The development of businesses and economies is motivated by the efficient application and planning implemented to achieve goals. The strategic consulting market is anticipated to progress at a CAGR of 5.17% while accomplishing revenues worth USD 43.98 billion in the duration of the forecast period. Consultants are facing increased demand due to the rising need for customer-centric consulting services and preserving a sustainable competitive advantage which are some of the influential factors for the development of the strategy consulting market globally.
The necessity to sustain competitive advantage in several industry verticals is facing various supply-side challenges such as strong competition, speedily changing business models among other factors. As companies want high expertise advisory and consulting teams that offer unique capability solutions, the demand for the strategic consulting market is expected to escalate. The solutions, offered by consultants, comprise of a deep understanding of customer purchasing trends and offer a way for scalable, efficient, and sustainable operations. The onset of digital transformation has made an important impact on the strategic consulting services available globally. The IT sector, which is regarded as one of the fastest growing sectors after the BFSI sector, has drastically amplified the expenditure on consulting services in the strategy consulting market. Moreover, the consultants employed for the IT sector have been able to grow their client base and have established themselves as trusted advisors to the customers, this factor has created a significant competitive advantage for the businesses in the strategy consulting market.
The initiation of the implementation of disruptive technologies such as artificial intelligence and automation has acquired extensive popularity in consulting services and has a crucial role in three areas that involve the gathering of information, simplifying administration task, and refining productivity. The employment of artificial intelligence is expected to provide new opportunities for growth in the coming years. The strategy consulting market is anticipated to face challenges in terms of the understanding of the insights by the consultants. The insights provided entail deep knowledge of the analytical tools that are restricted only to a few.
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Bain and Company, Pricewaterhouse Cooper (PwC), Roland Berger LLC, Marsh & McLennan Companies Inc, Mc Kinsey & Company, The Boston Consulting Group Inc, A.T. Kearney Inc, Deloitte Touche Tohmatsu Limited and Accenture are some of the prominent competitors who are shaping the strategy consulting market.
The strategy consulting market consists of various major as well as privately held consulting firms. Rising need for customer-centric consulting services and maintaining sustainable competitive advantage is positively impacting the strategy consulting market. The prominent players are highly focused on offering services to provide valuable benefits to their clients. Additionally, it is witnessed that improvements of the global economic scenario combined with an increase in the need for customer and business-centric consulting services is fueling the growth of the strategy consulting market.
The global strategy consulting market is segmented on the basis of application, product, and region. On the basis of product, the market for strategy consulting consists of operation consultant, business strategy consulting and investment consultant. The operation consultant segment is projected to dominate the segment while attaining at USD 16.67 billion by the end of the year 2025 with 3.93% CAGR in the forecast period. The business strategy consulting segment is projected to witness a CAGR of 6.04% and is expected to be the fastest increasing segment in the strategy consulting market through the forecast period. Based on application, the strategy consulting market consists of the chemical sector, financial sector, and automotive sector. The financial sector is likely to control the application segment in the strategy consulting market in the course of the forecast period.
The automotive sector is estimated to develop while earning USD 13.68 billion in revenues by the end of the year 2025 and will expand with a CAGR of 6.54% and is estimated to be the quickest growing application segment in the strategy consulting market globally in the forecast period. The regions included in the report are Asia Pacific, Europe, North America and the rest of the world.
The regional analysis of the strategy consulting market consists of regions such as Asia Pacific, Europe, North America and the rest of the world. The North American region is responsible for the principal market value of USD 9.80 billion in 2013 with a market share of 39% and is anticipated to expand at USD16.64 billion with a CAGR of 4.75% through the duration of the forecast period. The operation consultant segment is expected to expand at USD 6.52 billion by the end of the year 2025 with a 3.26 % CAGR The European region was the next principal market estimated at USD7.50 billion in 2013; it is likely to grow at a CAGR of 5.47 % and is anticipated to touch USD 13.64 billion by 2025.
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List of Tables
TABLE 1 MARKET SYNOPSIS
TABLE 2 LIST OF ASSUMPTIONS
TABLE 3 GLOBAL STRATEGY CONSULTING MARKET, BY PRODUCT, 2013-2018 (USD BILLION)
TABLE 4 GLOBAL STRATEGY CONSULTING MARKET, BY PRODUCT, 2019-2025 (USD BILLION)
TABLE 5 GLOBAL STRATEGY CONSULTING MARKET, BY APPLICATION, 2013-2018 (USD BILLION)
TABLE 6 GLOBAL STRATEGY CONSULTING MARKET, BY APPLICATION, 2019-2025 (USD BILLION)
TABLE 7 GLOBAL STRATEGY CONSULTING MARKET, BY REGION, 2013-2018 (USD BILLION)
TABLE 8 GLOBAL STRATEGY CONSULTING MARKET, BY REGION, 2019-2025(USD BILLION)
TABLE 9 NORTH AMERICA STRATEGY CONSULTING MARKET, BY REGION, 2013-2018 (USD BILLION)
TABLE 10 NORTH AMERICA STRATEGY CONSULTING MARKET, BY REGION, 2019-2025 (USD BILLION)
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