The Strategy Consulting market is projected to grow by USD 121.2 Billion from 2024-2028, driven by AI and the increasing demand for enhanced digital customer experiences - Technavio

NEW YORK, Oct. 23, 2024 /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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Market Driver

Strategy consulting market is undergoing significant shifts in the selection process of consulting firms. Customers now rely on online services to research and evaluate potential advisors based on their specific needs. This trend, driven by the speed and affordability of Internet databases, allows businesses to easily find subject-matter experts (SMEs) without relying on referrals or the who-you-know factor. Established firms with long-standing reputations may face competition from smaller businesses with specialized knowledge. Additionally, some companies are forming in-house teams of former consultants, further reducing the need for external consultants. These factors are expected to fuel the growth of the strategy consulting market during the forecast period. 

Strategy consulting is a thriving business, with management consulting leading the way. Firms provide expert advice to help large enterprises make high-level decisions and transform their business models. Trends include staff optimization, corporate sustainability, and digital business models. Digital strategy, business model innovation, and digital transformation are key areas of focus. SaaS, intelligent automation, AI, IoT, blockchain, and other disruptive technologies are shaping the industry. Consulting firms offer risk management, assurance technology platforms, and digital transaction management services. Risk identification and management are crucial for ecommerce and customer purchasing patterns. Professional consultants bring domain expertise in areas like IT and telecommunication, customer relationship management, and economic policy. Security concerns are paramount, with a focus on data security and automation in manufacturing. Startup projects require strategic management and organizational strategy. Consulting services span economic policy, strategic management, and operational strategies. 

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 Market Challenges

• Cloud-based marketing automation software is a popular solution for managing marketing consulting activities. However, the security and reliability of cloud services are critical concerns for organizations before transferring their confidential data. The risk of data leakage and potential misuse or manipulation can lead to significant security and legal issues. These concerns are heightened in strategy consulting firms, where data security is paramount for end-users and sponsors. Additionally, the multi-tenant model of cloud services increases the risk of information leakage. Furthermore, strategy consulting firms are apprehensive about data loss and misuse by IT professionals installing the software. To mitigate these risks, firms are implementing stringent security measures. These factors may hinder the growth of the global strategy consulting market during the forecast period.
• In today's business landscape, consulting firms face challenges in providing expert advice to startup projects, especially in the areas of ecommerce and digital transaction management. Risk management is crucial, and assurance technology platforms can help identify risks in areas like IT and telecommunication, automation in manufacturing, and data security. Professional consultants must possess domain expertise in customer relationship management, economic policy, organizational strategy, and corporate strategy. Disruptive technologies like automation and digital channels require consultants to stay updated. Large enterprises seek professional services for business model transformation and management training. Consultants must navigate cyber security regulations and data security breaches, ensuring data security and information security through cloud-based marketing automation. Strategy consultants play a key role in making high-level decisions and implementing operational strategies.

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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

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 approaches, and securing a competitive edge. These consulting firms provide strategic services that foster long-term competitive advantage and profitability. Their offerings include industry-specific strategy consulting for challenges such as market analysis, scenario planning, strategic planning process design, and alliance management. The availability of these services to large enterprises contributes to the growth of this segment.

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Research Analysis

Strategy consulting is a specialized area of management consulting that helps businesses make high-level decisions and develop corporate strategies. Consultants provide expert advice and domain expertise in areas such as staff optimization, corporate sustainability, digital business models, and customer relationship management. With the rise of ecommerce and digital channels, strategy consulting services have become essential for businesses looking to adapt to disruptive technologies and automation. However, these services also come with security concerns. Consultants must ensure information security and data privacy, particularly in the age of cloud-based marketing automation and increasing cyber security regulations. Disruptive technologies, such as artificial intelligence and machine learning, are transforming industries, and strategy consultants play a crucial role in helping businesses identify risks and opportunities in these areas. Strategy consulting is not just about making strategic decisions but also about implementing operational strategies and managing customer purchasing patterns. It involves understanding the latest trends in digital business models and brand experience, as well as risk identification and mitigation. Ultimately, strategy consulting is about providing businesses with the knowledge and tools they need to succeed in an ever-changing business landscape.

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 Artificial Intelligence (AI), Internet of Things (IoT), Blockchain, SaaS, Intelligent automation, and Cloud-based marketing automation are transforming industries and creating new opportunities. Strategy consultants provide expert advice and domain expertise to help organizations navigate these changes and capitalize on new trends. Consulting firms offer a range of professional services, from risk management and assurance technology platforms to digital transaction management and customer relationship management. They help large enterprises and startups alike with their ecommerce strategies, understanding customer purchasing patterns, and implementing operational strategies through digital channels. However, with the increasing digitization of business comes new risks, such as data security breaches and cybersecurity regulations. Strategy consultants play a crucial role in identifying risks and implementing measures to mitigate them, ensuring that their clients remain competitive and secure in an ever-changing business landscape.

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

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