The global management consulting market value of nearly $977 billion in 2018. Western Europe is the largest market for management consulting, accounting for around 34% of the global market. The USA is the largest country in terms of value in the management consulting market.
The management consulting (MC) market consists of the sales of MC services and related goods by entities (organizations, sole traders and partnerships) that provide a range of services providing advice and assistance on organizational planning, financial budgeting, marketing strategies, human resource practices, administration policies and production and logistics scheduling. Such services include solutions for administrative management issues, strategic and organizational planning, business process improvement, human resource and personnel policies, developing marketing planning and strategy, productivity improvement, quality assurance and quality control.
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Management Consulting Market Size
The global management consulting market is expected to grow at growth rate of around 11% to nearly $1,460 billion by 2022. Growth in the historic period resulted from the strong economic growth in emerging markets, regulatory reforms in the financial sector, outsourcing of back-end operations to low-cost economies, and public investments. Factors that negatively affected growth in the historic period were shortages of skilled workers, and political and social instability.
The global management consulting market is highly fragmented. Players in the market include Deloitte Touche Tohmatsu Limited, Accenture Plc, International Business Machines Corporation, Ernst & Young Global Limited and PricewaterhouseCoopers (PwC).
Deloitte Touche Tohmatsu Limited was the largest competitor in the management consulting market in 2018, with around 3% share of the market. The company along with its subsidiaries provides audit, tax, consulting, risk advisory and financial advisory services worldwide. The company was founded in 1845 and is currently headquartered in London, United Kingdom. The company had 286,000 employees as of 2018.
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Few Points from Table of Contents:
7. Management Consulting Market Characteristics
7.1. Market Definition
7.2. Segmentation By Service
7.2.1. Operations Advisory
7.2.2. Financial Advisory
7.2.3. Technology Advisory
7.2.4. Strategy Advisory
7.2.5. HR Advisory
7.2.6. Other Consulting Services
7.3. Segmentation By End-Use Industry
7.3.1. IT Services
7.3.2. Manufacturing
7.3.3. Financial Services
7.3.4. Mining And Oil & Gas
7.3.5. Construction
7.3.6. Other Services
7.3.7. Others
8. Management Consulting Product Analysis
9. Management Consulting Supply Chain
9.1. Resources
9.2. Management Consulting Service Providers
9.3. End Users
10. Management Consulting Market Customer Information
10.1. Rising Competition And Change Of Customer’s Buying Attitude Were The Major Challenges Faced By Management Consulting Firms
10.2. Growing Need For Outside Help With Optimizing Clinical And Operational Performance
10.3. Financial Advisors Play Critical Role In Retirement Success
10.4. Flexibility Is The Main Reason For Choosing Independent Consultants
10.5. Attracting New Clients Is The Main Challenge For Management Consulting Firms
10.6. Increase In Hiring For Small And Medium Management Consultancies
11. Management Consulting Market Trends And Strategies
11.1. Modularization Of Services
11.2. IT Transformation In Management Services
11.3. Value-Oriented Revenue Model
11.4. Automation And Artificial Intelligence
11.5. Virtual Firms In The Management Consulting Industry
11.6. Increasing Mergers And Acquisitions
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