The management consulting services market comprise establishments providing 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.
The global management consulting services market was valued at around $751 billion in 2017. North America was the largest region in the management consulting services market in 2017, accounting for 37% market share. The USA was the largest country in the market in 2017, accounting for under 29% market share.
With the emergence of information communication and technology, the world is rapidly moving towards the process of digitalization. Investor expectations, rising competition, new regulatory pressures and increasing opportunities are putting organizations under pressure to digitalize their processes and management. Management consulting services firms are providing IT transformation services to businesses, banks and other organizations to overcome challenges such as rising stakeholder expectations and flat or declining budgets. Such services include identifying critical technologies, setting an IT agenda, consolidating, standardizing and harmonizing IT solutions across business divisions in a cost effective manner. Accenture Consultancy increased its revenues from communications, media & technology division by 16% from 2014 to 2015 due to increased demand for digital transformation for management services.
The top five companies covered are Deloitte LLP, IBM Global Business Services, PwC LLP, Ernst & Young LLP and KPMG LLP. Deloitte was the largest company in the management consulting services market in 2017.
The countries covered are USA, China, Germany, Brazil, Japan, UK, Spain, Russia, France, Australia, Italy, India and rest of the world.
The management consulting services market is segmented into Operations Advisory, Financial Advisory, Strategy Advisory, HR Advisory and Technical Advisory.
Operations Advisory segment improves an organization’s value chain through their implementation services.
Financial Advisory segment provides advises on money issues such as investments, mortgages and insurances to help individuals with their finances. These advises are given by professional advisors in the finance department.
Strategy Advisory segment guides the organizations on what to do to achieve its end goals rather than doing it.
HR Advisory segment involves advising customers and clients on hiring new staff and managing the existing ones.