NEW YORK, Nov. 10, 2016 /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 Americas was the largest geographic market in the management consulting services market in 2015, accounting for $300 billion or 50% of the global market. This was due to the rise in the number of new businesses and increased demand for financial planning, budgeting, business process improvement and other management consulting services from commercial organizations. Europe was the second largest geographic market, accounting for $245 billion or 40% of the global market. Asia was the third largest geographic market, accounting for $65 billion or 10% of the global market.
Global per capita management consulting services expenditure grew from $70 in 2011 to $90 in 2015 at a CAGR of 5% and is expected to grow to $106 in 2019 at a CAGR of 5.1%.
Clients are looking for companies that can break down a large project into small functions and offer customized solutions to respective functions. Services are now being split into several individual components and sold separately rather than bundled together. There has been a growing trend from clients to pick and choose service elements they prefer to do themselves and service elements they choose to allocate to other service providers. This approach is called modularization of services and is a response to clients feeling that a single firm will not be able to handle the complexity of a large project and hence wanting four to five firms to collaborate. Alternatively, the client may want to break down the project into various small components that can be allocated to specialized professional firms. Management consulting service providers are collaborating with specialized consulting companies to increase their market share and expertize. For instance, leading global consulting firm, Oliver Wyman, collaborated with other consulting firms to strengthen its expertise in various industries such as with TeamSAI (aerospace and aviation), ChapterHouse (healthcare), Harbour Consulting (automotive) and Corven (energy).
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