The COVID-19 pandemic has negatively impacted multiple industries, including the management consulting industry. In order to recover from the impact, consultancies have been devising various work opportunities and new business strategies and adapt to the post-pandemic scenario.
New York, July 20, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Consulting Service Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06106059/?utm_source=GNW
- There is a growing need for management consulting services, owing to the strong economic growth in the European markets, the regulatory reforms in the financial sector, the outsourcing of back-end operations to low-cost economies, and public investments. Over the forecast period, the faster economic growth, the emergence of digital consulting, and the rise of globalization are expected to drive further growth.
- Many companies are constantly trying to reduce costs and increase their efficiency so that they can transfer the costs saved to the customer and withstand the intense competition they face. This is leading to an increase in the demand for business process improvisations and consulting related to operational efficiency.
- Regulatory changes, such as Brexit and the EU General Data Protection Regulation (GDPR), have led to a rise in demand for consulting across all major service lines. In order to stay compliant with regulations, multinational organizations seek high-value advice, thereby boosting the demand for management consulting services.
- Consulting companies are facing an increasingly complex macro macro-environment in which they must continue to provide the best advice. The global nature of the sector adds to the problem. Firms are delivering more and more projects overseas, sometimes working with subcontractors, partner companies, and independents. Delivering the project faster, more efficiently, and with tighter budgets, while achieving customer satisfaction, is a challenge.
- Although the pandemic has negatively impacted various industries, it is expected to present some consulting firms with opportunities. For instance, some organizations may seek the guidance and expertise of these firms in order to map out future strategies and business scenarios. Some firms may also need strategic expertise to restructure their operations in order to become digital, thereby ensuring business continuity and resiliency for in case of future disruptions.
Key Market Trends
Financial Advisory to show the Highest Growth rate
- Financial consulting services mainly provide services related to accounting, auditing, finance, taxation, and regulations. The services help clients with finance transformation, defining and implementing risk management, compliance management, but also financial planning of projects, fiscal and tax-related matters, and the financial side of mergers and acquisitions, financing, and debt restructuring. Financial advisory mainly consists of Transaction Services, Corporate Finance, Crisis and Recovery, Risk Management, Accounting Advisory, Tax Advisory, Real Estate Advisory, and Forensics and Litigation.
- In past years, financial advisory continuously performed relatively stable throughout the crisis years and their aftermath, driven by three key factors. During the economic woes, the demand for crisis and turnaround management grew strongly, while the demand for accounting advisory services and risk management took off not long after, particularly in the financial services sector.
- Although, in 2020, the market witnessed a contraction, non-discretionary projects around risk and regulation, digital transformation, and other technology have generally continued, while other areas deemed more discretionary like financial management have been hit much harder. However, in coming years, the segment is expected to recover as the governments are making stringent audit reforms along with regulations like GDPR. Pandemic has expanded the scope for financial crisis and recovery advisors’ services.
North America Holds the Highest Market Share
- The United States (US) is the largest revenue-generating consulting service market in the world, owing to being the home of top global consultancy firms catering across a wide range of end-user verticals significantly. Furthermore, the highly volatile marketplace across the US economy, along with the sustained reforms in government regulation, is driving companies to turn to management consulting providers for acquiring assistance in their financial operations across the country.
- Furthermore, the United States is also a pioneer in the market and plays a significant role in bringing technological advancement to the global market. The US-based consulting service providers, like McKinsey & Company, Deloitte, PricewaterhouseCoopers (PwC), the Boston Consulting Group, Ernst & Young (EY), and KPMG, among others, are some of the top market vendors globally.
- The consulting service industry in the country has expanded in recent years, as the number of people employed in management consulting in the United States has also grown annually over the past five years, and in 2020, there were nearly 734,000 management consultants. However, many experts claimed that the most pressing issue in the regional industry is attracting and developing new businesses, with 40% of senior managers citing this as a leading challenge.
Consulting Service market is highly competitive and consists of a significant number of global and regional players. These players account for a considerable share in the market and focus on expanding their client base across the globe. These players focus on the research and development activities, strategic alliances, and other organic & inorganic growth strategies to stay in the market landscape over the forecast period.
- March 2021 - Digital transformation advisory firm Cambridge Management Consulting expanded its telecommunications capability with the acquisition of Straxia. The network infrastructure consultancy primarily specializes in helping its client’s infrastructure planning, delivery, and management.
- May 2021 - Toronto-based cloud managed services provider, Carbon60 acquired OpsGuru, a Vancouver-based multi-cloud and DevOps consulting firm. The OpsGuru deal was Carbon60’s third acquisition since 2019 when it became a portfolio company of M/C Partners, a US-based private equity firm focusing on emerging companies in communications and technology services. The acquisition is mainly focused on strengthening the firm’s cloud consulting services in cloud assessment, migration, compliance, and security.
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