Global Management Consulting Market was valued US$ 120 Bn in 2017 and is expected to reach US$ 170 Bn by 2026, at CAGR of 4.45% during forecast period.
Business models like network-based consulting and crowdsourcing are now growing in management consulting, and are being accepted by players like Wikistrat, HourlyNerd, and Business Talent Group. North America and Europe are highly mature markets and contributing to about three-fourths of the complete consulting revenue. In addition to this, the supplier abilities to serve composite client requirements in these regions are also high. APAC market, on the other hand, have a relatively less significant market share. Demand for consulting services is being driven by factor like need of operational efficiency.
Organizations are continuously trying to reduce costs and increase their effectiveness, so that the cost savings can be transferred to the consumer as a means to resist strong competition. This is leading to growth in demand for business process inventions and consulting related to operational efficiency.
There are mainly three types of Management Consulting Services, including Operations Advisory, Strategy Advisory and HR Advisory, and Operations Advisory is the main type for Management Consulting Services, Operations Advisory reaching a highest sales value in 2017, with 50% of USA sales value.
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Management consultants are providing advice and assistance to association on strategic and organizational planning, marketing objectives and policies, financial planning and budgeting, human resource policies, practices and planning, production scheduling, and control planning. While, this industry is not encompassing information technology (IT) or computer consulting services, any revenue produced from IT strategy services is included.
Management consulting is being a practice of encouraging organizations to improve their performance, operating primarily through analysis of existing organizational difficulties and the development of plans for improvement. Organizations may draw upon the services of management consultants for a number of reasons, including gaining external (and probably objective) advice and access to the consultantâ€™s specialized expertise.
Major players operated in market include Deloitte Consulting, PwC, EY, KPMG, Accenture, IBM
Scope of Global Management Consulting Market:
Global Management Consulting Market by Type:
Global Management Consulting Market by Application:
Less than $500m
Global Management Consulting Market by Geography:
Middle East & Africa
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Key Players Operated in Market Include:
Booz Allen Hamilton
The Boston Consulting Group
Bain & Company
Cognizant Technology Solutions
Ernst & Young