Strategy Consulting Market Trends

Strategy Consulting Market Overview

The Strategy Consulting market size is projected to grow from USD 51.28 billion in 2024 to USD 79.90 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.70% during the forecast period (2024 - 2032). Additionally, the market size for Strategy Consulting was valued at USD 48.52 billion in 2023. 

Consultants, also known as strategic consultants, provide strategic consulting services, providing expert advice on important decisions that mostly lead to the best outcomes for the business. These are the key market drivers enhancing market growth. 

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Strategy Consulting Market Trends

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.

Strategy Consulting Market Segment Insights

Strategy Consulting Services Insights

Based on Services, the Strategy Consulting market segmentation includes Mergers & Acquisitions, Corporate Strategy, Business Model Transformation, Economic Policy, and Organisational Strategy. The corporate strategy segment held the majority share in 2022, contributing most of the Strategy Consulting market revenue. Corporate strategy, also known as strategic management, involves developing enterprise-wide and business-unit strategies and objectives. Strategic consultants are regularly engaged to support the design of the vision and mission statement, the development of the strategic plan, and the development of an implementation roadmap (outlining the activities and resources required to implement the plan). Common examples of strategic consulting projects include evaluating strategic options and supporting business planning processes and development agendas such as market entry strategies (when a company wants to enter a new region or launch a new product).

Strategy Consulting Size Insights

Size has bifurcated the Strategy Consulting market data into Large Enterprises and Small & Medium enterprises. Small & medium enterprises have a considerable share of the market. The growth of this segment is mainly attributable to the need to understand the shortage of funds for expansion. A growing focus on management and productivity training will also benefit the strategy consulting market.

Figure 2: Strategy Consulting Market by Vertical, 2022 & 2030 (USD billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Strategy Consulting Vertical Insights

Based on Vertical, the Strategy Consulting industry has been segmented into IT & telecommunication, Healthcare, BFSI, Retail, and Manufacturing. The IT & telecommunication segment is expected to contribute a higher market share. The core aspects supporting the sector's growth are customer competition and the convergence of mobile and fixed services. Moreover, the demand for online sales across various verticals is creating challenges for companies to shift their sales channel models, which is also expected to impact the segment's growth over the review time frame. This has encouraged the adoption of strategy consulting across various markets and facilitated the segment's growth in the coming years.

Strategy Consulting Regional Insights

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 (%)

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.

Strategy Consulting Key Market Players & Competitive Insights

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.

Key Companies in the Strategy Consulting market include

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  T. Kearney Inc.

  
  


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  Bain and Company

  
  


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  Booz Allen Hamilton Inc.

  
  


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  Accenture PLC

  
  


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  Ernst & Young Ltd.

  
  


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  Delloite

  
  


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  The Boston Consulting Group

  
  


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  CGI Group Inc., among others

  
  

Strategy Consulting Industry Developments

Fincog recently finished two engagements with clients in the banking industry in 2022. a summary of the initiatives and their effects. Fincog was hired by a major bank in Western Europe to assist in the creation of a plan for a fresh environment. Partner at Fincog Jeroen de Bel said, "We were requested to evaluate strategic choices, the business case, and the impact on the current business.

EY announced the launch of its business transformation platform, EY Nexus, in 2022. This platform is optimised for financial services and built for quick deployment of new products and solutions. With the EY organisation recently announcing combined global revenues of US$45.4 billion for the financial year, the introduction of EY Nexus represents an important milestone.

In 2021, GBS is a Hong Kong-based business that offers diabetic patients diagnostic tests. The enormous Chinese market is being targeted by the company as part of its expansion strategy for the Asia Pacific region. It is predicted that by 2025, China will have 70 million diabetics who are actively managing their diabetes. With its so-called Saliva-Glucose Diabetes Test (SGBT), GBS thinks it is in a good position to capture a sizeable portion of the market. This test measures glucose levels in saliva and is non-invasive for managing diabetes.

May 2023- Leading human resources solutions provider Humareso is excited to announce the introduction of its cutting-edge Talent Strategy Consulting service. This innovative service, which is intended to revolutionize how companies approach people management, offers organizations all over the United States strategic advice and know-how to streamline their personnel acquisition, development, & retention procedures.

In the cutthroat business environment of today, organizations struggle to find and keep top talent for a variety of reasons. Humareso is aware of how crucial it is to develop a solid staff which is in line with a business's vision, beliefs, and objectives. This talent strategy consulting service is designed to help organizations succeed by executing complete human resources strategies which promote an excellent work environment.

Experienced HR consultants from Humareso bring a plethora of knowledge and insight to the table. They work closely with customers to establish tailored talent strategies that address their particular needs since they have a thorough awareness of market trends, regulatory compliance, and industry best practices. Humareso assists companies in aligning their talent acquisition initiatives with their enduring goals in order to provide them a competitive edge in the market.

They are thrilled to introduce their Talent Strategy Consulting offering to businesses across the United States, said Humareso President John Baldino, MSHRD SPHR SHRM-SCP. At Humareso, they are adamant that an organization's performance is directly related to the caliber of its talent and its capacity to successfully manage and grow that talent. Their seasoned consultants are enthusiastic about working with businesses to help them reach their maximum potential, and they are eager to assist their customers in creating high-performing teams that promote long-term success and growth.

Providing a range of services aimed at empowering organizations in areas of employee engagement, leadership development, talent management, and more, Humareso is a top provider of human resources solutions.

Strategy Consulting Market Segmentation

Strategy Consulting Services Outlook

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  Mergers & Acquisitions

  
  


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  Corporate Strategy

  
  


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  Business Model Transformation

  
  


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  Economic Policy

  
  


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  Organizational Strategy

  
  

Strategy Consulting Size Outlook

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  Large Enterprise

  
  


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  Small & Medium Enterprise

  
  

Strategy Consulting Vertical Outlook

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  IT & telecommunication

  
  


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  Healthcare

  
  


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  BFSI

  
  


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  Retail

  
  


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  Manufacturing

  
  

Strategy Consulting Regional Outlook