Marketing Consulting Market Size, Share, Growth, and Industry Analysis, By Type (Operations Advisory, Financial Advisory, Strategy, and Human Resources.), By Application (into Automotive, Chemicals, Machine Industry, Metalworking, Fast Moving Consumer Goods, and Others), Regional Forecast To 2031

Updated On: 08 April 2024

Marketing Consulting Market Report Overview

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The global marketing consulting market size was USD 22.32 billion in 2021. As per our research, the market is expected to reach USD 32.79 billion in 2031, exhibiting a CAGR of 3.88% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the marketing consulting market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

The term marketing consulting refers to professional services provided by marketing experts who are experienced and qualified in that field. Unlike marketing teams and agencies, which tend to concentrate on implementation and execution, on the other hand, marketing consultants specialize in strategy, auditing, and analytics.

To launch the brand and design the business strategy, it is imperative to set the right prospects and collect useful insights. A key part of understanding the marketplace and the consumer is market research. Marketing plays a crucial role in shaping organizational structure and infrastructure in the digital age. Further, businesses are adopting customer-centric models, which require building effective customer analytics and integrating the online journey of the customer with customer relationship data.

COVID-19 Impact: Travel Restrictions Directly Affected Consulting Market During Pandemic

The marketing consulting market has gone through a slow-moving pace during the COVID-19 pandemic. In the consulting industry, people and travel play a heavy part, which is why the Coronavirus safety model does not align with the demands of this industry. Additionally, a large number of consultants spend their working lives traveling and dealing with overseas clients. Therefore, the travel ban limits the traveling of consultants during the lockdown period. Consequently, the growth of the market is hindered by the coronavirus outbreaks globally. Nevertheless, it is expected that the market will recover soon in the coming years.

Latest Trends

"Ongoing Trend of Digital Marketing & Online Business Boost Consulting Market Growth"

The latest trend for this industry is to focus on more digital things and work on smart marketing. Marketing consulting firms provide assistance to their clients in the form of strategy development, marketing campaigns, and promotional activities. As an integral part of the marketing consulting industry, marketing consulting firms are one of the industry’s fastest-growing segments. These firms can be defined as service-oriented organization that provides their expertise in marketing consulting services at a competitive price. Furthermore, the vendors use ongoing trends in the market for instance client loyalty priority. Digital marketing demand in this industry, Google’s E.A.T. algorithm, and unique content, Online data, a time strategy, Adoption of the new consultancy archetype is a prerequisite, Scaling requires building and growing a reputational footprint, and so on. are the aspects of the market to flourish the growth of the market.

Marketing Consulting Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Operations Advisory, Financial Advisory, Strategy and Human Resources.

• By Application Analysis

Based on application, the market can be divided into Automotive, Chemicals, Machine Industry, Metalworking, Fast Moving Consumer Goods, and Others.

Driving Factors

"Requirement for Niche Specialist for Business Marketing Fuel Market Development "

The marketing consulting market has grown with an increasing demand for better marketing services. The growth of this industry has been influenced by various factors such as the lack of specialists to handle specific tasks, and the rise in demand for both digital marketing and traditional marketing channels delivering high-quality services. Thus, these driving factors will likely spur market growth during the forecast period.

"Growing Demand for Digital Marketing to Propel Market Evolution"

The growth of this industry can be attributed to factors for instance an increase in demand for customized solutions and a higher number of service providers that are entering the market, which lowers competition among players. In addition, companies constantly looking for new ways to market their products and services through both digitals as well as traditional channels.

Restraining Factors

"Constant Growing Trends and AI Tools Can Restrict Market Development"

The consulting market has some restraining factors along with growth factors that might slow down the development of this sector such as increased competition among various players or rapid changes in technology owing to which companies find it difficult to keep up with the latest trends while maintaining their bottom line or lack of qualified professionals, lack of budget flexibility among clients and high marketing consulting fees, AI-based key tool are also some other major restraints for this market.

Marketing Consulting Market Regional Insights

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"Digital Marketing & Globalization Proliferate the Marketing Consulting Market Growth in North America to Lead the Industry"

With regards to regional insights, marketing consulting is a growing industry and regionally, North America dominates the market. Nearly one-third of the marketing consulting market share is carried by North America. The U.S. and Canada are leading the regional market growth. Due to globalization and the emergence of digital marketing the market is estimated to grow in the coming years. While Asia Pacific is projected to be the fastest-growing region over the forecast period as the majority of the potential customer population lives in the region.

Key Industry Players

"Market Vendors Using Digital Trends & Campaigns to Provide Breakthrough Outcomes to Compete Market competition"

In order to compete in the market, sellers are forming strategic partnerships to develop growth strategies. Key players emphasis on to provide insightful information about techniques, market trends, and competitive intelligence. They also help to create marketing material and can offer advice on what is needed for more effective campaigns. Some prominent vendors such as The Boston Consulting, Bain, Booz Allen Hamilton, KPMG, and Deloitte Consulting are present in the market. The market consists of either specialized management consulting firms or companies with a management consulting division. Moreover, the marketing consulting market growth is influenced by these vendors over the forecast period.

List of Market Players Profiled

• The Boston Consulting
• Bain
• Booz Allen Hamilton
• KPMG
• Deloitte Consulting
• PwC
• EY
• McKinsey

Report Coverage

This report provides an idea of the marketing consulting market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. Also, it collects the market’s precise data and forecasts by market experts. Additionally, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Apart from this, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the market competition.

It also explains the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records on the basis of market sales. Furthermore, every significant factor which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.