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Volatile economy ‘to boost demand for management consultancy’

Apr 18
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Turbulent economies around the world are likely to drive up demand for management consultancy services, according to figures from Adroit Market Research.

The global management consulting services market size is expected to hit $343.52 billion (£263.54bn) by 2025, with the fastest growth being seen in North America and Europe.

According to the research, the market is experiencing a period of strong growth due to internationalisation and the growth of new segments such as cybersecurity, digital, and design thinking. Compounding this, competition among the industry’s big players is intensifying as clients’ needs evolve.

Furthermore, highly volatile economies around the world are causing businesses to turn to management consultants for assistance, with another factor being continuous government regulation reforms that change the way companies must operate.

When it came to service line, the strategy/operation segment dominated the market, raking in revenue of $140.2 bn in 2017. Looking at solutions, the IT management consulting segment generated the highest revenue in 2017.

The report also revealed that business models such as network-based consulting and crowdsourcing are popular among emerging players, and are continuing to evolve.

Europe and North America were found to be highly mature markets, contributing to around three-quarters of the entire global management consulting revenue. Furthermore, these regions were found to have the supplier capabilities needed to meet complex client requirements.

North America dominated the market with revenues of $107.76 bn during 2017, followed by Europe with $93.23 bn.

The report also underlined the trend of leading management consultancy companies acquiring midsize strategy companies: a threat to smaller players who are unable to provide the full suite of services. It gave the example of Capgemini, which recently merged its consulting brand with digital and creative businesses.

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