The marketing consultancy market has been forecast to increase at a CAGR of 7% over the next five years, increasing from a value of $305.0 billion in 2012, to reach a total of $427.9 billion by the end of 2017.
According to a recent market report, 'Management & Marketing Consultancy: Global Industry Guide,' the operations management segment was the market's most lucrative in 2012, with total revenues of $93 billion, equivalent to 30.5% of the market's overall value.
The economic crisis continues to affect the marketing consulting industry, as its main customers remain under intense pressure. New investment remains unlikely as many firms consolidate their position, with firms being more cautious financially. Although risky new ventures are being declined, customers are laying the foundations for a possible upturn in the future.
As the US and European markets are still in a state of economic malaise, many firms are seeking new markets to capitalise on. Companies within particularly troubled economies, such as Spain, are now looking to internationalization as a source for growth.
Despite continuing financial and economic uncertainty impacting the global economy, marketing consulting continues to grow, with only Japan declining of the major markets.
The Americas contains the single largest consulting market, the United States, which has seen strong growth since the financial crisis started.
Although competition remains fierce among the larger companies, many smaller sized firms have endured the financial crisis relatively intact.
This is due to their highly specialized nature, although these firms will come under pressure as economic uncertainty persists and well established companies with a strong brand look more viable.
The marketing consulting market faces competition from in-house specialists, which may prove cheaper than the fees levied for a consulting firm's services.
As the slowdown progresses, firms already engaged in cost cutting following globalisation will have to embark on further efficiency drives, which may mean delaying new consulting projects.
For more information on the marketing consultancy market, see the latest research: Marketing Consultancy Market Research
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