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

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.