, and maintaining visibility are making digital business models more extensive, which are further fueling market growth.
Furthermore, the expansion of the industry is being spurred by new business models in strategy consulting. For example, Sioo created a tool for consultants in July 2022 based on research to assist them in business model innovation. The tool identifies the direction of innovation specific to consulting in four key areas: value proposition, profit formula, processes, and resources.
Rising Demand for Advisory Firms in North America to Augment Market Growth
North America is poised to dominate the global strategy consulting market share throughout the projection period due to several factors, such as rising demand for advisory firms and expansion of cybersecurity regulations. The domestic market is anticipated to expand owing to evolving digital regulations and protecting customer privacy. Furthermore, new businesses entering the marketplace and various distribution models being adopted to meet customer demands are expected to contribute substantially to the regional market's growth.
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Expanding Infrastructure in APAC to Boost Regional Market Growth
Asia Pacific is estimated to grow at a steady CAGR during the forecast period because of numerous factors, including expanding infrastructure, digitization, and a considerable rise in the number of industries. Another factor that is projected to boost regional market development is an upsurge in spending brought on by companies using cutting-edge technologies such as cloud computing and advanced technology.
Table of Content
Chapter 1. Executive Summary
Chapter 2. Research Methodology
2.1. Research approach
2.2. Scope, definition, and assumptions
2.3. Data Component
2.3.1. Secondary Component
2.3.1.1. Preliminary data others
2.3.2. Primary Component
2.3.2.1. Statistical Model
2.3.2.2. Data Triangulation
2.3.2.3. Research Objective
Chapter 3. Market Outlook
3.1. Introduction
3.2. Key trends
3.2.1. Surging Demand of E-commerce Activities
3.3. Market drivers
3.3.1. Growing Demand for Strategic Planning Propelling the Market Growth
3.4. Market restraints
3.4.1. Rising Costs of In-house Consultation Hampering the Market Growth
3.5. Market opportunities
3.5.1. Increasing Investment on Consultancy Services
3.6. Market Challenges
3.6.1. Concerns Pertaining to Conventional Business Practices
3.7. Porter’s Five Forces Analysis
3.7.1. Bargaining Vertical of Suppliers
3.7.2. Bargaining Vertical of Buyers
3.7.3. Threat of New Entrant
3.7.4. Threat of Substitutes
3.7.5. High Competitive Rivalry
3.8. Value chain analysis
Chapter 4. COVID-19 Impact On Strategy Consulting Market
Chapter 5. Global Strategy Consulting Market Overview, By Services, 2017 - 2030(USD Million)
Chapter 6. Global Strategy Consulting Market Overview, By Organization Size, 2017 - 2030(USD Million)
Chapter 7. Global Strategy Consulting Market Overview, By Vertical, 2017 - 2030(USD Million)
Chapter 8. Global Strategy Consulting Market Overview, By Geography, 2017 - 2030(USD Million)
...
Chapter 14. Competitive Landscape
Chapter 15. Key Vendor Analysis
Chapter 16. Sourcing Strategy and Downstream Buyers
Chapter 17. Marketing Strategy Analysis, Distributors/Traders
Chapter 18. Market Effect Factors Analysis
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