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Strategy Consulting Market

Strategy Consulting Market Size, Share, Competitive Landscape and Trend Analysis Report, by Service Type, by Organization Size, by Industry Vertical : Global Opportunity Analysis and Industry Forecast, 2021-2031

IC : Software and Services

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Author's: Tanmay Sharma| Mehul Thakkar | Onkar Sumant
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Strategy Consulting Market Research, 2031

The global strategy consulting market was valued at $38.4 billion in 2021, and is projected to reach $111.4 billion by 2031, growing at a CAGR of 11.6% from 2022 to 2031.

Strategy consulting, a type of management consulting, assists companies in making crucial choices about profitability, operations, and staff. Strategy consultants assist companies in achieving their long-term as well as short-term objectives, such as staff optimization and corporate sustainability. Moreover, strategy consultants work across every industry, with private and public sector bodies on a wide range of issues. In addition, since they are not as deeply involved in corporate operations as business owners are, consultants can more quickly recognize and address difficulties, whether they include deploying new technology or completing a merger or acquisition.

The proliferation of digital-driving business models offered by strategy consulting is driving the growth of the market. In addition, the increasing globalization in consulting projects and the growing focus on risk sharing through strategic partnerships and M&A recommendations are fueling the growth of the strategy consulting market. However, the presence of huge alternatives related to strategy consulting services as well as security concerns and data privacy issues associated with online consulting constraints limit the growth of this market. Conversely, the rising technology integration in consulting services is anticipated to provide numerous opportunities for the expansion of the market during the forecast period.

The report focuses on growth prospects, restraints, and analysis of the global strategy consulting market trend. The study provides Porter’s five forces analysis to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, the threat of new entrants, threat of substitutes, and bargaining power of buyers on the global strategy consulting market forecast.

Strategy Consulting Market

The strategy consulting market is segmented into Service Type, Organization Size, and Industry Vertical.

Segment review

The strategy consulting market is segmented on the basis of service type, organization size, industry vertical, and region. By services, it is fragmented into corporate strategy, business model transformation, economic policy, merger & acquisition, organizational strategy, functional strategy, strategy & operations, and digital strategy. By organization size, it is categorized into large enterprises and small to medium enterprises (SMEs). By industry vertical, it is segregated into IT & telecom, BFSI, energy & utilities, healthcare, manufacturing, government and public sector, retail and e-commerce, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Strategy Consulting Market by Industry Vertical

Depending on the industry vertical, the BFSI segment dominated the strategy consulting market share in 2021 and is expected to continue this trend during the forecast period, owing to the rapid adoption of strategy consulting services among organizations, which focuses on enhancing organizational management. However, the healthcare segment is expected to witness the highest growth in the upcoming years, owing to the rise in the adoption of artificial intelligence solutions by the business in order to sustain itself in the market and remain productive.

Strategy Consulting Market by Region

Region-wise, the strategy consulting market was dominated by North America in 2021 and is expected to retain its position during the forecast period, owing to the implementation of value-based revenue models and other strategies is the primary aspect supporting the growth of the market, and the rise in usage of strategy consulting services in e-commerce, government, and healthcare to improve businesses and customer experience aiding the growth of the strategy consulting market. However, Asia Pacific is expected to witness significant growth during the forecast period, owing to the increased emphasis on technological advisory in the region allows for increased automation in the manufacturing sector, which is expected to fuel the market growth in this region.

The global Strategy Consulting market is dominated by key players such as Accenture, AT Kearney, Bain & Company, Inc, Boston Consulting Group, Deloitte Touche Tohmatsu Limited, Ernst & Young Global Limited (EY), KPMG International, McKinsey & Company, Oliver Wyman Inc., and PwC. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

COVID-19 impact analysis

The rapid spread of COVID-19 and global health concerns relating to this outbreak have had fewer negative impacts on the overall consulting businesses, including strategy consulting services. The impact of the COVID-19 pandemic on the overall economic environment is still being recovered. Any risks arising on account of COVID-19 such as a lockdown, slowdown of economic activities, loss of life, and debilitation of key personnel can have an adverse effect on business, resulting in a considerable impact on operations, cash flows, and financial condition.

Moreover, the consulting industry has been significantly affected by the global pandemic in a number of ways as companies that require travel and the on-site presence of consultants working on operational improvements would be severely hampered due to travel restrictions and remote working.

Top impacting factors

Proliferation of digital-driving business models

Strategy consulting is highly driven by the digital driving business model as it helps to eliminate costs, make faster changes, and improve customer experience. These factors are considered robust business drivers to move enterprises toward digital transaction management (DTM). Additional issues such as cumbersome paper-oriented document management, collecting and managing documents from multiple sources, administering and controlling documents over time, dealing with a lack of security, and maintaining visibility are increasing the penetration of digital driving business models which is ultimately driving the market growth.

Furthermore, business model innovation in strategy consulting is also driving the proliferation in the market. For instance, based on research, in July 2022, Sioo developed a tool for consultants to help them think about the possibilities for business model innovation, which identifies the direction of business model innovation specific to consulting in four core areas, including value proposition, profit formula, processes, and resources. These factors are driving the growth of the strategy consulting market.

Increasing globalization in consulting projects

Consulting projects offering companies operation has changed with increasing globalization which continues to have a positive impact in the growth of the market. It increases the ability to understand the markets and attract and retain its high-value customers. In addition, globalization helps in spreading new IT and telecom technologies, which have had an impact on redesigning internal processes and creating and supporting new business models in consulting. For instance, in March 2022, Table XI, a strategy and product innovation firm, announced its expansion into Canada. With team members currently distributed across North America and Europe, Table XI is further supplementing its international employee base by embracing the diverse and accomplished Canadian population. This expansion helps grow its distributed team by adding international employees who are committed to diversity, equity, inclusion, and belonging (DEIB).

Furthermore, globalization is an ongoing process by which regional economies, societies, and cultures have become integrated through a global spanning network of communication and execution. Additionally, consulting companies participating in the global market need to evaluate strategies such as exporting, licensing, creating subsidiaries, contract manufacturing, franchising, international joint venture, and counter trading to enter global competition. These factors significantly pave the market demand for strategy consulting services.

Digital Capabilities

The growing digital transformation in the consulting sector owing to the integration of the elements of data and digital platforms (DDP) is a major driving force for market growth. This breakthrough includes a range of components, such as data lake, APIs, and microservices, allowing strategic consulting companies to build applications in a modular, scalable way and readily access the data. This further leads to better governance and processes that let them deliver new capabilities and values at greater speed. This will significantly contribute to high growth potential for the strategy consulting market size.

In addition to technological development, the growing demand for digital strategy consulting is helping deliver a broad range of digital strategy capabilities such as driving efficiencies to define a new business model or renovating existing business models with new digital capabilities. It also provides basic amenities such as a digital maturity index, scenario planning, business model innovation, and digital growth strategy. Moreover, the emerging digital transformation programs and integration to Software-as-a-Service (SaaS) transitions are supporting value creation by utilizing and leveraging data and analytics to build insightful information and optimize organization. Furthermore, consulting firms are adopting an automated operational approach which includes digital supply chains, intelligent automation (e.g., robotic process automation), and emerging technology (AI, IoT, blockchain), to digitize and help enhance operational efficiencies to maximize the growth potential.

End-User Adoption:

Strategic consultants are adopting the use of existing technologies to improve business performance through the creation of new products or improve on current processes to position the business for a better competitive advantage. It further helps to replace old business models, implement new digital agendas, or redefine the company culture to positively embrace change. Digital strategy consultants majorly focus on the use of technology geared towards changing business models and creating possibilities for a digital platform. This will embed a new transformation process that aids the implementation of technology to support the overall business goals, which eventually contributes to the growth of the strategy consulting market among the end user.

Moreover, with the increase in competition, major market players have started acquisition as a key strategy to expand their market penetration and reach. For instance, in October 2022, Capgemini acquired two consultancies in Europe, which includes Quantmetry, a privately held consulting firm specializing in data science in France, and Quorsus, a British consultancy specializing in capital markets solutions to financial institutions in the United Kingdom. The acquisition will strengthen Capgemini’s position in artificial intelligence and data consulting by helping clients in the manufacturing, energy, retail, consumer goods, and insurance sectors.

Furthermore, in October 2022, Global consultancy Bain & Company launched a new office in Vienna, the firm’s sixth location in the German-speaking DACH region. This is driving the user experience in the European region to be able to advise the firm’s corporate and private equity clients across all sectors on strategic and transformation topics. Furthermore, in March 2022, Professional services firm Accenture launched a new metaverse advisory business line, that supports clients encompassing from strategy to metaverse world-building. All such strategies are expected to drive the growth of the strategy consulting market trends over the forecast period.

Government Initiatives:

Governments of many countries support end-users to innovate new technologies in strategic consulting firms and Governments seeking a consulting firm for Startup projects. For instance, in March 2020, India’s Department for Promotion of Industry and Internal Trade (DPIIT) is observing to boost its support of the vibrant startup environment, and is seeking a consulting firm to help with the process. The body has invited requests for proposals (RFP) from firms. Further, the scheme develops initiatives to support startups in various phases of their growth, ranging from the ideation phase to funding, all the way to industry partnerships and incubation.

In addition, rapidly changing environment, with demands from both inhabitants and businesses in change, the local government entity set out to update its vision, and strategic direction and transform its operating model. For instance, in May 2022, Caliber Consulting helps a public sector entity in Saudi Arabia with a strategic transition that needed support in the development and execution of its new strategy. Hence, all the developmental initiatives are expected to create market growth opportunities.


  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the strategy consulting market analysis from 2021 to 2031 to identify the prevailing strategy consulting industry opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the strategy consulting market growth assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global strategy consulting industry.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes an analysis of the regional as well as global strategy consulting market share, key players, market segments, application areas, and market growth strategies.

Strategy Consulting Market Report Highlights

Aspects Details
Market Size By 2031

USD 111.4 billion

Growth Rate

CAGR of 11.6%

Forecast period

2021 - 2031

Report Pages


By Service Type
  • Corporate Strategy
  • Business Model Transformation
  • Economic Policy
  • Mergers and Acquisitions
  • Organizational Strategy
  • Functional Strategy
  • Strategy and Operations
  • Digital Strategy
By Organization Size
  • Large Enterprises
  • Small and Medium-sized Enterprises
By Industry Vertical
  • IT and Telecom
  • BFSI
  • Energy and Utilities
  • Healthcare and Pharma
  • Manufacturing
  • Government and Public Sector
  • Retail and Ecommerce
  • Others
By Region
  • North America  (U.S., Canada)
  • Europe  (UK, Germany, France, Italy, Spain, Rest of Europe)
  • Asia-Pacific  (China, India, Japan, Australia, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players

KPMG International, Oliver Wyman Inc., Accenture, Boston Consulting Group, PwC, Ernst & Young Global Limited (EY), Bain & Company, Inc, Deloitte Touche Tohmatsu Limited, AT Kearney, McKinsey & Company

Analyst Review

According to CXOs of leading companies, consulting is a unique profession since the company has always been changed by its client’s evolving requirements. Now a days, the business has changed faster and across more dimensions than ever before, and consulting evolved right along with it. Business leaders need to transform processes and systems across the enterprise. Moreover, organizations are looking for a new generation of consultant that is a trusted advisor who understands business difficulties and offers a new viewpoint with the help of digitization. Furthermore, consultants are required to take a holistic look at specific problems of companies and suggest them suitable measures to approach them. In addition, consultants have experience, therefore they are already familiar with best practices.

Furthermore, increased investments from organizations in expanding the business presence and product offerings including strategy consulting service type and quality management solutions that propel the market growth. For instance, to deliver high-quality audits and quickly adapt to changing expectations from regulators, governments, standard-setters, audit committees, and boards, Ernst & Young announced in June 2022 an investment of USD 1 million in a next-generation assurance technology platform. By incorporating this platform, the capital market is expected to be significantly strengthened and enhanced risk identification facilitated.

On the contrary, prominent market players are offering strategic consulting service type, as well as actively looking forward to collaborating with other professional service providers. For instance, in May 2022, PwC partnered with Sphera to help rapidly scale the implementation of a leading ESG management platform. PwC, a professional service type firm in a full range of environmental, social, and governance (ESG) professional service type, and Sphera, a global provider of ESG performance and risk management software, data, and consulting service type. Hence, the alliance seeks to build on Sphera’s history of successful ESG platform customer deployments and PwC’s proven technology and strategy consulting capabilities to help rapidly grow the Sphera customer base.

Author Name(s) : Tanmay Sharma| Mehul Thakkar | Onkar Sumant
Frequently Asked Questions?

The strategy consulting market is estimated to grow at a CAGR of 11.6% from 2022 to 2031.

The strategy consulting market is projected to reach $ 111,383.53 million by 2031.

Proliferation of digital-driving business models, increasing globalization in consulting projects, and growing focus on risk sharing through strategic partnerships and M&A recommendations contribute toward the growth of the market.

The key players profiled in the report include Accenture, AT Kearney, Bain & Company, Inc, Boston Consulting Group, Deloitte Touche Tohmatsu Limited, Ernst & Young Global Limited (EY), KPMG International, McKinsey & Company, Oliver Wyman Inc., and PwC.

The key growth strategies of strategy consulting market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.

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Strategy Consulting Market

Global Opportunity Analysis and Industry Forecast, 2021-2031