March 12, 2019: Adroit Market Research put forth a study on, “Global Management Consulting Services Market Size 2017 by Service Line (Strategy/Operations, Transactions, General Business Consulting), by Industry [Financial Services, Healthcare & Life Sciences, Energy, Public Sector, Technology, Media, Communications, Others (Industries (Construction, Real Estate, Hospitality, Private Equity, Consumer Industry Products, Non-Profit)], by Solution (Digital Management Consulting, IT Management Consulting, Artificial Intelligence, Robotic Process Automation, Block Chain Management Consulting, Others) by Region and Forecast 2018 to 2025”. The study covers the global management consulting services market value for a period ranging from 2014 to 2025, where 2014 to 2017 indicate the factual annual revenue along with forecast between 2018 and 2025. The global management consulting services market report also comprises qualitative insights into the industry with challenges, drivers, value chain analysis, and trade statistics. The value chain analysis has been evaluated in detail with all the key stages.
The global management consulting service market size is anticipated to reach USD 343.52 billion by 2025 growing at a CAGR of over 3%, owing to the strong demand on the back of internationalization and localization with the rise of new segments. Increase in digital, cybersecurity and design thinking segments, there is a never-ending competition in this market paving ways for growing demand.
The global management consulting service industry is driven with the increase in the shift towards process improvement and efficiency with a significant reduction in costs. This is resulting in surging demand for business process inventions and consulting related to operational efficacy. With the changing approach of the consulting firms towards MNC’s, most companies seek consulting advice on the technologies that includes technology skill sets of artificial intelligence and analytics. Both service and product firms are rigorously investing in user interface design so that corporate buyers come across greater potential for transformation consulting and digital marketing.
By service line, the general business consulting segment exhibited a significant CAGR of 3.8% between 2018 and 2025 in the global management consulting service market and accounted for 25.5% of the total market in 2017. The highly impulsive economies in the developing and developed regions, coupled with constant reforms in governmental regulations are some of the factors driving the companies to turn to management consulting providers for attaining assistance in their financial operations.
Based on solutions, the IT management consulting segmented generated the highest revenue in 2017 and was pegged at USD 69.32 billion. However, the blockchain management segment is anticipated to witness the fastest growth of 4.7% over the forecast period.
North America dominated the market generating revenues of USD 107.76 billion in 2017, followed by Europe with revenues USD 93.23 billion in the same year. The reason being the supplier capabilities which are high in these regions who serve complex client requirements as compared to the APAC region. The demand for management consulting services is majorly driven by factors such as rising need for operational efficacy, regulations compliance as well as technological advancements.
Ernst & Young, PriceWaterhouseCoopers (PwC), Accenture, KPMG Consulting, McKinsey & Company, IBM Services, Affiliated Computer Services (ACS), Booz Allen Hamilton, Bain & Company, Aon Consulting, CA Technologies, Buck Consultants, Deloitte Consulting, Computer Sciences Corporation (CSC), Grant Thornton LLP and Gartner are the leading players present within the global management consulting industry.
Key segments of global management consulting service market
Service Line Overview, 2015-2025 (USD Billion)
- General Business Consulting
Industry Overview, 2015-2025 (USD Billion)
- Financial Services
- Healthcare & Life Sciences
- Public Sector
Other Industries Overview, 2015-2025 (USD Billion)
- Real Estate
- Private Equity
- Consumerial Industry Products
Solutions Overview, 2015-2025 (USD Billion)
- Digital Management Consulting
- IT Management Consulting
- Artificial Intelligence
- Robotic Process Automation
- Block Chain Management Consulting
Regional Overview, 2015-2025 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of MEA