Major players in the strategy advisory market are A. T. Kearney, Inc. , Accenture PLC, Deloitte, Bain & Company, Ernst & Young Ltd. , KPMG, McKinsey & Company and The Boston Consulting Group.
New York, Jan. 04, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Strategy Advisory Global Market Report 2020-30: COVID-19 Growth And Change" - https://www.reportlinker.com/p06001463/?utm_source=GNW
The global strategy advisory market is expected to increase from $155.23 billion in 2019 to $163.43 billion in 2020 at a compound annual growth rate (CAGR) of 5.29%. The slowed growth is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The market is then expected to recover and reach $226.91 billion in 2023 at a CAGR of 11.56%.
The strategy advisory market consists of the sales of strategic advisory services by entities (organizations, sole traders and partnerships) the provide consulting services that aim to increase client’s revenues, profit margins, market share and competitive advantage. Clients consult strategy advisors to seek advice on developing new markets, market entry and expansion strategies and reimagining their business models. Only goods and services traded between entities or sold to end consumers are included.
North America was the largest region in the strategy advisory market in 2019. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
In January 2019, Litmus Automation, an Industrial-Internet-of-Things (IIoT) platform provider, partnered with Boston Consulting Group (BCG), for an undisclosed amount, to offer joint IoT offerings. With this partnership with Boston Consulting Group (BCG), Litmus Automation plans to allow the customers to adopt Industry 4.0 and gather valuable, real-time data from their assets to make better business decisions. Boston Consulting Group (BCG) is a global management consulting firm and consultant on business strategy.
The strategy advisory market covered in this report is segmented by services into corporate strategy; business model transformation; economic policy; mergers and acquisitions; organizational strategy; functional strategy; strategy and operations; digital strategy and by end-user into IT and telecommunication; healthcare; BFSI; retail; manufacturing; others.
The high cost associated with strategic advisory services is expected to limit the growth of the strategy advisory market. Different types of services and functions are offered by strategic advisory firms as an expensive package. For instance, a typical strategy case costs between $500,000 and $1.2 million. The high-cost variances occur because of the premium that the brand commands, the length of the case, and the number of consultants required to do the work. Thus, the higher cost of hiring a strategic advisor will negatively impact the market.
The launch of artificial intelligence is gaining popularity in the strategy advisory market. As this new technology develops, many companies are increasingly thinking about integrating artificial intelligence (AI) into their operations. For instance, in September 2018, according to a study by Narrative Science, a technology company, the number of companies implementing artificial intelligence (AI) within the space of one year nearly doubled with an increase from 38% to 61%. Of these companies, a quarter uses artificial intelligence (AI) for predictive analytics and 22% use it for machine learning. Artificial intelligence and the future of strategic advising and its effect on consultancy firms are positive, and if harnessed correctly, artificial intelligence (AI) could significantly accentuate how these firms govern as well as the services they provide to clients.
During the historic period, an increased number of startups globally contributed to the strategy advisory market’s growth. According to the IT industry body NASSCOM’s report, the total number of technology startups in India has grown to 9,300 with 1,300 startups being added in the year 2019. According to this report, investment in start-ups stood at $4.4 billion flowing between January-September in 2019. Therefore, a growing number of startups across industrial and financial sectors is expected to fuel the demand for the strategy advisory market.
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