USD 44.68 billion
Report ID:
SQMIG20Q2013 |
Region:
Global |
Published Date: April, 2024
Pages:
204
|Tables:
70
|Figures:
69
Global Strategy Consulting Market size was valued at USD 44.68 billion in 2022 and is poised to grow from USD 48.66 billion in 2023 to USD 96.24 billion by 2031, growing at a CAGR of 8.9% during the forecast period (2024-2031).
The global strategy consulting market has been experiencing several radical changes because of technological developments, new client needs and new business models. Strategy consulting firms have become indispensable for businesses that need help with navigating the complexities, embracing opportunities, and building a sustainable growth in today’s highly competitive market conditions. A crucial factor playing a part in the market is the speed at which digitalization is taking place in industries. Firms are turning to digital transformation for recommendations on how they can use advanced technologies, like artificial intelligence, machine learning, blockchain, and IoT to improve their operations, improve customer experience, and be innovative. Companies providing digital strategy, data analytics, and emerging technologies expertise are the most sought-after strategy consulting firms to aid organizations in digitalization exploitation. Also, globalization has broadened businesses outreach hence the companies are involved in complex cross-border operations and market dynamics. These strategy consulting firms help companies in planning international expansion strategies, new markets entry, supply chains optimization, and mitigation of geopolitical risks. Given the rising interdependence of economies there is more need for specialized advice on managing geopolitical risks, trade disputes, and regulation changes.
Another important fact is sustainability and the ESG (Environmental, Social, and Governance) factors in business strategy. As for the stakeholders, they are anxious about incorporating sustainability into their business models, dealing with climate change risks, improving corporate social responsibility and ethical practices. The strategy consulting firms adapt by providing customized services on sustainable business strategies, ESG integration, and impact investing to meet the dynamic requirements of socially responsible companies. The strategy consulting market is highly fragmented with tiers of large multinational firms, boutique consultancies, and in-house strategy teams as competitors. Established brands like McKinsey & Company, Boston Consulting Group (BCG), and Bain & Company are the main players in the market and maintain their dominance by virtue of the global presence, deep industry knowledge and reputation for providing strategic advice. On the other hand, independent boutique firms which focus on specialist areas such as digital strategy, innovation or sustainability are emerging as an alternative by offering specialized services and agile solutions tailored to client requirements. The future of the global strategy consulting market will be shaped by the transforming digital technology, sustainability imperatives, geopolitical dynamics, and the changing expectations of clients. The consulting firms that will be able to adjust their services, be innovative, and show leadership in the forthcoming areas will be the ones to stay relevant in the ever-changing and competitive market landscape.
Global Market Size
USD 44.68 billion
Largest Segment
IT & Telecommunication
Fastest Growth
Healthcare
Growth Rate
8.9% CAGR
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Global Strategy Consulting Market is segmented by service, end user, and region. Based on service, the market can be segmented into corporate strategy, business model transformation, economic policy, mergers & acquisitions, organizational strategy, functional strategy, strategy & operations, and digital strategy. Based on end user, the market is segmented into IT & telecommunication, healthcare, BFSI, retail, manufacturing and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Service
This fast-evolving environment accounted for one of the largest areas of corporate strategy in the strategy consulting market. Strategic consulting services by companies encompass helping organizations to find and implement growth opportunities, effective resource utilization, and overall competitiveness enhancement. Corporate strategy consultants are instrumental in helping companies to develop long-term strategies which align with their vision and objectives and steer them through complex market climates and capture opportunities. Out of two segments of strategy consulting market, corporate strategy takes the lead for its pivotal role in guiding organizations through transformation processes and strategic decision-making. Today's business world is dynamic and fast-changing. Companies encounter such types of challenges as technological disruptions, the changing consumer preference, and global economic instability. This has created more demand for formulating corporate strategies that will help cope with changing market dynamics in the long run. In addition, corporate strategy consulting companies leverage this expertise to assist clients looking to get into new markets, increase product range, or optimize operations. The role of consultants in providing customized solutions and in-depth knowledge, ensure that business stays ahead of competition and achieve sustainable growth. In the face of a fast-paced and complicated business environment and the requirement of strategic nimbleness, the delivery of corporate strategy consulting services is predicted to be strongly growing in the upcoming period.
Digital strategy consulting is the fastest-growing sphere of the corporate strategy. The advent of digital technologies and with the fact that decision making is becoming more and more data driven, the organizations across the world are focusing on the transformation initiatives towards digital to drive innovation, improve customer experiences as well as to unlock new revenue streams. The digital strategy consulting companies are the ones that help companies to use digitalization as a competitive edge through technology utilization. The digital strategy segment is enjoying great growth as businesses get to recognize that the need to embrace digital invention is a sine qua non to be relevant and resilient in this digital economy. Consulting firms that specialize in digital strategy can provide expertise in domains like digital marketing and e-commerce, data analytics, cybersecurity as well as on emerging technologies such as AI and blockchain. Through collaboration with digital strategy consultants, organizations create flexible digital strategies, efficient scaling, and maximize digital opportunities.
Analysis by End User
Among the customers, IT & telecommunication sector is the largest customer of strategy consulting services. The fast rate at which technology innovates and digital transformation takes place in this industry requires a constant strategic adjustment to be able to remain on the edge. IT and telecommunication firms face complex challenges like cybersecurity risks, cloud adoption strategies, digitalization of services, and improving customers’ experience with the help of innovative technologies, and consulting firms play a vital role in helping them to overcome these difficulties. Consequently, the demand for strategy consulting services within this field stays consistently high which in the aggregate accounts for a significant part of the overall market size.
However, the healthcare sector is one of the fastest areas in the strategy consulting services to grow. The sector is undergoing a radical paradigm shift led by factors including an aging population, growing healthcare costs, technological advancements in medicine, and the adoption of patient-centric models of care. Consulting companies specialized in healthcare strategy help organizations face these changes by creating fresh strategies for delivery of healthcare services, making use of data analytics for better outcomes, improving operational effectiveness, and ensuring adherence to regulations. Healthcare systems are now fully digitalized, and the shift towards preventive and personalized medicine is ongoing, bringing about rapid growth in the demand for strategic advisory services. These are among the most promising segments for consulting firms looking for expansion opportunities.
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The global strategy consulting market has been experiencing steady growth, mainly due to the intensifying demand for the niche advisory services across all the industries. The leading regions in the global strategy consulting arena are North America. The region offers a strong economy, well-established business infrastructure and a concentration on innovation and technology adoption. Major consulting firms such as McKinsey & Co., BCG, and Bain & Co., among others, have become established and well-known in this area, offering solutions to the varying needs of clients ranging from Fortune 500 companies to small startups. The stronghold of North America in the international strategy consulting industry is further consolidated by its position as the centre of the financial sector, healthcare, technology and other crucial sectors that are perpetually in need of strategic consulting to overcome multi-dimensional problems as well as to tap into emerging opportunities.
At the same time, the Asia-Pacific region is becoming the fastest-developing in the global strategy consulting market. In the wake of the fast-paced economic advancement, the upsurge in investments in infrastructure and the rise of the entrepreneurial ecosystem in nations like China, India and the Southeast Asian countries result in the increase of the demand for strategic advisory services. The rapid intrusion of digital technologies combined with changing consumer behaviours and regulations brings both opportunities and challenges for the region’s businesses. Hence, Asia-Pacific region is seeing an increasing presence of global consulting firms seeking opportunities in this market. Moreover, the region's dynamic and versatile business environment affords consulting firms plenty of possibilities of providing customized solutions from market entry strategies, digital transformations, supply chain optimizations to sustainability initiatives.
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Drivers
Digital Transformation and Technological Advancements
Globalization and Market Expansion
Restraints
Cost Constraints and Budgetary Pressures
In-House Capabilities and Competency Development
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In the global 3D Printing military market, there are several significant players fighting for supremacy over the market share and to maintain their market positions. Powerful corporations shape the market with their abundant product lines, good technological experience and manoeuvring with armed organizations. These firms have a continuous process of research and development which is aimed at bettering their additive manufacturing and offer specific solutions based on the individual needs of the defence sector. Furthermore, interactions with defence firms, government agencies, and research institutes that work closely together contribute greatly on the growth of their market power and customer base. The new entrants in the market, such as Markforged, Desktop Metal, and HP Inc., that utilize the advancements in additive manufacturing technologies are also succeeding by trying to fulfil the demand within markets for Strategy Consulting. The main trends that contribute to this market are high competition and continuous technological upgrades in the global Strategy Consulting market.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global Strategy Consulting market analysis, market is remains dynamic and highly competitive, consisting of many prominent firms and the new players. Key influencing growth in this sector include expanded market landscape, new technology, and globalization. Increasing demand for strategic advice is the other factor. We keep on observing strong demand from several industries such as healthcare, finance, technology, consumer goods and more. Consultants are hired by businesses to come up with ways to deal with the complex issues of digital transformation, market expansion, mergers and acquisitions and sustainability initiatives. In addition, the COVID-19 pandemic has led organizations to re-evaluate their strategies, that contributes to the higher demand for consulting. Consequently, the adoption of data analytics and artificial intelligence by consultants has resulted in the provision of more data-driven insights and predictive analysis, increasing their value proposition. On the other hand, the industry encounters issues like reduced pricing, intense competition from in-house consulting teams and the need to keep up with the changing trends. In response, consultancies are broadening their service portfolio, leveraging more sophisticated technologies, and strengthening their overseas presence through strategic alliances and takeovers.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 44.68 billion |
Market size value in 2031 | USD 96.24 billion |
Growth Rate | 8.9% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Strategy Consulting Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Strategy Consulting Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Strategy Consulting Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Strategy Consulting Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG20Q2013
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