NEW YORK, Jan. 12, 2017 /PRNewswire/ -- The management consulting services market comprises establishments providing a range of services dealing with advice and assistance on organization 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.
The USA was the largest country in the management consulting services market in 2016, accounting for about $240 billion or 38% of the global market. The UK was the second largest market, accounting for about $70 billion or 11% of the global market. France was the third largest market, accounting for about $35 billion or 5% of the global market. Germany accounted for about 5% and $30 billion, while Spain accounted for 1% of the global management consulting services market.
With the emergence of information communication and technology, the world is rapidly moving towards the process of digitalization. Investor expectations, rising competition, new regulatory pressures and increasing opportunities are putting organizations under pressure to digitalize their processes and management. Management consulting services firms are providing IT transformation services to businesses, banks and other organizations to overcome challenges such as rising stakeholder expectations and flat or declining budgets. Such services include identifying critical technologies, setting an IT agenda, consolidating, standardizing and harmonizing IT solutions across business divisions in a cost effective manner. Accenture Consultancy increased its revenues from Communications, Media & Technology division by 16% from 2014 to 2015 due to increased demand for digital transformation for management services.
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