Strategy Consulting Market

Growing Need for Competitive Advantage to boost the market growth

Organizations in vertical industries have been witnessing various challenges such as fierce competition and rapidly changing business models. In recent years, e-commerce companies such as Amazon, Alibaba, e-Bay, Flipkart, etc., have experienced fierce competition regionally and globally. In addition, rapidly changing customer purchasing patterns have intensified competition in the industry. Therefore, companies need professional consultants and consulting teams that provide unique solutions. Such solutions include a deep understanding of customer buying patterns and support efficient, scalable, and sustainable operations. The consultancy's collaborative approach helps companies leverage acquired domain expertise to deliver effective solutions, thereby maintaining an edge over their competitors.

For example, PricewaterhouseCoopers (PwC), a globally recognized consulting firm, has partnered with Amazon Web Services to deliver unique capabilities such as retail interface design, customer relationship management, and advanced technological innovation. This partnership helps Amazon proactively manage market changes and restructure its business model to deliver operational excellence. Hence, the need for competitive advantage is expected to drive the growth of the strategy consulting market during the forecast period.

Disruptive technologies such as artificial intelligence and automation have gained considerable popularity in consulting services and play a vital role in informatization, simplifying administrative tasks, and improving productivity. First, incorporating AI technologies into the consulting process helps collect large amounts of unstructured data from various business functions such as marketing, sales, and finance. This information is critical for consultants and marketers to identify new revenue streams to develop effective marketing and advertising campaign strategies.

Second, automated processes such as robotic process automation enable companies to perform a range of tasks, including generating and serving invoices, matching received payments to the correct invoices, and record keeping. Therefore, the Strategy Consulting market CAGR has been increasing globally in recent years. These are essential factors driving the Strategy Consulting market revenue growth.

The Global Strategy Consulting Market Industry experiences a surge in demand for digital transformation services as organizations strive to enhance operational efficiency and customer engagement. In 2024, the market is projected to reach 51.3 USD Billion, driven by the need for businesses to adapt to rapidly evolving technologies. Companies are increasingly seeking expert guidance to navigate the complexities of digitalization, which encompasses cloud computing, data analytics, and artificial intelligence. This trend indicates a robust growth trajectory, as firms recognize that strategic consulting is essential for successful digital initiatives.

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Strategy Consulting market, which accounted for USD 21.02 billion in 2022, is expected to exhibit a significant CAGR growth during the study period. The presence of prominent leaders in the Region is a significant aspect supporting the regional market's growth. The regional market occupied the top position of the market in 2021. The report further forecasts that the market will grow substantially at a healthy CAGR of over 5.3% during the assessment period.

Fluctuations in the U.S. economic market, along with the current changes in government regulations, are the significant parameters boosting the regional market's growth.

Further, the significant countries studied in the market report are The U.S., Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: Strategy Consulting Market Share By Region 2022 (%)

Source: Secondary Research, Primary Research, Market Research Future Database, and Analyst Review

Europe's Strategy Consulting market accounts for the second-largest market share. Growing demand for improved digital experience of customers is expected to be the key driver of the market, although factors such as data security and privacy may restrain the growth. Further, the German Strategy Consulting market held the largest market share, and the U.K. Strategy Consulting market was the fastest-growing market in the European Region.

The Asia-Pacific Strategy Consulting Market is expected to grow at the fastest CAGR from 2022 to 2030. The Asia Pacific region is expected to witness significant growth over the forecast period owing to the increasing emphasis on technology consulting in the Region resulting in increased automation in the manufacturing industry, which is expected to drive the market growth in the Region. Moreover, the China Strategy Consulting market held the largest market share, and the Indian Strategy Consulting market was the fastest-growing market in the Asia-Pacific region.

Major market players are spending a lot on R&D to increase their Type lines, which will help the Strategy Consulting market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new Type launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Strategy Consulting industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

Manufacturing locally to reduce operating costs is one of the primary business strategies manufacturers adopt in the Strategy Consulting industry to benefit clients and expand the market sector. The Strategy Consulting industry has provided medicine with some of the most significant benefits in recent years. In the Strategy Consulting markets, major players such as VIVUS, Inc. (U.S.), Arena Pharmaceuticals, Inc. (U.S.), F. Hoffmann-La Roche, Ltd. (Switzerland), Novo Nordisk A/S (Denmark), Orexigen Therapeutics, Inc. (U.S.), and others are working on expanding the market demand by investing in research and development activities.

Ernst & Young Limited, EY, is a multinational professional services partnership headquartered in London, UK. EY is one of the world's largest professional services networks. It is considered one of the Big Four accounting firms, along with Deloitte, KPMG, and PricewaterhouseCoopers. In June 2022, EY announced a $1 billion investment in a next-generation assurance technology platform to deliver high-quality audits and respond quickly to the changing expectations of regulators, governments, standard setters, audit committees, and boards. The platform's integration will help facilitate advanced risk identification and further advance capital market development.

Also, Kearney is a management consulting firm with offices in more than 40 countries. Kearney's predecessor firm was founded in Chicago in 1926 by James O. McKinsey; in 1929, he hired Andrew Thomas "Tom" Kearney as his first partner. After James McKinsey died in 1937, the Chicago office was spun off into its firm, headed by Tom Kearney, called McKinsey A.T. Kearney & Company. In 1947 the name was changed to A.T. Kearney Company.