Major companies in the management consulting services market include Deloitte Touche Tohmatsu Limited; Accenture Plc; International Business Machines Corporation; Ernst & Young Global Limited and PricewaterhouseCoopers (PwC).
New York, Feb. 17, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Management Consulting Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06025353/?utm_source=GNW
The global management consulting services market is expected to grow from $819.79 billion in 2020 to $895.46 billion in 2021 at a compound annual growth rate (CAGR) of 9.2%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1201.06 billion in 2025 at a CAGR of 8%.
The management consulting (MCS) market consists of the sales of MCS 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. Management consulting providers undertake processes where human capital is the major input. They make available the knowledge and skills of their employees, often on an assignment basis, where an individual or team is responsible for the delivery of services to the client. The management consulting services market is segmented into operations advisory; financial advisory; technology advisory; strategy advisory and other consulting services.
Western Europe was the largest region in the global management consulting services market, accounting for 45% of the market in 2020. North America was the second largest region accounting for 29% of the global management consulting services market. Africa was the smallest region in the global management consulting services market.
Artificial intelligence (AI) and automation are revolutionizing the way management consultants explore data. AI and automation help management consultants handle such processes as processing and analyzing of massive amounts of data more efficiently and faster than an average human. It can also provide accurate insights in the areas of businesses such as sales, operations, supply chain and more. For example, JLL, an American professional services and investment management company specializing in real estate, leverages an AI analysis system to drastically streamline workloads. The real estate consultancy advises on client portfolios that can be from anything between 1 and 100,000 properties, which traditionally took professionals weeks to analyze. In the consulting area, the information gathered through AI on sales channels, customer journeys and client behavior can help consultants identify new opportunities and develop effective strategies for advertising campaigns. According to Euan Cameron, PwC’s UK AI Leader, AI could add huge value to the management consulting sector which traditionally was conservative and human-driven.
The outbreak of Coronavirus disease (COVID-19) has acted as a restraint on the management consulting services market in 2020 as governments globally imposed lockdowns and restricted trade, thereby limiting the need for professional services. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the management consulting services market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Many clients of the management consulting services market are expanding globally and thus require more sophisticated and internationally-oriented services. Globalization is expected to pave the way for more joint ventures, foreign investments, global expansion and multi-national companies setting up facilities in high growth regions. Companies are increasingly forming joint ventures with firms in other countries, to test the market. Similarly, some companies are looking to acquire an established company in new market, to minimize the risk. Furthermore, globalization in the management consulting services industry is gaining momentum due to rapid growth in internet, automation of consultancy processes and developments in data security. In response to this, many domestic management consultancies have entered into new markets, collaborating with foreign groups to offer services in a wider range of countries.
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