Design, Research, Promotional And Consulting Services Market Definition

A design is a plan or something made in the arts or fashion. It is a strategy for arranging elements in the most effective way to achieve a specific goal. Research is described as the creation of new knowledge and/or the creative application of existing knowledge to generate new concepts, methodologies, and understandings. Promotional services are those that aid in spreading the word about a given good, service, or business. Consulting services refer to the delivery of knowledge or strategic counsel that is made available for consideration and judgement. The main types of design, research, promotional, and consulting services are photographic services, market research services, advertising, public relations, and related services; scientific research and development services; environmental consulting services; management consulting services; specialised design services; architectural and engineering consultants; and related services. Photographic services is a department of Design and Publication Services that offers photographic services to university academics and employees, such as a photographer and a photo lab technician. The different modes include online and offline. The various service providers include large enterprises as well as small and medium-sized enterprises.

Design, Research, Promotional And Consulting Services Market Segmentation

The design, research, promotional and consulting services market covered in this report is segmented – 1) By Type: Photographic Services, Market Research Services, Advertising, Public Relations, And Related Services, Scientific Research And Development Services, Environmental Consulting Services, Management Consulting Services, Specialized Design Services, Architectural, Engineering Consultants And Related Services 2) By Mode: Online, Offline 3) By Service Provider: Large Enterprise, Small and Medium Enterprise Subsegments Covered: Portrait Studios Services, Commercial Studios, Marketing Research And Analysis Services, Public Opinion And Election Polling, Advertising Agencies, Other Advertising Services, Public Relations, Direct Mail Advertising, Billboard & Outdoor Advertising, Media Buying Agencies And Representative Firms, Print Advertising Distribution, Social Sciences And Humanities Services, Physical, Engineering, And Life Sciences, Nanotechnology Services, Biotechnology Services, Site Remediation Consulting Services, Other Environmental Consulting Services, Water And Waste Management Consulting Services, Environment Management, Compliance And Due Diligence, Operations Advisory, Financial Advisory, Technology Advisory, Strategy Advisory, Other Consulting Services, HR Advisory, Interior Design Services, Graphic Design Services, Industrial Design Services, Fashion And Other Design Services, Engineering Services, Architectural Services, Laboratory Testing Services, Surveying & Mapping Services, Building Inspection Services, Geophysical Services, Drafting Services

Specialized Design Services Market Definition And Segments

Specialized design services are involved in the design of all goods and services that comprise the process by which a good or service is created. Specialized design services plan, design, and administer projects as required by client specifications. The main types of specialized design services are interior design services, graphic design services, industrial design services, fashion, and others. Graphic design is a visual communication art or profession that mixes images, words, and ideas to transmit information to an audience, with the goal of achieving a specific effect. The services are available in various modes, including online and offline mode. The different service providers include large enterprises and small and medium enterprises. The specialized design services market covered in this report is segmented – 1) By Type: Interior Design Services, Graphic Design Services, Industrial Design Services, And Fashion And Other Design Services. 2) By Mode: Online And Offline 3) By Service: Large Enterprise, Small and Medium Enterprise The specialized design services market size has grown strongly in recent years. It will grow from $147.18 billion in 2023 to $156.92 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to technology development and demographic shift. The specialized design services market size is expected to see strong growth in the next few years. It will grow to $207.32 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to economic growth, increase in number of internet users, globalization will drive the growth. Major trends in the forecast period include investments in innovative technologies, adoption of IoT and computer-aided engineering (CAE) technologies, cloud-based product design, offering customized solutions, collaborations with local interior designers, providing virtual designing services, integrating ai technologies, investing in 3d printing technologies, and investments in lab grown diamonds. player-adopted strategies in the specialized design services industry include expansions into new geographies, establishments of new operational centers, development of innovative tools, and collaboration with technology-based companies.

Sustainable And Eco-Friendly Design Driving Specialized Design Services Market Growth

The increasing focus on sustainability and eco-friendly design practices is expected to propel the growth of the specialized design services market going forward. Sustainability and eco-friendly design practices refer to the principles and practices that aim to minimize negative impacts on the environment and promote sustainable development. Sustainable design practices can help specialized design services optimize building performance and minimize negative impacts on building occupants and the environment. For instance, according to the Office for National Statistics, a UK-based statistics authority, in 2021, 64% of UK-based consumers limited their consumption of single-use plastic. This is a 3% increase compared to 2020. Therefore, increasing focus on sustainability and eco-friendly design practices is driving the growth of the specialized design services market.

Increasing Demand For Transportation Services Boosts Growth In The Specialized Design Services Market

The increasing demand for transportation services is expected to propel the growth of the specialized design services market going forward. Transportation services refer to the movement of people, goods, and materials from one place to another, which are essential for the functioning of modern societies, enabling the movement of people and goods for work, commerce, and leisure. Specialized design services can help transportation companies design and develop new products, such as vehicles, parts, and accessories that are more efficient, safer, and more comfortable for passengers and drivers. For instance, according to the Bureau of Transportation Statistics, a US-based government agency, truck transportation employment in January 2023 is projected to be 1.59 million, which is an increase of 600,000 from January 2022. Thus, the increasing demand for transportation services is driving the growth of the specialized design services market. Major companies operating in the specialized design services market report are AECOM, Gensler, Perkins and Will, HOK Group, Inc., HKS Architects, Arcadis NV, Southern Graphics, Inc., HDR Inc., IDEO, Pentagram, Flow, Neri and Hu, Archstudio, Ahead Design, China Industrial Design, Shark Design, Farfetech, IDC China, India’s Mandy WebDesign, First Point Web Design, Design Qube, Carafina, Desmania, IDEINN and Morph Design & Co., Digiwebart, Logo Design India and CrowdStudio, Japan’s Curiosity, Hashimoto Yukio, Kono Designs, Eat Creative, Accorder Inc., Azoth Inc., Isato Design Works Ltd., Kondo Knit Co. Ltd., Nippon Design Center, Australia’s MIM Design, Coco Republic, Nude Design Studio, Evie Group, Creator Global, Vert Designs., John Wood Group, MKV Design, Align, Wilkinson Beven Design, Addict Clothing, Seymourpowell, PDD, Gusto Design, Tangerine, Zara, Taxi Studio, Graphical House, La Boca, Design One, Luxottica, Altercasa, Andrei Dmitriev, Alter Ego, LEDAS, ASCON Group, Antonovich Design, Iron Water Studio, Inostudio Solutions, ITA Labs, Ronas IT, Digital Dali., Interior Logic Group, Inc., RKS, Designworks, Karten Design, Studio O+A, IA, Eastlake Studio, Sagmeister and Walsh, FINIEN, Piscatello Design Centre, Georgia Thomas Designs, J. Jansen Designs, Keith Llyod Couture., Iris, Valtech, 360i, Key Ideas, United Group of Companies, Al-Khulaifi Group, Doha Online Network, Jets Projects, Rumaillah Services Est., Sahar Madanat, Don Rite Consultancy & Design, S3T Koncepts, NBA, Ideso, Bravo Design, Designs Squared, Teritory, Sand Product Design NN Vintage, MaXhosa, CK Digital

Assessing The Impact Of COVID-19 On The Specialized Design Services Market And The Path To Recovery

The outbreak of COVID-19 disease (COVID-19) has acted as a restraint on the specialized design 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 breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and has 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. The outbreak has had a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the specialized design services market will recover from the shock over 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.

3D Printing Technology Revolutionizing The Specialized Design Services Market

Major companies operating in the specialized design services market are focusing on 3D printing technology to witness the highest growth rate in the near future. The use of 3D printing technology is transforming the way specialized design services are delivered, allowing for the creation of complex and intricate designs that may not be possible with traditional manufacturing methods. For instance, in September 2023, Mastercam, a US-based specialist in CAD/CAM software, launched a new Add-On product, Mastercam APlus by CAMufacturing Solutions, designed for 3D printing. The software supports the programming and simulation of additive manufacturing processes in Mastercam. The software integrates seamlessly with Mastercam to allow users to generate 3D printing toolpaths and visualize the additive machining outcome. The launch of Mastercam APlus adds value to the Specialized Design Services market by providing a more efficient and cost-effective way to create complex and intricate designs.

Elevating Interior Design With Virtual Reality And Augmented Reality Technologies

Virtual reality and augmented reality technologies are being widely used by interior design service providers to provide customized designs to customers and offer low-cost design plans in a short time span. Virtual reality is the use of computer technology to create computer-stimulated visuals, and augmented reality is a real-world object supplemented with computer-generated information through sensory inputs. These technologies aid in reducing rework, increasing quality, lower labor costs, improving safety, streamlining collaboration and aiding in project management. For instance, Decorilla, an online interior design service provider, is providing AR and VR-based technologies for interior designing. Large companies such as Google, Facebook, and Samsung are also widely using these technologies to increase productivity and enhance the quality associated with design. Other companies using virtual reality and augmented reality for interior designs include Roomy and Vectorworks. North America was the largest region in the specialized design services market in 2023. Asia-Pacific was the second largest region in the specialized design services market. The regions covered in the specialized design services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa The countries covered in the specialized design services market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa The specialized design services market consists of revenue earned by entities by providing services such as planning, designing and administering projects as required by client specifications. The specialized design services market does not include architectural, engineering and computer system design services. Specialized design services 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 market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The specialized design services market research report is one of a series of new reports from The Business Research Company that provides specialized design services market statistics, including specialized design services industry global market size, regional shares, competitors with a specialized design services market share, detailed specialized design services market segments, market trends and opportunities, and any further data you may need to thrive in the specialized design services industry. This specialized design services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Physical, Engineering, And Life Sciences Market Definition

Physical engineering is concerned with translating fundamental discoveries and research findings from the natural sciences, particularly physics and chemistry, into technological innovations. The life sciences are the branches of science concerned with the scientific study of living organisms and help to improve the quality and standard of life. The main types of physical, engineering, and life sciences are physical and engineering sciences and life sciences. Life Sciences Services assists businesses in reimagining and transforming their IT landscapes into next-generation platforms for all important functions. The various entities involved are organizations, sole traders, and partnerships. The different service providers include large enterprises and small and medium enterprises.

Physical, Engineering, And Life Sciences Market Segmentation

The physical, engineering, and life sciences market covered in this report is segmented – 1) By Type: Physical And Engineering Sciences, Life Sciences Services 2) By Entities: Organizations, Sole Traders, Partnerships 3) By Service Provider: Large Enterprise, Small and Medium Enterprise

Public Opinion And Election Polling Market Definition And Segments

Public opinion is the culmination of the individual attitudes or ideas of a sizable portion of the population regarding a given topic or issue. Electoral polling is a method that uses election surveys to gather data based on the opinions of a sample of individuals. The main survey types of public opinion and election polling are product surveys, website surveys, focus group surveys, conference feedback surveys, and others. A product survey is a series of questions sent to a specific segment of the user base to gather valuable user feedback about the state of the user experience. The various modes of surveys include online surveys, paper surveys, telephonic surveys, and one-to-one interviews, and are used for public opinion and election polling. The public opinion and election polling market covered in this report is segmented – 1) By Mode: Online Surveys, Paper Surveys, Telephonic Surveys, One-to-One Interviews 2) By Survey Type: Product Survey, Website Survey, Focus Group Survey, Conference Feedback Survey, Other Survey Types 3) By Application: Public Opinion, Election Polling The public opinion and election polling market size has grown steadily in recent years. It will grow from $8.18 billion in 2023 to $8.43 billion in 2024 at a compound annual growth rate (CAGR) of 3.1%. The growth in the historic period can be attributed to media influence and coverage, political events and campaigns, demographic shifts, social and economic factors, historical voting patterns. The public opinion and election polling market size is expected to see steady growth in the next few years. It will grow to $9.55 billion in 2028 at a compound annual growth rate (CAGR) of 3.2%. The growth in the forecast period can be attributed to social media and digital platforms, polarization and political climate, issue-centric campaigns, demographic changes and diversity, evolving communication channels. Major trends in the forecast period include social media influence, globalization of polling practices, response rate challenges, public trust in polling, adaptation to societal changes.

Growing Demand For Public Opinion Drives The Public Opinion And Election Polling Market

The increasing requirement for public opinion is anticipated to drive the demand for public opinion and election polling markets. Public opinion and polls act as measuring tools to find out what people think about a particular product, person, activity, company, or any other area that is relevant to medical research and innovation. These polls help countries and companies decide on a new leader, release a product, make changes to the organizational structure of activities, or make other important strategic decisions. The requirement for public opinion for making decisions in government and business activities aids in the growth of the public opinion and election polling market.

Rising Internet And Social Media Usage Fuels Growth In Public Opinion And Election Polling Market

The increasing use of the internet and social media is expected to propel the growth of public opinion and the election polling market going forward. A social media platform is a communication platform that uses the internet. Social media has a profound impact on public opinion, as it is a powerful tool for reaching out to audiences and understanding their needs and desires. It is increasingly being used for election surveys, as it provides a platform for collecting data based on the opinions of a sample of individuals. For instance, in February 2023, according to Meltwater, a Netherlands-based software company, internet users in the UK increased by 224,000 (+0.3%) between 2022 and 2023. There were 66.11 million internet users in the UK overall. In addition, in the UK, there are 35 million LinkedIn members and 28.75 million Instagram users. Therefore, the increasing use of the internet and social media is driving the growth of public opinion and the election polling market. Major companies operating in the public opinion and election polling market report are Nielsen Holdings PLC, Ipsos SA, SurveyMonkey Market Research Solutions, YouGov PLC, Gallup Inc., Marist Institute for Public Opinion, Harris Insights & Analytics LLC, Gnosis Partners LLC, Morning Consult LLC, Group Dynamics In Focus LLC, Rasmussen Reports LLC, Pew Research Center, Eastcoast Research Inc., Quinnipiac University Polling Institute, Public Policy Polling LLC, CNN/ORC International, Monmouth University Polling Institute, Emerson College Polling, Survey USA Inc., Zogby Analytics LLC, Washington Post-ABC News Poll, NBC News/Wall Street Journal Poll, Fox News Poll, CBS News Poll, Reuters/Ipsos Poll, IBD/TIPP Poll, The Economist/YouGov Poll, Suffolk University/USA Today Poll, The Roper Center for Public Opinion Research, Elway Research Inc., Field Research Corporation (Field Poll), Franklin Pierce University Polling Institute

False Polling Hinders The Market

Erroneous polling results are expected to hinder public opinion and the electoral polling market. This is due to a variety of factors, including sampling error, a low response rate, response bias (when respondents' answers do not reflect their true beliefs), coverage issues, and surveyor questions. The opinion of the public may change with time and other influences that result in a different outcome.

Innovative Partnerships Drive Advancements In Public Opinion And Election Polling

Innovations and the launch of new techniques through partnerships and collaborations are gaining popularity in the public opinion and election polling market. Major companies operating in the industry and government organizations are introducing new technologies to make surveys and voting more reliable, accessible, and genuine, including variability and eliminating errors. For instance, in July 2023, the Council of State Governments, a US-based non-profit organization, partnered with The Turnout, a US-based organization that organizes voter registration, to form the Election Technology Initiative (ETI). The ETI will promote and provide open-source solutions for election administrators to enhance the safety and transparency of U.S. and international elections as well as raise voter trust, accessibility, and participation. ElectionGuard, a piece of open-source software created by Microsoft's Democracy Forward Initiative, will be switched over to the ETI as the project's first step. Vendors of voting machines and election officials are given the tools they need by ElectionGuard to conduct audits after elections that are end-to-end verifiable.

Integration Of New Technologies Enhances Products In Public Opinion And Election Polling

Major companies operating in the public opinion and election polling market are focused on incorporating new technological solutions into their existing products to sustain their positions in the market. Incorporation of new technology refers to adding or integrating the latest technological advancements or innovations into products that a company already offers. This can involve enhancing the features, capabilities, or performance of existing products by integrating cutting-edge technology. For instance, in August 2021, Election Systems & Software, a US-based manufacturer of voting machine equipment and services, incorporated Microsoft Surface Go, a lightweight and portable laptop, into their ExpressPoll, an electronic poll book used in the voting process, to provide the security, portability, and usability poll workers need. The ES&S portfolio includes the well-known and successful product, ExpressPoll. And Surface Go is a crucial foundation for ExpressPoll, a product that has undergone extensive real-world field testing.

Accenture Acquires Anser Advisory To Enhance Infrastructure Project Success

In August 2023, Accenture PLC, an Ireland-based professional services company, acquired Anser Advisory for an undisclosed amount. This acquisition boosts Accenture's capacity to assist businesses and state and local public sector organizations in completing significant, long-term infrastructure projects more predictably and successfully—projects that support clients' growth and have a positive impact on communities. Anser Advisory LLC is a US-based public policy research and consulting firm that conducts public opinion and electoral polling. North America was the largest region in the public opinion and election polling market in 2023. Western Europe was the second largest region in the global public opinion and election polling market share. The regions covered in the public opinion and election polling market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the public opinion and election polling market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain The public opinion and election polling market consists of revenue earned by entities that are engaged in systematical gathering, recording, tabulating, and presenting public opinion data. Public opinion and election polling services include election’s opinion polls and elections exit polls. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The public opinion and election polling market research report is one of a series of new reports from The Business Research Company that provides public opinion and election polling market statistics, including public opinion and election polling industry global market size, regional shares, competitors with a public opinion and election polling market share, detailed public opinion and election polling market segments, market trends and opportunities, and any further data you may need to thrive in the public opinion and election polling industry. This public opinion and election polling market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Market Research Services Market Definition And Segments

Market research services refer to the services that help in the process of determining the viability of a new service or product through direct customer research. With market research, companies can figure out their target market and get opinions and feedback from consumers in real time. The main types of market research services are market research and analysis services, public opinion, and election polling. A sampling or gathering of thoughts on a subject, obtained from either a selected or a random group of people for the purpose of evaluation, is known as electoral polling. The different sectors include IT services, manufacturing, financial services, construction, and others and involve various enterprise sizes, such as large enterprises and small and medium-sized enterprises. The market research services market covered in this report is segmented – 1) By Type: Marketing Research And Analysis Services, Public Opinion And Election Polling 2) By End Use Industry: FMCG, Media, Healthcare & Life Science, Professional Services, Others The market research services market size has grown steadily in recent years. It will grow from $84.33 billion in 2023 to $87.68 billion in 2024 at a compound annual growth rate (CAGR) of 4.0%. The growth in the historic period can be attributed to rise in research and development (R&D) investments, political opinion polls, strong economic growth in emerging markets, increased internet penetration and growing awareness of market research in end use industries. The market research services market size is expected to see steady growth in the next few years. It will grow to $102.88 billion in 2028 at a compound annual growth rate (CAGR) of 4.1%. The growth in the forecast period can be attributed to increasing focus on customer satisfaction, outsourcing back-end operations to low-cost economies, demand for opinion polls and increase in data driven businesses. Major trends in the forecast period include adopting advanced technologies such as eye-tracking technology, adopting agile market research, utilizing experimental research tools, replacing traditional surveys with micro surveys, investing in virtual technologies, adopting artificial intelligence technologies, automating research processes, implementing blockchain technology, consider adopting chatbots to increase efficiency.

Role Of Stable Economic Growth In Informed Decision-Making

Stable economic growth is expected to propel the growth of the market research services market going forward. Sustainable economic growth refers to economic development that attempts to satisfy the needs of humans in a manner that sustains natural resources and the environment. Market research services can help businesses identify market trends and consumer behavior, which can help them make informed decisions about their products and services. This can help businesses stay competitive and adapt to changing market conditions, which can contribute to stable economic growth. For instance, according to the U.S. Bureau of Economic Analysis (BEA), a US-based government agency, real gross domestic product (GDP) increased at an annual rate of 2.1 percent in the second quarter of 2023 in the US. Thus, stable economic growth is driving the growth of the market research services market.

Increasing Demand For Digital Market Research Services Drives Growth In The Market Research Services Market

The increasing demand for digital market research services is expected to propel the growth of the market research services market going forward. Digital market research services refer to the analysis and evaluation of information that is gained on and from the Internet to support research or expand knowledge for a business or organization. Digital market research services can help the market research services market by providing customer insights, customized market research services, data-driven decision-making, social media analytics, and monitoring services. For instance, according to the Bureau of Economic Analysis, a US-based government agency, the digital economy in the US grew at an annual rate of 6.9% in 2021, with digital services accounting for 68.5% of the total digital economy. Thus, an increasing demand for digital market research services is driving the growth of the market research services market. Major companies operating in the market research services market report are Nielsen Holdings Inc., IQVIA Holdings Inc., Gartner, Kantar Group, Ipsos Group S.A., GfK SE, Information Resources, Inc., Dynata, INTAGE Holdings Inc., Westat Inc., Global Vox Populi, RNB Research, Market Xcel Data Matrix Private Limited, Majestic MRSS, Hub of China, SIS International Research, Escalent (formerly Morpace), CIPMR, Adept Research, Tiny CX Freeform, Populix, Dataspring, Inkwood Research, Consumer Behavior Research Co., Ltd (CBR), Euromonitor International, IFF Research, Pharma Intelligence, Mintel, Dunnhumby, AMR Advanced Market Research GmbH, Wood Mackenzie, VCIOM (Russian Public Opinion Research Center), Business Analytica, Ateliar Market Research, Inquiry Market research, MAP Marketing Research, MAGRAM Market Research, Prodege LLC, The NPD Group, Inc., Forrester Research, ORC International Inc., Proactive Worldwide, Comscore, Stitch Marketing Research, Bauman Research & Consulting, LLC, Criba Research SA, Fine Research, AG3 Consulting, OnTarget, Arellano, Datum Internacional S.A., StatMark Group S.A., Brazil Market research, Ad hoc research, Al bar research, Inverita research, Eksen Research, C&O Marketing, Insight Scouts Research & Consultancy, Research & Consulting House (REACH), 4sight, Amass Market Research, Synergy Marketing and Consulting, Brandman Research, Geocartography Knowledge Group, ERA Research & Consultancy, Research Konnection, IVC Research Center, Omnibus, Sixth factor, Nagy Research MEACRO, Acnielsen Marketing & Media (Pty) Ltd., NOI Polls Limited, George, Klein and Associates (GK&A), BMI Research (Pty) Ltd., Plus 94 Research, African Response, Ley Hausen.

Navigating The Impact Of COVID-19 On The Market Research Services Market

The outbreak of COVID-19 disease (COVID-19) has acted as a restraint on the market research 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 breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and has 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. The outbreak has had a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the market research services market will recover from the shock over 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.

AI-Driven Real-Time Research Platforms For Enhanced User Experiences

Major companies operating in the market research services are developing AI-driven real-time research platforms, such as Meta AI to enhance user experiences. Meta AI is a new assistant that can interact with users like a person, available on WhatsApp, Messenger, and Instagram. For instance, in September 2023, Meta Platforms Inc., a US-based technology company, launched Meta AI. It is powered by a custom model that leverages technology from Llama 2 and the latest large language model (LLM) research. During text-based conversations, Meta AI can access real-time information through its collaboration with Bing search and provides a feature for generating images.

Enhancing Market Research With Virtual Reality Technology

Many market research companies are suggesting their clients implement virtual reality technologies to understand customer decision-making processes. Virtual reality is a computer-generated simulation of a three-dimensional image, sound, and other sensations that replicate an environment and also simulate an individual’s presence in the environment. This technology enables companies to generate critical consumer insights without having to invest in trial-and-error processes in physical stores and collect opinions from target respondents. Virtual reality technology enables companies to collect data efficiently from a large sample size with a minimum investment. For instance, Nestle implemented a Decision Insights virtual store to determine prices and placements of 15 new stock-keeping units of ice cream cups. After implementing research recommendations, ice cream sales increased by 53%. North America was the largest region in the market research services market in 2023. Western Europe was the second largest region in the market research services market. The regions covered in the market research services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa The countries covered in the market research services market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa The market research services market includes revenues earned by entities by providing services such as primary research, secondary research, qualitative and quantitative research, branding research, and customer research. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The market research services market research report is one of a series of new reports from The Business Research Company that provides market research services market statistics, including market research services industry global market size, regional shares, competitors with a market research services market share, detailed market research services market segments, market trends and opportunities, and any further data you may need to thrive in the market research services industry. This market research services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Marketing Research And Analysis Services Market Definition And Segments

Marketing research is a process of systematically collecting, recording, and analyzing qualitative and quantitative data on marketing products and service issues. Marketing analysis is the process of analyzing data from a company's marketing efforts to determine how effective they are. The main types of marketing research and analysis are quantitative and qualitative research. Quantitative research is described as the systematic examination of phenomena through the collection of measurable data and the application of statistical, mathematical, or computer methodologies. The various sources in marketing research and analysis are primary research and secondary research. The different sectors include IT services, manufacturing, financial services, construction, healthcare, and others. The marketing research and analysis services market covered in this report is segmented – 1) By Type: Quantitative Research, Qualitative Research 2) By Research Source: Primary Research, Secondary Research 3) By End Use Industry: IT Services, Manufacturing, Financial Services, Construction, Healthcare, Other End Use Industries The marketing research and analysis services market size has grown steadily in recent years. It will grow from $13.57 billion in 2023 to $13.97 billion in 2024 at a compound annual growth rate (CAGR) of 3.0%. The growth in the historic period can be attributed to rise in research and development (R&D) investments, strong economic growth in emerging markets, increased internet penetration, increase in consumption of big data and rapid urbanization. The marketing research and analysis services market size is expected to see steady growth in the next few years. It will grow to $15.64 billion in 2028 at a compound annual growth rate (CAGR) of 2.9%. The growth in the forecast period can be attributed to increase in digitalization, increase in data driven businesses, increasing focus on customer satisfaction and increasing demand for sampling. Major trends in the forecast period include leveraging artificial intelligence for efficient, accurate and low-cost data collection, adopting agile market research methodologies, investing in virtual reality technology, focusing on innovative and advanced sampling techniques and methods, adopting micro surveys, to garner quick, real-time insights from respondents, adopting longitudinal research and tracking, focusing on social listening and leveraging blockchain to increase participation rates, improve quality and to address privacy concerns.

Customer Satisfaction As A Driver For The Marketing Research And Analysis Services Industry

The companies operating in the various industries are concentrating on increasing profits and expanding their consumer base by focusing on customer satisfaction. This is likely to act as a major driver for the development of the marketing research and analysis services industry over the forthcoming years. Customer satisfaction leads to increased revenues and profitability, along with improved levels of customer retention. Marketing research and analysis help companies achieve these goals. For instance, marketing research helps companies to understand their target customers, access key competitors, track customer satisfaction across multiple channels, identify areas of improvement for their business, and redefine business strategies to improve the performance of the business.

Growing Digitization As A Key Driver For The Marketing Research And Analysis Services Market

Growing digitization is expected to propel the growth of the marketing research and analysis services market going forward. Digitization is the use of digital technologies to change a business model and provide new revenue and value-producing opportunities. It is the process of moving to a digital business and leveraging digital information technology to entirely transform a business’ processes. The rise in digitalization has led to the increased use of digital technologies in marketing research and analysis services, which has improved the abilities of market analytics, pricing, and channel management. For instance, in October 2022, according to the International Data Corporation, a US-based provider of advisory services, global digitization spending is anticipated to increase at a compound annual growth rate (CAGR) of 16.3% over the next five years, reaching $3.4 trillion in 2026. With over 35% of the global total and exceeding $1 trillion in digitization spending by 2025, the United States will continue to be the largest geographic market for digitization spending over the course of the forecast. Therefore, the growing digitization is driving the growth of the marketing research and analysis services market. Major companies operating in the marketing research and analysis services market report are Gartner, Inc., Nielsen Holdings PLC, S&P Global Inc., Ipsos Group S.A., Moody's Corporation, GFK SE, Mintel, INTAGE Inc., Forrester Research Inc., GlobalData PLC, Global Vox Populi, Kantar IMRB, RNB Research, Market Xcel Data Matrix Private Limited, Majestic MRSS, Nielson, Hub of China, SIS International Research, Escalent, CIPMR, Adept Research, Tiny CX Freeform, Populix, Dataspring, Inkwood Research, Strategic Focus Research and Consultancy Ltd., QualWorld Asia, Acorn Marketing & Research Consultants Pte Ltd., Blackbox Research, My Source Solutions, Stitch Marketing Research, Dynamic Search Sdn. Bhd., Cardas Research & Consulting Sdn Bhd, The Research Alliance, Axanteus Research and Consumer Behavior Research Co., Ltd., Euromonitor International, IFF Research, Pharma Intelligence, Dunnhumby, AMR Advanced Market Research GmbH, Business Analytica, Ateliar Market Research, Inquiry Market research, MAP Marketing Research, MAGRAM Market Research, Prodege LLC, Westat, NPD Group, Inc., ORC International Inc., Dynata, IQVIA, Proactive Worldwide, Comscore, Information Resources, Inc., Bauman Research & Consulting LLC, Datum Internacional S.A., StatMark Group S.A., Brazil Market research, Ad hoc research and al bar research, C&O Marketing, Insight Scouts Research & Consultancy

Economic Slowdown Due To COVID-19 Impact On The Marketing Research And Analysis Services Market

The economic slowdown across countries attributed to the COVID-19 outbreak is expected to limit the growth of the market during 2020. The global economy has taken a huge hit from the devastating implications of COVID-19, as countries are imposing strict restrictions on the movement of people. The market research industry is among the other industries impacted by the COVID-19 recession. For instance, in October 2022, according to the International Monetary Fund, a US-based financial agency of the United Nations, global economic growth is projected to slow from an estimated 6.1% in 2021 to 3.6% in 2022 and 2023. Beyond 2023, global growth is forecast to decline to about 3.3% over the medium term. Therefore, the economic slowdown is restraining the growth of the marketing research and analysis services market.

Rising Influence Of Artificial Intelligence In The Marketing Research And Analysis Services Market

Artificial intelligence is a leading trend in the market research and analysis services industry. Increasing usage of the internet is forcing companies to make their products available online. Consumers rely on reviews, consumer surveys, and questionnaires before making a purchase. AI will ease the task of field engagement to perform these applications. For instance, Google Home, Amazon’s Echo, and other chatbots are creating a wave of artificial intelligence (AI) in market analysis. Artificial intelligence is significantly contributing to the growth of market analysis by eliminating the traditional research methods, including surveys and qualitative research. Moreover, data scientists are expected to play a crucial role in enterprises in gathering valuable insights on consumer behavior patterns through AI tools and social media platforms. Thus, artificial intelligence is anticipated to gain popularity in the marketing research and analysis services market.

Introduction Of Ai-Powered Research Tools In The Marketing Research And Analysis Services Market

Major companies operating in the marketing research and analysis services market are focused on introducing AI (artificial intelligence)-powered research tools to maximize their revenues in the market. An AI-powered research tool is a software application that uses artificial intelligence (AI) algorithms to automate and optimize various aspects of the research process. These tools are designed to help researchers and data scientists analyze data more efficiently, make the process free of any bias, and make data-driven decisions. For instance, in September 2023, Prelaunch.com, a US-based product market validation platform, launched its AI Market Research Tool, an AI-powered assistant developed to assist companies in identifying rivals by quickly identifying important strengths and flaws by evaluating hundreds of customer evaluations. The analysis is designed to be simplified so that marketing professionals can gain more insight. The AI toolkit has several essential features, including an AI page builder, a survey summary, and AI competitor research tools, that aim to automate some of the most time-consuming tasks faced by marketing professionals.

Cint Acquires Gapfish, Expanding Access To High-Quality Research Respondents

In June 2021, Cint, a Sweden-based company providing digital insights gathering platform, acquired GapFish for an undisclosed sum. Through the acquisition of GapFish, Cint customers would have access to more than 500,000 highly profiled, double-opt-in, quality research respondents across Germany, Austria, and Switzerland. GapFishwould also brings best-in-class supply quality, feasibility, and technology to Cint. Through the acquisition of GapFish, Cint customers would have access to more than 500,000 highly profiled, double-opt-in, quality research respondents across Germany, Austria, and Switzerland. GapFish is a Germany-based market research company. North America was the largest region in the marketing research and analysis services market in 2023. Western Europe was the second largest region in the marketing research and analysis services market share. The regions covered in the marketing research and analysis services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa The countries covered in the marketing research and analysis services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain The marketing research and analysis services market consists of revenue earned by entities that are engaged in systematical gathering, recording, tabulating, and presenting marketing data. Marketing research and analysis services include marketing & management analytics and consumer insights The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The marketing research and analysis services market research report is one of a series of new reports from The Business Research Company that provides marketing research and analysis services market statistics, including marketing research and analysis services industry, global marketing research and analysis services market size, regional shares, competitors with a marketing research and analysis services market share, detailed marketing research and analysis services market segments, market trends and opportunities, and any further data you may need to thrive in the marketing research and analysis services industry. This market research and analysis services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Legal Services Market Definition And Segments

Legal services refers to any service related to the conduct of any case or other legal proceeding before any court, different authority, or tribunal, as well as the provision of legal advice. Legal service is regarded as central in providing access to justice by ensuring equality before the law, the right to counsel and the right to a fair trial. The main types of legal services are B2B legal services, B2C legal services, hybrid legal services, and criminal law practices. Commercial law firms typically provide B2B legal services. Listed corporations, government agencies, small and medium-sized businesses, and high-net-worth individuals are among the clients of commercial law firms. The different types of practice include litigation, corporate, labor/employment, real estate, patent litigation, tax, bankruptcy, and others for various company sizes, such as large law firms, SME law firms by different modes including online legal services, and offline legal services. The various end users include individuals, financial services, mining and oil & gas, manufacturing, construction, IT services, and others. The legal services market covered in this report is segmented – 1) By Type: B2B Legal Services, B2C Legal Services, Hybrid Legal Services, Criminal Law Practices 2) By Type Of Practice: Litigation, Corporate, Labor or Employment, Real Estate, Patent Litigation, Tax, Bankruptcy, Others (Regulatory, M And A, Antitrust, Environmental) 3) BY Size: Large Law Firms, SME Law Firms 4) By Mode: Online Legal Services, Offline Legal Services 5) By End User: Individuals, Financial Services, Mining and Oil & Gas, Manufacturing, Construction, IT Services, Others Sub segments: B2B Legal Services - Large Law Firms, B2B Legal Services - SME Law Firms, B2C Legal Services - Large Law Firms, B2C Legal Services - SME Law Firms, Criminal Law Practices - Large Law Firms, Criminal Law Practices - SME Law Firms, Hybrid Legal Services - Large Law Firms, Hybrid Legal Services - SME Law Firms. The legal services market size has grown steadily in recent years. It will grow from $796.76 billion in 2023 to $829.07 billion in 2024 at a compound annual growth rate (CAGR) of 4.1%. The growth in the historic period can be attributed to an increase in government initiatives, growth in divorce rates, the increasing number of cybercrimes and the deregulation of the legal industry. The legal services market size is expected to see steady growth in the next few years. It will grow to $1,006.53 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to government support, the increasing global drug crises and lawsuits, the growing legal tech industry, and the increasing demand for transactional practice. Major trends in the forecast period include adoption of artificial intelligence, strategic partnerships and acquisitions, the emergence of alternative legal service providers (ALSPs), launch of legal learning programs and platforms by law firms, law firms investing in data security, technology advancements.

Rising Demand For Cybercrime Legal Consulting Services Amidst Escalating Cyber Threats

Due to the increasing incidence of cybercrime, law firms around the world are offering cybercrime legal consulting services to their clients. Cybercrime refers to a crime that is committed using an internet connection and a computer. This includes cyber-stalking, counterfeiting, money laundering, embezzlement, fraud, and tax evasion using the internet and electronic devices. In the UK alone, around $35 billion is the estimated annual cost of cybercrime. Law firms offering cybercrime consulting services employ lawyers, consultants, and ethical hackers who are experienced in handling crisis management, online financial theft, loss of data, data privacy, and intellectual property infringement. Large law firms practicing in the field of data privacy and cybersecurity include Latham & Watkins, DLA Piper, and Skadden, Arps, Slate, Meagher & Flom. Global demand for cybercrime legal consulting services is expected to rise as organizations and individuals become more concerned about cybercrime.

Legal Services Seize Opportunities Amidst Global Political And Trade Shifts

Globally, changes in political structures, legal reforms, and trade agreements are creating opportunities for law firms. International companies and organizations are bound to comply with various laws and regulations of different countries and specific trade agreements. Changes in the legal structure of intrastate agreements increase the demand for legal services. For instance, the UK's exit from the European Union is expected to increase the demand for legal services due to the complexity of the regulatory and legislative changes pertaining to jurisdiction, judicial structure, and trade. Law firms such as Dechert, Simmons & Simmons, Clifford Chance, and DLA Piper have set up specialized BREXIT teams and hotlines staffed with lawyers to help clients with a smooth transition. Going forward, the USA's withdrawal from the Trans-Pacific Partnership, the Paris Agreement, and the Korea trade deal is expected to further drive the demand for legal services in the future. Major companies operating in the legal services market report are Johnson Matthey PLC, BASF SE, Heraeus Holding, Evonik Industries AG, Umicore SA, DSK Legal, Baker McKenzie, Uría Menéndez, Latham & Watkins, Szuchy Ügyvédi Iroda, J Sagar And Associates (JSA), Amarchand and Mangaldas and Suresh A. Shroff and Co, Norton Rose Fulbright, ZICO Law, Allen and Gledhill LLP, Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates, Kim and Lee LLC, King and Wood Mallesons, Dudkowiak and Kopec Business Layers, Jones Day, Nishimura and Asahi, Heskia-Hacmun Law Firm, Beijing Yingke Law Firm, Kirkland & Ellis LLP, Dacheng Law Offices, Kim and Chang, Gleiss Lutz, Luther, Cuatrecasas Gonçalves Pereira, Flick Gocke Schaumburg, BonelliErede, Han Kun Law Offices, Meagher & Flom, Arendt and Medernach, Garlicke and Bousfield, Hogan Lovells, Nagashima Ohno and Tsunematsu, Liouta and Partners Law Firm, Osler, Slate, DLA Piper, Lobo de Rizzo Advogados, Fidal, Elham Ali Hassan & Associates, CGO Finance sp. z o.o., Andrékó Ferenczi Kinstellar Ügyvédi Iroda, Webber Wentzel, Linklaters, SEgorov Puginsky Afanasiev and Partners, India Law Offices LLP, Cravath Swaine & Moore, Tilleke and Gibbins, Arps, VJT and Partners Law Firm, Menwer & Associates, Pinheiro Guimarães, Hoskin & Harcourt, Jun He Law Offices, KPMG, Demarest Advogados, Loyens and Loeff, Sidley Austin LLP, Carpena Advogados Associados, Al Sulaiti law firm, Al Tamami & Co., Heuking Kühn Lüer Wojtek, Alya Al Zeera, ASAR Al Ruwayeh and Partners, Mischcon de Reya, Erward Nathan Sonnenbergs, Afridi & Angell, Garrigues, Cliffe Dekker Hofmeyr, Eversheds Sutherland, Rajah and Tann, B M Musau and Company, Dentons and Pepeliaev Group, Bitala and Co Advocates, Bowmans

Resilience And Recovery Of The Legal Services Market In The Wake Of The COVID-19 Pandemic

The outbreak of COVID-19 Pandemic (COVID-19) has acted as a restraint on the legal 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 breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People's Republic of China and has 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 legal services market will recover from the shock over 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.

Development Of Products To Drive The Revenues Of Legal Services Market

Major companies operating in the legal services market are developing new products such as legal generative AI platforms to meet larger customer bases, more sales, and increase revenue. A legal generative AI platform is a software tool that uses artificial intelligence (AI) to assist legal professionals in their work. For instance, in May 2023, LexisNexis, a US-based software company, launched Lexis+ AI, a generative AI platform for the modernization of legal services. In order to give consumers reliable, thorough legal results with unsurpassed speed and precision and supported by verifiable, citable authority, Lexis+ AI is constructed and trained on the largest archive of accurate and exclusive legal content. Through the use of advanced security and privacy technologies, the new Lexis+ AI technology offers conversational search, smart summarization, and intelligent legal writing capabilities. By offering a search experience for a variety of legal issues with citations, conversational search makes the difficult and time-consuming process of conducting legal research simpler and more successful for lawyers.

Product Development To Boost The Revenues Of Legal Services Market

Major companies operating in the legal services market are developing new products such as legal generative AI legal services hubs to meet larger customer bases, more sales, and increase revenue. A generative AI legal services hub is a software platform that uses artificial intelligence (AI) to assist legal professionals in their work. For instance, in May 2023, ContractPodAi, a UK-based contract lifecycle management company, launched Leah, a generative AI legal services hub powered by GPT-4. Leah will assist corporate legal departments and law firms with any additional legal issues not related to contracts. Customers can use Leah independently or choose to use it as part of the ContractPodAi CLM platform. Through a trained language learning model for legal, the Leah generative AI legal services portal offers users conversational and interactive capabilities that support use cases beyond contracts and encompass legal practice areas like Mergers and acquisitions (M&A), legal transactions, regulatory, governance, and litigation. North America was the largest region in the legal services market in 2023. Western Europe was the second largest region in the legal services market. The regions covered in the legal services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa The countries covered in the legal services market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa The legal services market consists of revenue earned by entities by providing services such as advising clients (individuals, businesses or other entities) about their legal rights and responsibilities, and representing clients in civil or criminal cases, business transactions and other matters, in which legal advice and other assistance are sought. Legal services 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 a team is responsible for the delivery of services to the client. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The legal services market research report is one of a series of new reports from The Business Research Company that provides legal services market statistics, including legal services industry global market size, regional shares, competitors with a legal services market share, detailed legal services market segments, market trends and opportunities, and any further data you may need to thrive in the legal services industry. This legal services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Management Consulting Services Market Definition And Segments

Management consulting is defined as advising and implementing services to organizations' management with the goal of improving the effectiveness of their business strategy, organizational performance, and operational processes. The main types of management consulting are operations advisory, financial advisory, technology advisory, strategy advisory, other consulting services, and HR advisory. HR advisory provides advice on human capital matters and/or offerings revolving around the HR function. The services are used by various industries, including IT services, manufacturing, financial services, mining, oil and gas, construction, and others. The different service providers include large enterprises, as well as small and medium-sized enterprises. The management consulting services market covered in this report is segmented – 1) By Type: Operations Advisory, Financial Advisory, Technology Advisory, Strategy Advisory, HR Advisory, Other Consulting Services 2) By Service Provider: Large Enterprise, Small And Medium Enterprise 3) By End-Use Industry: IT Services, Manufacturing, Financial Services, Mining and Oil & Gas, Construction, Others The management consulting services market size has grown steadily in recent years. It will grow from $1,001.17 billion in 2023 to $1,045.9 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. The growth in the historic period can be attributed to globalization, technological advancements, outsourcing back-end operations to low cost economies, increasing investments in research and development (R&D), regulatory reforms in the financial sector and public private investments. The management consulting services market size is expected to see steady growth in the next few years. It will grow to $1,266.54 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to faster economic growth, digital consulting to drive growth, increasing investments in smart cities, increasing focus on customer satisfaction and global collaboration for environmental protection. Major trends in the forecast period include focus on offering metaverse consulting services, focus on offering internet of things (IoT) in management consulting services, focus on modularization of services, focus on value-oriented revenue model, focus on automation and artificial intelligence, focus on offering services through virtual firms and mergers and acquisitions activities.

Increasing Demand For Financial Advisory Services Fuels Growth In The Management Consulting Services Market

Increasing demand for financial advisory services is expected to propel the growth of the management consulting services market going forward. Financial advisory services refer to professional services that provide advice and guidance to companies and individuals on financial matters. Management consulting services can help financial advisory services optimize their operations, reduce costs, improve efficiency, and identify and manage risks associated with their business operations, investments, and financial transactions. For instance, according to the Bureau of Labor Statistics, a US-based government agency, employment of personal financial advisors is projected to grow 13% from 2022 to 2032, much faster than the average for all occupations. Thus, increasing demand for financial advisory services is driving the growth of the management consulting services market.

The Evolution Of Management Consulting Services For International Expansion

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 multinational 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 a new market to minimize the risk. Furthermore, globalization in the management consulting services industry is gaining momentum due to rapid growth in the 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. Major companies operating in the management consulting services market report are Deloitte Touche Tohmatsu Limited, Accenture, PwC, Ernst & Young, KPMG, Buck Consultants, Moscow Consulting Group, Kesarev Consulting, Bain & Company, BS Group of Companies, PDG, A.T. Kearney, Serviceplan and BBDO, Uria Menendez, Linklaters, Dentons, Ruihua CPA, Altran, RSM, Jung von Matt, BlueFocus Communication Group Co. Ltd., BMC Software Consulting, AECOM, Strategy&, Environmental Resources Management (ERM), Beijing Dentsu Advertising Co.,Ltd., Rediffusion, Environmental Technology Consultants, DLA Piper International, International Business Machines Corporation, BDO, Stone, Oliver Wyman, Everis, Cyklo Agritech, Allen & Overy, FinExpertiza, AMEC Foster Wheeler, Freshfields Bruckhaus Deringer, Baker & McKenzie, Cognizant Ativup, Amphos 21 Consulting S.LBonelliErede, Nehlsen Middle East Environmental Consultancy, Garrigues, DeHeng Law Offices, Grant Thornton, Mediterra Environmental Consultants, L.E.K. Consulting, TCA, International Gulf Engineering Consultancy Bureau LLC (IGB), CGI, McKinsey & Company, IBM Global Business Services, Yingke Law Firm, Cleary Gottlieb Steen & Hamilton, Havas Media, Cuatrecasas, Akin Gump Strauss Hauer & Field LLP, Orenda Advisory & Strategy, Letsema, Alvarez & Marsal, Clifford Chance, AArete, BWG, Accelare, Adopt Technologies, Aetha Consulting, Alira Health, Aon Consulting, Booz & Company, Boston Consulting Group, Inc., C Ahead Info Technologies Africa (Pty) Ltd., Certio Medio Ambiente, S.L, DDB Mudra Group, Yekom Consulting Engineers, Westech, Deloitte ToucheTohmatsu Huayong CPA, CapGemini, Pan-China CPA, Khulisa, Zenith Optimedia, Africa International Advisors, Carat France, Moore Stephens UK, MAC Consulting, Lince Consulting, Roland Berger, Pricewaterhouse Coopers, Tendências Consultoria Integrada

Navigating The Impact Of COVID-19 On The Management Consulting Services Market And Future Prospects

The outbreak of COVID-19 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 breathing. The virus was first identified in 2019 in Wuhan, Hubei province, of the People’s Republic of China and has 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 lockdown and the outbreak has had 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 over 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.

Digital Transformation Strategies In The Management Consulting Services Market

Major companies operating in the management consulting services market are focusing on digital transformation to create a balance of business, technology, and organizational strategies. Digital transformation can help consulting firms enhance growth opportunities and scalability by leveraging technology to improve their services and reach a wider audience. For instance, in November 2021, Deloitte, a UK-based professional services network, implemented a digital transformation framework structured based on five key priorities, including experience, insights, platforms, connectivity, and integrity. It provides a roadmap for digital transformation and emphasizes the importance of creating a balance of business, technology, and organizational strategies. It provides a common language for digital transformation that enables C-suite executives to have tech-adjacent and tech-agnostic conversations.

Impact Of Artificial Intelligence And Automation On Data Exploration

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 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 made up of 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. Western Europe was the largest region in the management consulting services market in 2023. North America was the second largest region in the management consulting services market. The regions covered in the management consulting services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa The countries covered in the management consulting services market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa The management consulting (MCS) market consists of revenue earned by 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 market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The management consulting services market research report is one of a series of new reports from The Business Research Company that provides management consulting services market statistics, including management consulting services industry global market size, regional shares, competitors with a management consulting services market share, detailed management consulting services market segments, market trends and opportunities, and any further data you may need to thrive in the management consulting services industry. This management consulting services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.