Strategy Consulting Market to Grow by USD 121.2 Billion (2024-2028), Driven by Demand for Enhanced Customer Digital Experience, AI Driving Market Transformation - Technavio

NEW YORK, Jan. 20, 2025 /PRNewswire/ -- Report with the AI impact on market trends - The global strategy consulting market  size is estimated to grow by USD 121.2 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  23.3%  during the forecast period.  Rising need for improved customer digital experience is driving market growth, with a trend towards consulting firm selection process. However, increased risks related to data security and privacy  poses a challenge. Key market players include A.T. Kearney Inc., Accenture Plc, Bain and Co. Inc., Booz Allen Hamilton Holding Corp., Boston Consulting Group Inc., Capgemini Service SAS, CGI Inc., Cognizant Technology Solutions Corp., Deloitte Touche Tohmatsu Ltd., Ernst and Young Global Ltd., Infosys Ltd., International Business Machines Corp., KPMG International Ltd., Marsh and McLennan Companies Inc., McKinsey and Co., Oracle Corp., PricewaterhouseCoopers LLP, Roland Berger Holding GmbH, Tata Consultancy Services Ltd., and The Hackett Group Inc..

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Key Market Trends Fueling Growth

The strategy consulting market is thriving with trends like management consulting, staff optimization, and corporate sustainability. Consulting firms provide expert advice to businesses on digital business models, digital strategy, business model innovation, and digital transformation. SaaS, intelligent automation, artificial intelligence, IoT, Blockchain, and other disruptive technologies are shaping the future of professional services. Healthcare, ecommerce, and IT and telecommunication sectors are major focus areas. Consultants help identify risks, optimize operations, and make high-level decisions through digital channels. Risk management, assurance technology platforms, and digital transaction management are crucial services. Consulting firms also offer management training and economic policy advice. Security concerns, including data security breaches and cyber security regulations, are driving demand for consulting services. Automation in manufacturing, customer relationship management, and brand experience are key areas of domain expertise. Consulting firms support large enterprises in their strategic management, organizational strategy, and economic policy initiatives. 

Strategy consulting firms face disruption as customers shift towards online research for selecting consultants. Internet databases offer quick access to subject-matter experts (SMEs), making it easier for businesses to find the best fit for their needs. This trend eliminates the reliance on referrals and traditional hiring based on domain expertise. Even well-established firms with long-standing reputations can be challenged by smaller businesses with specific knowledge. This shift in hiring practices streamlines the process and reduces costs for businesses. 

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Market Challenges

• Strategy consulting services play a crucial role in helping businesses navigate complex challenges. In today's dynamic marketplace, management consulting firms provide expert advice on various topics like staff optimization, corporate sustainability, and digital business models. However, firms face hurdles such as security concerns, especially in sectors like healthcare and ecommerce. Digital strategy, business model innovation, and digital transformation are key areas of focus. SaaS, intelligent automation, AI, IoT, and blockchain are disruptive technologies shaping the consulting landscape. Consultants offer domain expertise in areas like IT and telecommunication, risk management, and assurance technology platforms. Startup projects and large enterprises alike seek professional services for high-level decisions, operational strategies, and digital transaction management. Consulting firms help identify risks and provide solutions for data security breaches and cyber security regulations. Additionally, they offer training in strategic management, economic policy, and organizational strategy. Digital experience, customer relationship management, and brand experience are also crucial areas of focus. Automation in manufacturing and cloud-based marketing automation are transforming industries. Overall, strategy consulting services are essential for businesses looking to make informed decisions and stay competitive.
• Cloud-based marketing automation software is a popular choice for strategy consulting firms due to its cost-effectiveness and convenience. However, the use of cloud services comes with risks. Confidential information may be vulnerable to unauthorized access if not properly secured. The adoption of cloud solutions requires organizations to trust third-party providers with their data, increasing dependency and potential risks. Data leakage can lead to misuse or manipulation, resulting in various security and legal concerns. These issues include infrastructure security, access control, risk management, auditing and logging, and regulatory and legislative compliance. It is crucial for strategy consulting firms to carefully evaluate the security measures of cloud service providers before transferring sensitive information.

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Segment Overview 

This strategy consulting market report extensively covers market segmentation by

1. End-user 
• 1.1 Large enterprises
• 1.2 SMEs
2. Type 
• 2.1 Business strategy consulting
• 2.2 Operations consulting
• 2.3 Investment consulting
• 2.4 Technology consulting
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 Middle East and Africa
• 3.5 South America
4. Industry Vertical

1.1 Large enterprises-  The large enterprises segment is a significant part of the global strategy consulting market. Companies like McKinsey, Bain and Company, A.T. Kearney, and PricewaterhouseCoopers offer strategy formulation assistance to large enterprises. Strategy consulting aids large businesses in viewing their operations from a fresh perspective, proposing innovative methods, and securing a competitive edge. These consulting firms deliver forward-looking business strategies, fostering sustainable competitive advantage and profitability. They assist in creating corporate and business unit strategies, ensuring organizational alignment, and addressing industry-specific strategic challenges, including market assessment, scenario planning, strategic planning process design, and alliance management. The availability of these services for large enterprises significantly contributes to the growth of this segment.

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Research Analysis

Strategy consulting is a specialized area of management consulting that focuses on helping businesses make high-level decisions and develop corporate strategies. In today's dynamic business environment, strategy consulting services are increasingly in demand as companies seek expert advice on staff optimization, corporate sustainability, digital business models, and customer relationship management. Consultants bring domain expertise and insights into disruptive technologies, automation, and digital channels to help businesses adapt and thrive. As ecommerce continues to grow, consultants are helping businesses understand customer purchasing patterns and leverage data to inform marketing strategies. Security concerns are also a major focus, with consultants providing guidance on information security, cyber security regulations, and cloud-based marketing automation. Risk identification and mitigation are key components of effective strategy consulting, ensuring that businesses stay ahead of the curve and are prepared for the future.

Market Research Overview

Strategy consulting is a specialized area of management consulting that focuses on helping organizations make high-level decisions and develop long-term plans for achieving their business objectives. It encompasses various areas such as corporate strategy, business model transformation, economic policy, organizational strategy, and strategic management. In today's digital age, strategy consulting services have expanded to include staff optimization, digital business models, digital strategy, business model innovation, digital transformation, and risk management. Disruptive technologies like SaaS, intelligent automation, artificial intelligence, Internet of Things, Blockchain, and cyber security regulations are transforming industries and creating new opportunities. Strategy consultants provide expert advice and domain expertise to help businesses navigate these changes and adapt to new customer purchasing patterns and digital channels. Consulting firms offer a range of professional services, from digital experience design to IT and telecommunication, to help organizations optimize their operations and improve customer relationship management. Risk identification and management are critical components of strategy consulting, with a focus on data security, information security, and cyber security regulations. In large enterprises, strategy consulting plays a crucial role in developing operational strategies, digital transaction management, and assurance technology platforms. Startup projects also benefit from strategy consulting services, as they help navigate the complex business landscape and implement disruptive technologies like automation, cloud-based marketing automation, and ecommerce platforms.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user
• Large Enterprises
• SMEs
• Type
• Business Strategy Consulting
• Operations Consulting
• Investment Consulting
• Technology Consulting
• Geography
• North America
• Europe
• APAC
• Middle East And Africa
• South America
• Industry Vertical

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio