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The Global Strategy Consulting Market is estimated to reach around US$ 121.1 Bn by 2028 and it is expected To witness CAGR Of 9.9% During The Forecast Period 2020-2028.
The growth of the strategy consulting market is attributed to the rise in corporate companies worldwide. In recent times there is an increase in private organizations and government institutions demanding strategy consulting services across industries. There are a significant number of strategic consulting firms emerging and is a highly competitive market space. This is mainly because of an increased number of corporate establishments flourished in the market. There is a substantial amount of growth in strategy consulting services in recent times to enhance corporate functionality and market performance. These services are considered as one of the high-end professional jobs across the globe.
There are substantial amounts of consulting firms evolving in their business operations and services catered due to which there is an increase in demand for these services. Strategy consulting services contribute to organizational development in various facets contributing to the rise in these services offered. One of the key factors contributing to the development of global strategy consulting is the spurring of new business establishments. An increase in competition among businesses is also a catalytic factor raising the demand of the global strategy consulting market. The need for strategy consulting is exceedingly evolving due to market dynamics in various industrial developments and other factors in consideration of organizations.
Strategy Consulting firms do have a competitive edge in the market because of increased regional diversity and skilled professionals have a significant impact on market growth. Volatility in the economic landscape had given the rise in demand for strategy consulting firms and their importance. The strategy consulting services also enable businesses to find new opportunities and evolve in them successfully increasing these offerings. There is a high demand for these services among corporate companies because it not only enhances organizational performance but also decreases risks involved in various aspects of the marketplace.
The strategy consultancy is evolved by the incorporation of digital technologies to offer considerable strategies towards market demand. These consultancy services are considered highly ambitious as they are referred to as a threshold between successful and unsuccessful organizational strategies. Therefore, such companies are high in demand for the need of solving various problems existing in the marketplace. These consulting services are also in surge based on the freelancing consultants who could deliver these services without any overhead costs to the firm and at any point in time. Such advantages of strategy consulting services are contributing to the advancements in the market growth.
Demand for Corporate Strategy Is Estimated to expand at Rapid Pace during the Forecast Period
The corporate strategy segment is leading in the market growth of the strategy consultancy market. It has been observed that companies operating in various industries are embracing these services to increase their market share and enhance their foothold in the market. The corporate strategy segment enables organizations to formulate their business model and play a defensive role in the competitive market place increasing its market demand. Such services offered to the market not only contribute to business development but also reduces the risk involved in a fluctuating market place.
In recent times large companies have incorporated these services within their organizations limiting the growth of consultancy firms. These large organizations not only cater to themselves but also contribute to small and medium enterprises across various industrial verticals. The segment is exponentially growing in the global market because of increased mergers and acquisitions taking place on the global platform. There are numerous organizations that are lacking proper planning and implementation in their corporate activities due to which a rise in the demand of the corporate strategy segment is observed at a high rate.
North America held Key share in Global Strategy Consulting Market:
The strategy consulting market is estimated to have a market share of 39% in the year 2013. Thus, North America has a significant contribution to this market because of the presence of numerous large organizations. These organizations have maximized the demand for strategy consulting services in different industries due to the rapid industrialization phase. Moreover, the region is emerging with new establishments that require considerable services of strategy consulting to gain a strong foothold in this market.
Numerous organizations have created a highly competitive market environment that insists on these firms take advantage of strategy consulting services and gain a competitive edge among their rivalries. The governments in this region are also nurturing new establishments through favorable policies for the strategy consulting market has further plunged its market demand. Strategy consulting firms located in this region are playing vital roles across the globe in improving the firm’s market foothold. Thus, the region's strategy consulting market is admired as the most matured market globally. The industry is valued more than USD 97 billion in recent times in the North American region. Moreover, the region accounted for an annual growth rate of 3% - 4% in the strategy consulting market demand.
The market for strategy consulting is consolidated yet there are numerous players emerging in this market. This competency is due to advancements in technology as well as growing corporate company’s establishments globally. The penetration rate for strategy consulting firms is moderate but is a highly profitable market due to new establishments.
Prominent players in the strategy consulting market are listed as follows: Mckinsey & Company, Boston Consulting Group, and Bain & Company, Accenture, Capgemini, L.E.K. Consulting, OC&C Strategy, and Oliver Wyman., PwC, EY, Deloitte, Marsh & McLennan Companies, and KPMG
Key segments of Strategy Consulting market:
- IT & Telecommunication
- Corporate Strategy
- Business Model Transformation
- Economic Policy
- Mergers & Acquisitions
- Organizational Strategy
- Functional Strategy
- Strategy & Operations
- Digital Strategy
- North America
- Asia pacific
- Middle East & Africa
- Latin America