Management Consulting Global Market to 2028: Growing Need for Digital Consultancy Fuels the Sector - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--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.

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:

Market Dynamics

Growth Drivers

• Rising GDP
• Rapid Urbanization
• Globalization
• Regulatory Reforms
• Growing Need for Digital Consultancy
• Public Private Investments

Challenges

• Political Instability
• Risk of Data Breach
• Rising Number of Independent Consultants

Market Trends

• Rising Penetration of Internet of Things (IoT)
• AI for Improved Business Performance
• Ensuring Compliance with Sustainability
• Rise in Management Consulting Services among SMEs

Market Segmentation Analysis:

• By Type: According to the report, the global management consulting market is segmented into six types: Operations consulting, Financial Advisory Consulting, Technology Consulting, Human Resource Consulting, Strategy Consulting and others. Operations Consulting segment acquired majority of share in the market in 2022, as operations consultants offers expertise in optimizing processes, improving efficiency, and enhancing financial performance, which are vital for organizations to stay competitive in complex and rapidly changing business environments. Technology management consulting is the fastest growing segment, as technology is evolving very quickly. Companies need help to understand and use new technologies, improve their operations with digital tools, and stay competitive in the modern digital world. Technology consultants provide expertise and solutions to make businesses more efficient, effective, and successful in the digital age.
• By Sector: According to the report, the global management consulting market is bifurcated into four sectors: Financial Services, Public Sector, Healthcare and Others. Financial Services sector acquired majority of share in the market in 2022. Consulting firms provide expertise and support to banks, insurance companies, and other financial institutions in areas such as risk management, regulatory compliance, and digital transformation. The pandemic presented the mortgage industry with the unprecedented challenge of digitizing core functions almost overnight to keep pace with record levels of origination and forbearance activities. Healthcare sector is expected to have the highest CAGR in the future. Consulting firms work with hospitals, healthcare providers, and pharmaceutical companies to develop and implement strategies for improving patient outcomes, reducing costs, and enhancing operational efficiency.
• By Enterprise Size: According to the report, the global management consulting market is bifurcated into two segments: Large Enterprises and Small & Medium Enterprises. Large Enterprises acquired majority of share in the market in 2022, as large enterprises often operate in complex and dynamic business environments and management consultants help large enterprises understand customer needs, preferences, and expectations. While, the small and medium enterprises segment is expected to have the highest CAGR in the future due to their increasing recognition of the need for specialized expertise, guidance, and innovative solutions to overcome operational challenges and adapt to the rapidly changing business landscape.
• By Region: The report provides insight into the management consulting market based on the geographical operations, namely North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America management consulting market enjoyed the highest market share in 2022, primarily owing to reasons such as its concentration of Big 4s, diverse industries, mature consulting industry, and a culture of innovation and entrepreneurship. The US is the North America's strongest market for management consulting services. The country is marked by the presence of a large number of small- to big-sized players serving the market.

For more information about this report visit https://www.researchandmarkets.com/r/dz2a1

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.

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900