Deloitte And Accenture Lead The Management Consulting Services Industry
The global management consulting market is highly fragmented, with a large number of small players. The top ten competitors in the market made up to 14% of the total market in 2018. High fragmentation in the market can be attributed to the presence of a large number of independent contractors and specialized boutique firms in the industry. Low entry barriers in the industry have made this industry attractive for companies to expand across countries, especially in developing countries such as China and India. However, this is likely to change in the near future with the expansion of major players in the market through their acquisition strategies. Deloitte Touche Tohmatsu Limited was the largest competitor in the management consulting market in 2018, with 2.57% of the market, followed by Accenture Plc with 2.21%. Other major players include International Business Machines Corporation, Ernst & Young Global Limited, PricewaterhouseCoopers (PwC), KPMG International, Marsh & McLennan Companies, Inc., McKinsey & Company, Boston Consulting Group, Inc., and AECOM.
Deloitte Touche Tohmatsu Limited was the largest competitor in the global management consulting market in 2018, with a 2.57% share of the market. The company along with its subsidiaries provides audit, tax, consulting, risk advisory and financial advisory services worldwide. Deloitte offers its services to a wide range of industries including consumer and industrial products, energy and resources, life sciences and healthcare, public sector, and technology, media, and telecommunications industries in more than 150 countries worldwide. The company was founded in 1845 and is currently headquartered in London, United Kingdom. The company had 286,000 employees as of 2018.
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.
Accenture Plc was the second largest competitor in the management consulting market in 2018, with a 2.21% share of the market. Accenture is a global professional services company, serving a range of services such as consulting, technology, and outsourcing services worldwide. The company was incorporated in 2009 and is headquartered in Dublin, Ireland. As of August 2018, it had 459,000 employees worldwide.
Accenture’s growth strategy is to expand in countries such as Australia, Brazil, China, France, India, Germany, Ireland, Japan, South Africa, the UK and the USA. Accenture, through sales and delivery collaborations with other companies, creates innovative high-value business solutions and also expands its services to new geographies.