LONDON--(BUSINESS WIRE)--SpendEdge has been monitoring the global management consulting services industry and this industry is poised to experience spend growth of more than USD 70 billion between 2018-2023 at a CAGR of over 5% during the forecast period. Request Free Sample Pages.
Read the 104-page research report with TOC and LOE on "The Global Management Consulting Services Industry – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend.”
The pressing necessity to attain operational efficiency, compliance with regulations, and advances in technology are some of the factors that are credited to bring investments in the management consulting services industry. These factors can be translated as the impacts of the exponential growth of industries like the financial and manufacturing sectors. Buyers from these sectors are exhibiting a high degree of dependence on management consulting services to make data-driven decisions.
In terms of spend growth, the US claims the largest share in the management consulting services industry. This spend share is attributed to the incremental expenditure done by the financial, manufacturing and public end-user sectors in the region. Lack of in-house expertise and automation of technology in APAC are compelling buyers to utilize management consulting services across significant business sectors. The recent regulatory changes imposed in Europe will favor spend growth in the management consulting services industry in this region during the forecast period.
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Insights into the market pricing trends
Suppliers in the management consulting services industry are observed to increase their spend in marketing and promotions to leverage the online platform to directly connect with their prospective customers. This is acting as a significant spend accelerator of the suppliers’ OPEX which will impact services prices in this industry
- The introduction of protectionist tax and trade policies in the US will majorly impact the pricing policies undertaken by the onsite suppliers as well as their offsite counterparts who seek to enter the US market.
What are the strategies to adopt to optimize procurement spend in this market?
Expenses incurred on-site management consults constitute a significant portion of the buyer’s annual budget and can potentially increase in due time. One of the recommended management consulting services procurement best practices for buyers is to dedicate a predefined budget to accommodate all the expenses related to maintaining an on-site consultant. This will enable them to identify cost-saving opportunities during the long run.
- In the management consulting services industry, it is advised that buyers partner with suppliers who can bundle services and products under a single contract. This will benefit buyers with reduced contract management complexities and reduced procurement spend in the long run.
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Some of the key topics covered in this report are:
- Management consulting services industry spend segmentation by region
- Total cost of ownership analysis in the management consulting services industry
- Regional spend opportunity for management consulting services suppliers
- Management consulting services suppliers cost structure
- Management consulting services industry pricing models analysis
- Management consulting services procurement best practices
- Category management objectives
- Cost saving opportunities in the management consulting services industry
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