Global Strategy Consulting Market

Strategy Consulting Market Size, Share, Growth Analysis, By Service(Corporate strategy, business model transformation, economic policy, mergers & acquisitions), By End user(IT & telecommunication, healthcare, BFSI, retail), By Region - Industry Forecast 2024-2031


Report ID: SQMIG20Q2013 | Region: Global | Published Date: April, 2024
Pages: 204 | Tables: 70 | Figures: 69

Strategy Consulting Market Dynamics

Drivers

Digital Transformation and Technological Advancements

  • The main engine behind the rapid development of strategy consulting industry is the rapid pace of digital transformation in a wide variety of industries. Companies nowadays are rapidly adopting the latest technologies like artificial intelligence, big data analytics, cloud computing, IoT, to improve the operational efficiency, streamline the processes and gain competitive advantages. For this reason, the external expertise is required to successfully overcome the complexities of digitalization, which often leads to the rising demand for consulting services. Strategy consultants serve as a game changer in the process of organizations in developing and implementing digital strategies, exploring growth prospects, addressing risks, and responding to the challenges of technological disruptions. As firms are in a race to stay ahead in the digital realm, the need for consulting expertise to fully leverage the benefits of technology will remain strong, thereby attracting growth in this market.

Globalization and Market Expansion

  • The inexorable process of globalization has intensified the competition and made the business environment more complicated with a diverse market environment, regulatory framework, and cultural diversity. Today, companies are aggressively looking for opportunities in foreign markets to fuel their growth and expand on the international scene. However, growing into new geographies requires well planned and strategized approaches together with market information that mitigates risks and opportunities for growth. Strategy consulting companies offer useful advice for market analysis, entry strategy, mergers and acquisitions, and risk assessment, which help companies overcome cross-border obstacles well. Moreover, as the economies of the developing countries increase their influence in the global marketplace, there is more demand for consulting services to harness the opportunities in these high-potential regions. The deepening of globalization is likely going to accelerate the need of strategy consulting, which will in turn promote the market.

Restraints

Cost Constraints and Budgetary Pressures

  • Cost considerations are a significant impediment to many organizations despite the obvious advantages of strategy consulting services particularly SMEs and startups. Consulting fees can be quite expensive, and all companies may not have financial resources to engage the best of consulting firms for their strategic issues. Also, during such times of economic uncertainty or downturns businesses encounter budgetary constraints and they are forced to cut their expenses which include consulting services as they are non-essential. Furthermore, some organizations may see consulting fee as an extra expense rather than an investment, particularly in the case where consulting results are not readily visible. As such, cost concerns and fiscal constraints will determine the development of the strategy consulting market, in the segments with price-sensitive clients.

In-House Capabilities and Competency Development

  • A limitation to the strategy consulting market is the increasing demand for building internal strategic capabilities in the organizations themselves. As the business sector considers agility and innovation as a strategic issue, many of them are investing in building internal talent pools and capabilities to handle strategic challenges independently. This trend is accentuated by the advancement of digital tools and analytics that companies can now use to gather market insights and strategic framework on their own. While the consultancy companies provide external expertise and specialized knowledge, the other organizations choose to use internal resources to maintain the control over strategic decision-making processes and to develop the culture of innovation within the team. Therefore, the presence of in-house strategy teams and competency development trend creates complications for consulting firms in terms of maintaining growth and differentiating their products that can compete on the market.
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FAQs

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).

In the 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 Strategy Consulting market. 'KPMG Advisory (Netherlands)', 'Infosys Consulting (U.K.)', 'Ernst & Young Advisory (U.K.)', 'Bain & Company (U.S.)', 'Cognizant Technology Solutions (U.S.)', 'PricewaterhouseCoopers Advisory (U.K.)', 'Deloitte Consulting (U.K.)', 'Capgemini Consulting (France)', 'IBM Services (U.S.)', 'CGI Group (Canada)', 'Boston Consulting Group (U.S.)', 'McKinsey & Company (U.K.)', 'Accenture Consulting (Ireland)', 'Tata Consultancy Services'

The main engine behind the rapid development of strategy consulting industry is the rapid pace of digital transformation in a wide variety of industries. Companies nowadays are rapidly adopting the latest technologies like artificial intelligence, big data analytics, cloud computing, IoT, to improve the operational efficiency, streamline the processes and gain competitive advantages. For this reason, the external expertise is required to successfully overcome the complexities of digitalization, which often leads to the rising demand for consulting services. Strategy consultants serve as a game changer in the process of organizations in developing and implementing digital strategies, exploring growth prospects, addressing risks, and responding to the challenges of technological disruptions. As firms are in a race to stay ahead in the digital realm, the need for consulting expertise to fully leverage the benefits of technology will remain strong, thereby attracting growth in this market.

Focus on Sustainability and ESG Strategies: Sustainability and ESG initiatives are getting more and more attention as the one of the most important tendencies of the strategy consulting market. In the face of increasingly heightened pressure from shareholders, clients and regulators to respond to environmental and social issues, the demand for strategic advice that involves integrating sustainability into core business practices is on the rise. Strategy consulting companies are helping organizations create detailed ESG roadmaps, set sustainability objectives, monitor progress, and improve reporting processes. In addition to this, the upward trend of sustainable investing and the inclusion of ESG criteria into investment decision-making has driven companies to consult experts to align their business models with sustainable practices, manage reputational risks and take advantage of emerging green economy opportunities. As a result, the incorporation of sustainability and ESG into corporate strategies is one of the primary trends in the strategy consultation market.

The 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 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.

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Global Strategy Consulting Market

Report ID: SQMIG20Q2013

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