Management Consulting Services Global Market Report 2024

The management consulting services market size has grown steadily in recent years. It will grow from $1001.17 billion in 2023 to $1045.9 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. The growth observed in the historical period can be attributed to several factors, including globalization, technological advancements, outsourcing back-end operations to low-cost economies, increasing investments in research and development (R&D), regulatory reforms in the financial sector, and public-private investments.

The management consulting services market size is expected to see steady growth in the next few years. It will grow to $1266.54 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The anticipated growth in the forecast period can be attributed to faster economic growth, the drive for growth through digital consulting, increasing investments in smart cities, a heightened focus on customer satisfaction, and global collaboration for environmental protection. Key trends expected in this period include a focus on offering metaverse consulting services, the integration of Internet of Things (IoT) in management consulting services, the modularization of services, adoption of a value-oriented revenue model, emphasis on automation and artificial intelligence, offering services through virtual firms, and increased activity in mergers and acquisitions.

The growth of the management consulting services market is anticipated to be fueled by the increasing demand for financial advisory services. Financial advisory services encompass professional guidance provided to companies and individuals on financial matters. The utilization of management consulting services aids financial advisory services in optimizing operations, reducing costs, enhancing efficiency, and effectively managing risks associated with business operations, investments, and financial transactions. For instance, the Bureau of Labor Statistics, a US government agency, projects a 13% growth in employment for personal financial advisors from 2022 to 2032, surpassing the average growth rate for all occupations. Consequently, the rising demand for financial advisory services contributes to the expansion of the management consulting services market.

The clientele of the management consulting services market is increasingly expanding globally, necessitating more sophisticated and internationally oriented services. Globalization has paved the way for increased joint ventures, foreign investments, global expansion, and the establishment of facilities by multinational companies in high-growth regions. Companies are forming joint ventures and exploring foreign investments to assess new markets and minimize risks. The management consulting services industry is experiencing globalization driven by internet growth, automation of consultancy processes, and advancements in data security. Consequently, domestic management consultancies are entering new markets through collaborations with foreign counterparts to offer services across a broader range of countries.

Leading companies in the management consulting services market are directing their efforts toward digital transformation to achieve a harmonious blend of business, technology, and organizational strategies. Digital transformation enables consulting firms to improve service delivery, enhance growth opportunities, and reach a broader audience by leveraging technology. For example, Deloitte, a UK-based professional services network, implemented a digital transformation framework based on five key priorities, experience, insights, platforms, connectivity, and integrity. This framework provides a roadmap for digital transformation, emphasizing the importance of aligning business, technology, and organizational strategies. It serves as a common language for digital transformation discussions, facilitating tech-adjacent and tech-agnostic conversations among C-suite executives.

The advent of artificial intelligence (AI) and automation is revolutionizing data exploration in the field of management consulting. AI and automation empower management consultants to efficiently and rapidly process and analyze massive datasets, delivering accurate insights across various business areas such as sales, operations, and supply chain management. For instance, JLL, an American professional services and investment management company specializing in real estate, employs an AI analysis system to streamline the analysis of client portfolios with properties ranging from one to tens of thousands. AI assists consultants in gathering information on sales channels, customer journeys, and client behavior, enabling the identification of new opportunities and the formulation of effective advertising strategies. The integration of AI is viewed as a significant value addition to the traditionally conservative and human-driven management consulting sector, according to Euan Cameron, PwC’s UK AI Leader.

Major companies operating in the management consulting services market report are Deloitte Touche Tohmatsu Limited, Accenture, PwC, Ernst & Young, KPMG, Buck Consultants, Moscow Consulting Group, Kesarev Consulting, Bain & Company, BS Group of Companies, PDG, A.T. Kearney, Serviceplan and BBDO, Uria Menendez, Linklaters, Dentons, Ruihua CPA, Altran, RSM, Jung von Matt, BlueFocus Communication Group Co. Ltd., BMC Software Consulting, AECOM, Strategy&, Environmental Resources Management (ERM), Beijing Dentsu Advertising Co.,Ltd., Rediffusion, Environmental Technology Consultants, DLA Piper International, International Business Machines Corporation, BDO, Stone, Oliver Wyman, Everis, Cyklo Agritech, Allen & Overy, FinExpertiza, AMEC Foster Wheeler, Freshfields Bruckhaus Deringer, Baker & McKenzie, Cognizant Ativup, Amphos 21 Consulting S.LBonelliErede, Nehlsen Middle East Environmental Consultancy, Garrigues, DeHeng Law Offices, Grant Thornton, Mediterra Environmental Consultants, L.E.K. Consulting, TCA, International Gulf Engineering Consultancy Bureau LLC (IGB), CGI, McKinsey & Company, IBM Global Business Services, Yingke Law Firm, Cleary Gottlieb Steen & Hamilton, Havas Media, Cuatrecasas, Akin Gump Strauss Hauer & Field LLP, Orenda Advisory & Strategy, Letsema, Alvarez & Marsal, Clifford Chance, AArete, BWG, Accelare, Adopt Technologies, Aetha Consulting, Alira Health, Aon Consulting, Booz & Company, Boston Consulting Group, Inc., C Ahead Info Technologies Africa (Pty) Ltd., Certio Medio Ambiente, S.L, DDB Mudra Group, Yekom Consulting Engineers, Westech, Deloitte ToucheTohmatsu Huayong CPA, CapGemini, Pan-China CPA, Khulisa, Zenith Optimedia, Africa International Advisors, Carat France, Moore Stephens UK, MAC Consulting, Lince Consulting, Roland Berger, Pricewaterhouse Coopers, Tendências Consultoria Integrada.

Western Europe was the largest region in the management consulting services market in 2023. North America was the second largest region in the management consulting services market. The regions covered in the management consulting services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the management consulting services market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa. The management consulting (MCS) market consists of revenue earned by that provide a range of services providing advice and assistance on organizational planning, financial budgeting, marketing strategies, human resource practices, administration policies and production and logistics scheduling. Such services include solutions for administrative management issues, strategic and organizational planning, business process improvement, human resource and personnel policies, developing marketing planning and strategy, productivity improvement, quality assurance and quality control. Management consulting providers undertake processes where human capital is the major input. They make available the knowledge and skills of their employees, often on an assignment basis, where an individual or team is responsible for the delivery of services to the client. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The main types of management consulting include operations advisory, financial advisory, technology advisory, strategy advisory, other consulting services, and HR advisory. HR advisory specifically provides advice on human capital matters and offers services related to the HR function. These consulting services are utilized by various industries, including IT services, manufacturing, financial services, mining, oil and gas, construction, and others. Service providers in the management consulting field include both large enterprises and small to medium-sized enterprises.

The management consulting services market research report is one of a series of new reports that provides management consulting services market statistics, including management consulting services industry global market size, regional shares, competitors with a management consulting services market share, detailed management consulting services market segments, market trends and opportunities, and any further data you may need to thrive in the management consulting services industry. This management consulting services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.