Strategy Consulting Market: Global Size, Share, Trends, Growth and Forecast 2022-2032
Strategy Consulting Market Overview and Definition
The Global Strategy Consulting Market is expected to grow from USD 38.8 billion in 2022 to USD 111.9 billion by 2032, at a CAGR of 11.1% during the forecast period 2022-2032. Strategy consulting which is also referred to as strategic advisory, strategy consultancy, and sometimes as boardroom consulting, is considered and treated as one of the most prestigious strategies in the professional services industry. Any organization irrespective of its size of small or medium or large, regularly engages with their strategy consultants to seek help and support from them in developing and implementing innovative business ideas and new strategies. The strategy consulting business domain mainly focuses on supporting the private sector clients while helping them in the development of organizational, corporate, and functional strategies. For public sector organizations this domain mainly deals with economic policies. Strategy consultants are usually hired by the clients to support them and help with strategic decision making such as development and execution of strategic plans. A strategy consultant usually works with executive officers and high ranked managers as the strategic consulting falls under the senior management. Strategic consultants also help the companies and support them by advising them about market entry in new market or starting a new business model.
Since many years the strategy consulting industry has helped many organizations to help then in growing their business while supporting fundamental economic changes happening in the economy. Earlier the strategy consulting industry used to work on time based billing models and executing projects for clients. However, now the scenarios are starting to change where the large projects are being shared and collaborated with various consulting firms. Moreover, many new market players are entering the market with advanced technologies. Uncertainty and risk are one of the constant factors for businesses today with a lot of market players present in the industry. Businesses may experience threat from any corner of the entire industry and change the way each businesses perform. Traditional business practices and methods always face the risk factors from disruptive technologies or the new entrants in entering in the strategy consulting market. In such a volatile and dynamic scenario, strategy consulting market plays a critical role to survive the business in the market.
The strategy consulting services domain mainly consists of eight categories: business model transformation, economic policy, corporate strategy, organizational strategy, mergers & acquisitions, strategy & operations, functional strategy, and digital strategy. Each strategy focuses on different aspects. Business Model Transformation (BMI) strategy mainly focuses on the design, development, and implementation of future-proof strategies. BMI strategy analyzes the organizational and operational elements of the company and how they can be used in achieving the goals such as customer segments, value propositions, organizational structures and cost structures. Similarly the economic strategy involves a wide range of economic advisory services that are used to support and help mainly government institutions. These policies mainly includes fiscal policy, monetary policy, impact assessments (including socio-economic impacts), and financial valuation analysis.
Considering the rise of technology and digital transformation across all the countries in the world, digital strategies are considered one of the forefront strategies in this fast growing business world. Digital strategies have a wide range of services such as strategy development for digital operations, corporate IT strategy, approaches for cloud transitions, and analytics. Moreover, digital strategy consulting can also be implemented in high-level works in technology areas such as governance, architecture, and application management.
The strategy consulting market is estimated to witness a favorable environment during the review period. Organizations across various industries globally witness various challenges related to supply chain, production, and a lot of other aspects. Moreover, the intense competition and changing business models in all the industries promote the need of highly expert consulting that can offer capability solutions. These factors are increasing the demand for strategy consulting. In addition, changing purchasing patterns of customers boosts the strategy consulting market size. Resultantly, the strategy consulting market is expected to witness an upward trajectory during the forecast time period. Rapid growth in E-commerce, manufacturing, IT & telecommunication, BFSI, healthcare, and retail sectors are expected to offer lucrative opportunities for the market players. Moreover the rising demand for innovative solutions such as customer relationship management, retail interface design, and advanced technological innovation offers more opportunities in the strategy consulting market share.
Strategy Consulting Market: Growth Drivers
Increasing complexity of the business environment: The complexity of the business environment has increased in recent years, with new challenges and opportunities arising from changes in technology, regulations, and competition. This is driving demand for strategy consulting services as organizations seek help in developing effective strategies to adapt to these changes.
Digital transformation: The increasing adoption of digital technologies is driving demand for strategy consulting services, as organizations seek help in developing effective strategies to leverage these technologies to achieve their goals.
Globalization: The globalization of business operations is driving demand for strategy consulting services, as organizations seek help in developing strategies to succeed in international markets.
Economic growth: Economic growth in many parts of the world is driving demand for strategy consulting services, as organizations seek to capitalize on new opportunities for growth.
Growing importance of sustainability: The growing importance of sustainability and corporate social responsibility is driving demand for strategy consulting services, as organizations seek to develop strategies to address these issues and meet the expectations of stakeholders.
Investment in innovation: Companies are increasingly investing in innovation, and strategy consultants can help them develop and implement effective strategies to achieve their innovation goals.
Strategy Consulting Market: Challenges
Intense competition: The Strategy Consulting Market is highly competitive, with a large number of consulting firms operating in the space. This intense competition makes it difficult for consulting firms to differentiate themselves and win business.
Client skepticism: Some clients may be skeptical of the value that strategy consulting services can provide, and may be reluctant to invest in these services. This can make it difficult for consulting firms to win business and generate revenue.
Resistance to change: Organizations may be resistant to change, and may be reluctant to implement the recommendations made by strategy consultants. This can make it difficult for consulting firms to deliver value to their clients and achieve the desired outcomes.
Economic uncertainty: Economic uncertainty can impact demand for strategy consulting services, as organizations may be reluctant to invest in these services during times of economic uncertainty.
Lack of specialization: Some consulting firms may lack specialization in specific industries or functional areas, which can make it difficult for them to effectively serve the needs of organizations in these areas.
Strategy Consulting Market: Report Scope |
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Base Year Market Size |
2021 |
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Forecast Year Market Size |
2022-2032 |
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CAGR Value |
11.1% |
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Segmentation |
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Challenges |
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Growth Drivers |
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Strategy Consulting Market: Segmentation
The global strategy consulting market has been segmented on the basis of services and industry vertical. The services segment has been broadly segmented into business model transformation, corporate strategy, economic policy, organizational strategy, mergers & acquisitions, functional strategy, strategy & operations, and digital strategy. On the basis of industry verticals the market is fragmented into IT & telecommunication, healthcare, BFSI, retail, manufacturing, and others. On the regional basis the market is divided into North America, Europe, Asia-Pacific (APAC), Middle East, Latin America, and Africa (LAMEA).
The Major Players Operating In The Strategy Consulting Market
A.T. Kearney, Inc., Accenture PLC, Delloite, Bain & Company, Ernst & Young Ltd., KPMG, McKinsey & Company, Mercer LLC, The Boston Consulting Group, and PwC. Apart from these players several other companies are also operational in the market that offer customers with versatile business solutions. Moreover, various other companies in the market are launching new services and strategy offerings which is helping the strategy consulting market to expand in terms of revenue.
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- Publication date: 5th January 2024
- Base year: 2022
- Forecast year: 2023-2033
- Format: PDF, PPT,Word,Excel
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