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Speaking about management consulting, it is a practice that helps different companies to enhance their performance. It enables the companies to analyze their current internal issues and then develop some effective strategies for improvement. Companies can draw upon Management Consulting Services for different reasons. This can include obtaining external advice and to access the specialized expertise of the consulting services providers for better business growth. The growing number of business units is expected to drive the management consulting industry in the coming years.
It has been seen that the management consulting market has witnessed year on year growth. However, growth rates were quite different. The growth rates depend on two significant factors. These are maturity of the market and growing economies. With a total market value of about USD 300 billion, the global Management Consulting Services industry is one of the mature and largest markets in the professional services industry across the globe. As the global economy is currently in stable condition, it will propel the growth of this industry.
By the end of the year 2025, the market will grow at 4 percent of the Compound Annual Growth Rate (CAGR). One of the primary factors for this is massive demand on the back of localization and internationalization with the rise of new segments. Increase in design thinking, digital, and cybersecurity segments, there is an on-going competition in this type of consulting market, paving the way for increasing demand. The market is driven by the growth in the changes towards improving process and efficiency by reducing the cost.
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Market Key Players :
IBM Global Business Service
Booz Allen Hamilton
The Boston Consulting Group
Bain & Company
Barkawi Management Consultants
Solon Management Consulting
Implement Consulting Group
Management Consulting Group PLC
Management Consulting Prep
Global Market Segmentation of This Consulting Services Industry
The Management Consulting Services market is segmented on the basis of two essential factors. One is consulting services types and regions. Based on management consulting types, the services are segmented into Operations Advisory, Financial Advisory, HR Advisory, Technology Advisory, and Strategy Advisory. As per the report, the operation advisory segment is expected to witness a decent CAGR of 4 % from the year 2018 to 2025. This segment accounted for more than 25 % of global market in 2017. However, the segment which will perform much better than all is technology advisory segment as most of the companies are acquiring latest technology to improve their performance.
Management Consulting Market Geographical Segmentation
The World Management Consulting Services market, based on regions, is segmented into Asia Pacific, Europe, North America, South America, Middle East, and Others. In 2017, the North America region dominated the entire market and generated USD 107. 80 billion of revenues. The Europe region only generated $ 93.30 billion revenues in 2017. However, during the forecast period, Asia Pacific region is expected to dominate the global market. The demand for management consulting is primarily driven by some important factors, for example regulation compliance, advancement in technology and operational efficacy. Besides, the key players are now adopting crowdsourcing and network-based consulting for their management consulting.
Latest Industry News
In August 2019, Booz Allen Hamilton joined Hypergiant Industries, a leading artificial intelligence agency, to faster the AI solutions adoption process in government and private industries. The primary aim of the two companies is to bring an advanced AI solution and analytics which can assist companies to utilize the technology at the maximum level.