DUBLIN--(BUSINESS WIRE)--The "Management Consulting Global Market Opportunities And Strategies To 2022" report has been added to ResearchAndMarkets.com's offering.
This report describes and evaluates the global management consulting market. It covers two five-year periods, 2014 to 2018, termed the historic period, and 2018 through 2022, the forecast period.
The global management consulting market reached a value of nearly $977.3 billion in 2018, having grown at a compound annual growth rate (CAGR) of 8.6% since 2014, and is expected to grow at a CAGR of 10.6% to nearly $1,460.2 billion by 2022.
Growth in the historic period resulted from the strong economic growth in emerging markets, regulatory reforms in the financial sector, outsourcing of back-end operations to low-cost economies, and public investments. Factors that negatively affected growth in the historic period were shortages of skilled workers, and political and social instability. Going forward, faster economic growth, the emergence of digital consulting, and the rise of globalization will drive growth. Factors that could hinder the growth of this market in the future include rising costs and decreasing margins, advances of artificial intelligence with a potential to replace management consultants and in-house management consulting teams in big technological companies.
The management consulting market in this report is segmented by type of service into operations advisory, financial advisory, technology advisory, strategy advisory, HR advisory and other consulting services. The financial advisory market was the largest segment of the management consulting market in 2018 at 28.8%. The financial advisory market is also expected to be the fastest-growing segment going forward at a CAGR of 12.1%.
By end-use industry, the management consulting market is segmented into IT services, manufacturing, financial services, mining and oil & gas, construction, other services, and others. The financial services industry was the largest segment by end-use industry of the management consulting market in 2018 at 28.6%. The IT services segment is expected to be the fastest-growing segment going forward at a CAGR of 14.4%.
Western Europe is the largest market for management consulting, accounting for 33.8% of the global market. It was followed by North America and Asia-Pacific and then the other regions. Going forward, South America and Africa will be the fastest growing regions in this market, where growth will be at CAGRs of 18.3% and 14.2% respectively. These will be followed by the Middle East and Eastern Europe, where the markets are expected to grow at CAGRs of 13.7% and 13.0% respectively.
The global management consulting market is highly fragmented. The top ten competitors in the global management consulting market made up 14.0% of the total market in 2018. High fragmentation in the market can be attributed to the presence of large numbers of independent contractors and specialized boutique firms in the industry. Players in the market include Deloitte Touche Tohmatsu Limited, Accenture Plc, International Business Machines Corporation, Ernst & Young Global Limited, PricewaterhouseCoopers (PwC), KPMG International and others.
The global design, research, promotional and consulting services market, of which the management consulting market is a segment, reached a value of nearly $4,095.4 billion in 2018, having grown at 7.6% since 2014. It will grow at a compound annual growth rate (CAGR) of 9.4% to nearly $5,860.5 billion by 2022. The management consulting market was the second largest segment in the global design, research, promotional and consulting services market in 2018, accounting for 23.9% of the total. The architectural, engineering consultants and related services market was the largest segment of the design, research, promotional and consulting services market, accounting for 35.1% of the total, worth $1,438.7 billion globally; this segment has grown at a CAGR of 7.12% during the historic period. It is expected to grow at a CAGR of 8.92% during the forecast period.
The top opportunities in the global management consulting market will arise in the financial advisory segment which will gain $163.34 billion of global annual sales by 2022. The management consulting market size will gain the most in the UK at $57.61 billion. Market-trend-based strategies for the management consulting market include modularization of services, increased focus on technology advisory, and adoption of value-oriented revenue model and others. Player-adopted strategies in the management consulting industry include reinforcing M&A strategies, expansion in other geographies, and expanding advisory services to small and medium social enterprises.
To take advantage of the opportunities, the author recommends the management consulting companies to consider focusing on technology advisory offerings, launching virtual management consulting firms, expanding in emerging markets, focusing on expanding their product portfolio through collaborations, and offering services to pre-retirees, among other strategies.
- A.T. Kearney
- ABeam Consulting
- AECOM Technology
- Alvarez & Marsal
- Aon Hewitt
- Asure Software
- Bain & Company
- Baker Tilly International
- Barkawi Management Consultants
- BDO LLP
- Booz & Company
- Brand Learning
- BridgePoint Group
- Credo Business Consulting LLP
- Deloitte Touche Tohmatsu Limited
- DXC Technology Company
- Ernst & Young
- FTI Consulting
- Grant Thornton LLP
- HCL Technologies
- HLB Russian Group
- IBM Global Business Services
- International Business Machines Corporation
- Jacobs Engineering Group
- KBR, Inc.
- Kesarev Consulting
- L.E.K. Consulting
- Luxoft Holding
- Management Consulting Group PLC
- McKinsey & Company
- Moscow Consulting Group
- Oliver Wyman
- Paychex, Inc.
- Personnel Management Systems, Inc.
- Poyry Oyj
- PricewaterhouseCoopers (PwC)
- Ramboll Group A/S
- Roland Berger Strategy
- RSM International
- SGS S.A.
- Strong-Bridge Envision
- Tata Consultancy Services (TCS)
- Teneo Holdings
For more information about this report visit https://www.researchandmarkets.com/r/pmylei