Strategy Consulting Market Size, Share, Growth, And Industry Analysis By Type (Operations Strategy, Business Strategy, Investment Strategy, Technology Strategy, Others), By Application (IT & telecom, BFSI, Energy & Utilities, Healthcare, Manufacturing, Government and Public Sector, Retail and E-commerce, Automotive, Others), Regional Insights, and Forecast To 2032

Updated On: 22 April 2024

Report Overview

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global strategy consulting market size was USD 44688.2 million in 2022 and market is projected to touch USD 104826.64 million by 2032 at CAGR 8.9% during the forecast period. 

The COVID-19 pandemic has been unprecedented and staggering, with the strategy market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

Strategy consulting can also be called a boardroom consultant or strategy consultant. This type of consulting is done to advice organizations impartially in making high-level decisions and using in-depth knowledge of a specific field to achieve the best results. Many consultants consider strategic consulting as one of the most important consulting services in the field of professional services. This type of consulting emphasizes the growth of the operational or business strategies of an organization.

The proliferation of digital business models offered by strategy consulting is fueling the growth of the market. In addition, increasing globalization of consulting projects and increasing focus on risk sharing through strategic partnerships and M&A recommendations are fueling the growth of the strategic consulting market. On the other hand, the increasing integration of technology in consulting services offers many opportunities for market expansion during the forecast period.

COVID-19 Impact: Industrial Shutdowns Due To the Pandemic Are Causing Market Disruptions

The rapid spread of COVID-19 and the global health issues associated with this pandemic have had a less negative impact on the entire consulting business, including strategic advisory services. The impact of the COVID-19 pandemic on the general economic environment is still being adjusted. All risks arising from COVID-19, such as stoppages, slowdown in economic growth, loss of life and damage to the health of key employees, can have a negative impact on the business, which can have a significant impact on operations, cash flows and financial condition. In addition, the global pandemic has significantly affected the consulting industry in several ways, as travel restrictions and remote work would greatly hinder travel and the on-site presence of operational improvement consultants.

Latest Trends

"Demand for Digital Strategy and Increased M&A Foster Market Growth"

Modern mobile and digital devices enable access to information, goods and services through multiple digital channels. Companies need to effectively represent their brand across multiple touch points, channels and devices used by customers to deliver a cohesive brand experience. To discover and shape marketing opportunities ahead of your competitors, you need to use analytics and data volumes inside and outside the organization. The digital approach is crucial for developing intuitive business operations and driving the global strategy consulting market growth.

Segmentation

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• By Type Analysis

According to type, the market can be segmented into operations strategy, business strategy, investment strategy, technology strategy, others.

Operations Strategy is anticipated to be the leading segment.

• By Application Analysis

Based on application, the market can be divided into IT & telecom, BFSI, energy & utilities, healthcare, manufacturing, government and public sector, retail and e-commerce, automotive, Others.

IT & telecom will be dominating segment.

Driving Factors

Digital Business Models to Accelerate the Growth of the Market

The digital business model has important implications for strategic consulting because it can reduce costs, accelerate change and improve the client experience. These factors are considered reliable business drivers that move organizations towards Digital Transaction Management (DTM). Additional challenges such as cumbersome paper-based document management, collection and management of documents from various sources, addressing data security breaches and maintaining visibility are expanding digital business models, further fueling market growth.

"Increasing Globalization Of Consulting Projects to Fuel the Market Growth "

Consulting projects that provide business activities have changed with globalization, which continues to have a positive impact on market. This increases the ability to understand the market and attract and retain valuable customers. In addition, globalization helps spread new IT and communication technologies that have influenced the transformation of internal processes and the creation and support of new business models for consulting. This expansion will help grow the distributed team by adding international employees committed to Diversity, Equality, Inclusion and Belonging (DEIB). In addition, globalization is an ongoing process in which regional economies, societies and cultures are integrated through a global network of communication and application. In addition, consulting firms operating in global markets must evaluate strategies such as exporting, licensing, subsidiary formation, contract manufacturing, franchising, international joint ventures, and countertrade to compete globally. These factors significantly level the demand for market.

Restraining Factor

"Security and Privacy Measures May Limit Market Growth"

Increasing risks related to information security and privacy are major challenges hindering the market. An easy and affordable way to manage marketing tips is with cloud-based marketing automation software. Hosting private information in the cloud exposes it to the public and other users. However, organizations will only upload data or information to the cloud if the services are reliable and secure. Strategy consulting firms are becoming more dependent on cloud providers as a result of the adoption of cloud-based marketing automation software. Due to the high risk of data leakage, misuse or manipulation of data is possible. These issues can create a number of security and legal issues related to an organization's infrastructure, access control, risk management, auditing and logging, and regulatory and legal compliance.

Regional Insights

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"North America to dominate the Market owing to Growing Demand For Consulting Firms "

North America is poised to dominate the global strategy consulting market share during the forecast period owing to several factors such as growing demand from consulting firms and expanding cyber security regulations. The internal market should expand as digital regulation and customer privacy protections evolve. In addition, it is expected that new companies entering the market and different distribution models adapted to the needs of customers will significantly promote regional markets and growth.

North America is expected to maintain its position during the forecast period as the adoption of value-based revenue models and other strategies is a major aspect supporting market growth and the increase in the use of strategic consulting services in e-commerce. Government and healthcare to improve the business and customer experience to contribute to the growth of the strategy consulting market.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios. Key industry players in the antacid tablet market have a significant impact on market dynamics. These companies are at the forefront of research and development, consistently introducing innovative formulations and product variations. Their focus on convenience and effectiveness sets industry standards and influences market growth.

List of Market Players Profiled

• Bain & Company (U.S.)
• Cognizant Technology Solutions (U.S.)
• Tata Consultancy Services
• IBM Global Services (U.S.)
• KPMG Advisory (Netherlands)
• Ernst & Young Advisory (U.K.)
• PricewaterhouseCoopers Advisory (U.K.)
• Boston Consulting Group (U.S.)
• Infosys Consulting (U.K.)
• CGI Group (Canada)
• Deloitte Consulting (U.K.)
• Capgemini Consulting (France)
• McKinsey & Company (U.K.)
• Accenture Consulting (Ireland)

Report Coverage

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.