Management consulting services are now being split into several individual components and sold separately rather than bundled together. There has been a growing trend from clients to pick and choose service elements that can be executed in house and allocate the rest to specific service providers. This approach is called modularization of services and is a response to clients that a single firm would not be able to handle the complexity of a large project and hence wanting four to five firms to collaborate. Management consulting service providers are collaborating with specialized consulting companies to increase their market share and expertise. For instance, leading global consulting firm, Oliver Wyman, collaborated with other consulting firms to strengthen its expertise in various industries such as with TeamSAI (aerospace and aviation), ChapterHouse (healthcare), Harbour Consulting (automotive) and Corven (energy).
THE BUSINESS RESEARCH COMPANY EXPECTS THE GLOBAL MANAGEMENT CONSULTING SERVICES MARKET TO GROW TO $920 BILLION BY 2021
North America was the largest region in the management consulting services market in 2017, accounting for almost two-fifth of the management consulting market share. This was due to the rise in the number of new businesses and increased demand for financial planning, budgeting, business process improvement and other management consulting services from commercial organizations.
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The chart below shows the year-on-year growth of the global management consulting services market size during 2017 – 2021
According to The Business Research Company’s Consultant, Nitin Gianchandani, with the emergence of information communication and technology, the world is rapidly moving towards the process of digitalization. Investor expectations, rising competition, new regulatory pressures and increasing opportunities are putting organizations under pressure to digitalize their processes and management. Management consulting services firms are providing IT transformation services to businesses, banks and other organizations to overcome challenges such as rising stakeholder expectations and flat or declining budgets. Such services include identifying critical technologies, setting an IT agenda, consolidating, standardizing and harmonizing IT solutions across business divisions in a cost effective manner. Accenture Consultancy increased its revenues from Communications, Media & Technology division by 16% from 2014 to 2015 due to increased demand for digital transformation for management services.
TBRC’s report also covers management consulting industry trends and management consulting industry revenues.
According to the management consulting market analysis, Deloitte was the largest company in the market, with revenues of $17.2 billion for the financial year 2016. Deloitte’s growth strategy is to reinforce its M&A strategy to expand its consulting operations across geographies. For instance, the company acquired KD Johns & Co., Australia and Hervé Schauer Consultants (France). The company also aims to strengthen its senior level management to maintain governance and ensure quality.
The management consulting services market comprises establishments providing a range of services dealing with advice and assistance on organization 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. The management consulting services market is segmented into Operations Advisory, Financial Advisory market, Strategy Advisory, HR Advisory market and Technical Advisory market.
Management Consulting Services Global Market Report 2018 is a detailed report that gives a management consulting industry overview. The report is priced at $4000 for an individual user. To use across your office, the price is $6000 and $8000 if you wish to use across a multinational company.
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