Management consulting can be defined as a process of assisting an organization to improve its performance by focusing on solutions to resolve critical issues and provide future opportunities. Organizations are opting for management consultants due to multiple reasons such as to gain unique insights and advice as well as to opt for consultant’s specific expertise. In addition, management consultants have diverse exposure and interactions with multiple organizations. This adds value to consulting company services as the consultants are aware of industry best practices from the recent past. Management consultants usually, bring their self-developed frameworks or practices and help to guide in identifying problems and offer effective or efficient ways to perform work-related tasks. In addition, management consultancies also offer various services such as development of coaching skills, assisting in organizational change management, implementation of technology, process analysis, strategic development or operational improvement.
Increasing adoption of management consulting services in order to enhance the operational efficiency and to reduce operational cost will augment the demand for these services among various end-use industries such as IT industry, financial services, construction, etc. This is a major aspect which will support the growth of the global market in the coming years.
However, the availability of freelancer consulting service providers and rising number of in-house consultants are among some of the major factors that could affect the demand for management consulting services negatively.
By type, the management consulting services market includes operations advisory, strategy advisory, and HR advisory. The operations advisory is an essential service for an organization, as it aids to improve an organization’s value chain.
The global management consulting services market is further categorized by application. By application the market is divided into less than $500m, $500-$1bn, $1bn-$5bn, and $5bn+ categories. Organizations with higher revenue growth will witness the significant adoption of management consulting services, owing to increasing awareness and need for these services among diverse industry verticals. Moreover, organizations across the globe are adopting these services to improve the operational efficiency of the overall working process. In addition, management consulting services offers solutions such as project monitoring, employee management, smart business process planning, and many others which is also a factor to fuel growth of the target market.
The market in Europe and North America regions will witness high adoption of management consulting services. This can be attributed due to availability of high number of service providers. In these regions as well as well-developed infrastructure support providers to meet the critical requirements of the clients across the globe
The key trend observed in the global market is the increasing funding and investment by major players operating in the target market to collaborate advanced technologies and traditional management software.
Increasing business development activities is boosting high adoption of management consulting services owing to its capability to serve large scale organizations with high investments, merger, and acquisitions strategies.
Major players operating in the global market include PwC, Deloitte Consulting, EY, Accenture, KPMG, IBM, Bain & Company, Booz Allen Hamilton, McKinsey, and The Boston Consulting Group.