LONDON--(BUSINESS WIRE)--An abundance of industries have recently observed humongous changes in the field of technology and government regulations, and consulting firms have not been spared. In line with this, procurement market intelligence experts at SpendEdge feel that stakeholders will need a proper understanding of the current and future market landscape to identify potential market opportunities. Consulting firms will need to respond proactively to changing market dynamics, at the same time maintain their competitive edge and guarantee their year-over-year growth.
Globally, the consulting sector has grown profoundly and exhibited a steady growth rate over the past couple of years. However, the growth rates differ between the more mature markets and developing economies due to their varied economic conditions. With an estimated value of around USD 250 billion, the consulting sector is one of the world’s largest and most mature markets within the professional services industry.
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SpendEdge recently conducted a market intelligence study on the consulting sector to help procurement heads and strategic decision makers respond to rising digital disruptions by providing quick, big data and analytics prototypes and implementations.
Some of the key trends in the consulting sector identified in this study according to procurement market intelligence experts at SpendEdge are:
Internet of things
Consulting firms are fast evolving with the high proliferation of Internet of things (IoT). IoT involves interconnected devices that can supply consultants with data information that was earlier not accessible. Many industries from B2B, B2C, private, and public entities are now actively collaborating with expert consulting firms to seize the benefits that IoT technology may provide.
The freelance-based consulting model, where freelance consultants can avail work through online portals and connect with interested clients, is growing at a fast rate in the consulting sector. One major advantages that freelance consulting models have is providing experienced strategy consulting at a much lesser cost.
With the wave of digitization hitting every industry, consulting firms should show agility and focus more on innovation and adopt new delivery approaches. This will require capabilities like providing end-to-end customer experience, implement process automation, develop agile transformation, and data visualization.
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