LONDON--(BUSINESS WIRE)--The latest Technavio report on the global management consulting services provides an analysis of key trends expected to impact the market’s outlook through 2020. Technavio’s category spend intelligence researchers define an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Angad Singh, a procurement intelligence specialist, “Financial and risk management are the key segments driving the growth of the consulting sector globally. Growing business complexities and exceptional growth of major companies across end-user segments are prompting them to adopt risk management strategies.”
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The top five emerging trends driving the global management consulting services market are as follows:
- Increased strategic partnerships with market research firms
- Growth in technology automation
- Increased online collaboration among stakeholders
- Increase in commoditization of services
- Growth in offshoring
Increased strategic partnerships with market research firms
Buyers prefer to engage with service providers that provide quick and flexible solutions compared to those that adhere to defined frameworks and policies. In line with this, several consulting firms such as BCG and McKinsey are engaging with market research firms such as Gartner and Forrester to cut short the TATs associated with gathering data and providing actionable insights by spending more time on formulating strategies.
Growth in technology automation
New technologies that automate certain consulting functionalities such as research, modeling, and analysis are considered to be important complements to consulting professionals’ skills
For instance, asset-based consulting is a technology-driven innovation which shortens project lead times and provides more functionality at lower costs. In 2014, KPMG spent USD 51 million on asset-based consulting to create cloud-based software and automate the finance and accounting process for clients at cost-effective prices.
Increased online collaboration among stakeholders
Increasing number of on-demand consulting options led to the emergence of an innovative service delivery model, wherein, consulting services are offered via online platforms.
For instance, Wikistrat, a business consultancy, operates a global network of more than 2,000 SMEs working collaboratively on an online platform to help buyers identify solutions to strategic challenges.
Increase in commoditization of services
Buyers increasingly prefer freelance and transactional-style consulting services over professional long-term service partnerships as a result of the increasing consultant costs.
For instance, Deloitte’s partnership with Gigwalk to deliver outcomes across sectors and enhance on-location visibility is a step ahead of commoditized consultancy services.
Growth in offshoring
Buyers prefer to have onsite suppliers over offshore ones due to their exposure. According to Deloitte’s survey on outsourcing and insourcing in 2014, 50%–60% of participants in the Americas and APAC expect legislations restraining offshoring to be enacted in their home countries.
Top five suppliers in the global management consulting services:
- McKinsey & Company
- Boston Consulting Group
- Bain and Company
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