Management Consulting Services Market Characteristics
The management consulting services market (MCS) consists of the sale of MCS services and related goods by entities (organizations, sole traders and partnerships) that provide 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.
Competitive Landscape of the Management Consulting Services Market
Major players in the global management consulting services market include Deloitte LLP, IBM Global Business Services, PwC LLP, Ernst & Young LLP, KPMG LLP.
Management Consulting Services Market Size
The management consulting services market size is expected to reach nearly $762 billion in 2021 at a compound annual growth rate (CAGR) of slightly less than 6% during the forecast period. The growth in the management consulting services market is due to positive economic trends, and rising public private investments.
However, the market for management consulting services is expected to face certain restraints from several factors such as reduction in free trade and rising costs and decreasing margins.
Management Consulting Services Market Segmentation
The global management consulting services market is further segmented based on type and geography.
By Type - The management consulting services market is segmented into operations advisory, financial advisory, technology advisory, strategy and HR advisory. Among these segments, the financial advisory market accounts for the largest share in the global management consulting services market.
By Geography - The global management consulting services market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American management consulting services market accounts for the largest share in the global management consulting services market.
Trends in the Management Consulting Services Market
Modularization of services, IT transformation in management services, value-oriented revenue model, virtual firms in the management consulting industry and increasing mergers and acquisitions are the major trends witnessed in the global management consulting services market.
Potential Opportunities in the Management Consulting Services Market
With re-emergence of ‘mega mergers’ and emerging economies, the scope and potential for the global management consulting services market is expected to significantly rise in the forecast period.