Consulting Services Market valued worth USD 250 billion and expected to project a CAGR of 4.1 per cent during 2020-2026
Published | January 2020
Consulting Services generally support services provided for better and informed decisions. The term consultancy broadly undertakes valuations, data accumulation, advisory, and reporting to support the other person in making an informed choice. The scale of consultancy can vary, ranging from individual clients to large corporations and also undertake various industrial segments such as financials, management, and IT. The global consulting services market has values worth USD 250 billion and expected to show robust growth over the forecasted period. The growth of the global consultancy services market is parallel to the growth of the economy. In flourishing and developed economies, the organizations with higher revenue and budgets support larger consultancies in return setting the growth of the market. In 2019, the global consulting market showed growth due to the high demand for strategic services and operational management services. The global consultancy market projected a CAGR of 4.1 per cent during the forecast period.
Operational Efficiency and innovation in the consultancy sector to drive the growth of the global Consulting Services Market
The global consultancy services market showed tremendous growth in the operations industry, accounting for nearly 30 per cent of the market, followed by the financial advisory market. The strategy services market accounted for a 15 per cent share. The rest of the percentage was occupied by HR consulting, technology consulting, and IT consulting. The growth of the market can be attributed to factors such as globalization, consolidation, developments in laws, and legalizations and technological development. Digital and business model disruption has also been a significant factor contributing to the growth of the market. Consultancy services help organizations improve their performance, operating primarily through the analysis of existing organizational problems and the development of plans for improvement. Organizations seek for support from consultancies to gain external advice and access the specialized consultants.
Operational Efficiency and innovation in the consultancy sector along with the changes in government and legal regulations have been propelling the expansion of the global consulting services market in 2019 and is expected to grow over the forecasted period. Another key growth driver has been the acquisition of midsize strategy companies by leading players to provide for growth of the consultancy sector. Rise of consultancy services driven by the growing market ecosystem. The need for developing business capabilities for meeting and exceeding the evolving requirements are surging the growth of the strategy consulting market. The evolving new business models at a high pace than traditional companies' structure has been one major driving force for the global consulting services market.
Data consultancy market segment accounted for the largest share in the global consultancy services market
On the basis of type, the global consulting services market can be classified as Data Consultancy, Content and Conference for Banking, Business Valuations and Exit Planning, and Others. On the basis of Applications, the global consulting services market can be segregated as Large Enterprise, Small, and Medium Enterprises. In 2019, the data consultancy market segment accounted for the largest share in the global consultancy services market. Business Valuations and banking consultancy are expected to emerge as two key segments in the global consulting services market for the forecasted period.
North America consulting services market valued worth USD 604 million and contributed the highest share to the global Consulting Services market in 2019
North America, Europe, and Asia-Pacific are the key regions where the presence of the global consulting services market can be witnessed. North America consulting services market contributed the highest share to the global consulting services market and was valued worth 604 million in 2019 and is expected to reach USD 870 million in 2026. The growth of the region can be attributed to factors such as the presence of major consultancy service organizations in the region and government support. Europe is expected to emerge as another key region in the global consulting services market in the forecasted period owing to factors such as globalization, consolidation, developments in laws and legalizations, and technological development.
The in-depth analysis of the report provides the growth potential, upcoming trends and statistics of Consulting Services market size & forecast. The report promises to provide state-of-the-art technology of Consulting Services production and industry insights which help decision-makers to take sound strategic decisions. Furthermore, the report also analyzes the market drivers and challenges and competitive analysis of the market.