Management Consulting Services Market Expected to Reach $811.3 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Management Consulting Services Market," The management consulting services market was valued at $316.45 billion in 2021, and is estimated to reach $811.3 billion by 2031, growing at a CAGR of 10.2% from 2022 to 2031.

Many firms lack the technological, strategic, and project management skills necessary to manage market and technical changes in the constantly evolving market as a result of the unintentional decline in personnel. This has fueled the demand for management consulting services market globally. Additionally, several consulting organizations have already developed innovative solutions by establishing their own approved programs in response to the lack of competent candidates. This career attracts a lot of individuals due to the increased demand and exposure, as well as the alluring income packages resulting in management consulting services market growth.

Furthermore, with increase in requirements from management consultancy, various management consulting firms are establishing partnerships to increase management consulting services capabilities. For instance, in October 2021, Citi announced a strategic partnership with China Guangfa Bank (CGB) to offer cross-border wealth services to clients in the Greater Bay Area (GBA) under the Cross-boundary Wealth Management Connect Pilot Scheme (WMC). The partnership is expected to combine Citi’s wealth management capabilities and advisory with CGB’s vast retail operations in the GBA to provide unmatched cross-border wealth management experience and opportunities for retail investors in the GBA.

By industry vertical, the BFSI segment acquired the major share for the market of management consultancy. This is attributed to the fact that management consulting services are frequently used in the banking, financial services, & insurance (BFSI) sectors to improve the return on client investments. Experienced management consultants can assist firms in maximizing customer investments, which increases the likelihood of financial sector enterprises receiving additional funding and broadening their margins.

Region-wise, North America dominated the management consulting services market in 2021. This is attributed to the fact that rising borrowing costs and geopolitical tensions are anticipated to encourage consumers to consult professional consultants. Furthermore, with surge in importance of management consultants, many firms in the region have started acquiring local firms to expand their market reach.

There has been a significant shift in consumer patterns for management consulting services industry during the pandemic. In addition, COVID-19 caused a technological disruption; as a result, enterprises are applying artificial intelligence & machine learning technologies to give solutions & services to clients to meet the demands of changing consumer trends. Furthermore, this boosted the demand for management consulting services during the pandemic.    

KEY FINDINGS OF THE STUDY

• By organization size, the large enterprises segment accounted for the highest management consulting services market share in terms of revenue in 2021.
• On the basis of type, the technology consulting segment is expected to exhibit the fastest growth rate during the forecast period.
• Region-wise, North America generated the highest revenue in 2021 in management consulting services market size.  

The key players operating in the management consulting services market analysis include A.T. Kearney, Inc., Accenture, Aon Plc, Bain & Company, Inc., Booz Allen Hamilton Inc., Boston Consulting Group, CGI Inc., Cognizant Technology Solutions, CSC Consulting Services, Deloitte, Ernst & Young, KPMG International Limited, McKinsey & Company, Mercer LLC, PwC, Strategyn LLC, and Sia Partners. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.