Business Management Consulting Services Market Size, Share Global Analysis Report, 2022 – 2028

Industry Insights

[241+ Pages Report] According to Facts and Factors, the global business management consulting services market was worth around USD 824.2 billion in 2021 and is estimated to grow to about USD 1,048.9 billion by 2028, with a compound annual growth rate (CAGR) of approximately 4.10%over the forecast period. The report analyzes the business management consulting services market's drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the business management consulting services market.

Market Overview

Business management consulting services aid various business institutes in boosting their performance through optimal resource utilization. Consultants investigate and critically examine the firm's business strategies and suggest solutions based on the firm's demands and business objectives. Business management consulting services include strategic consulting, business planning, personnel training, outsourcing, and other services. Business management consulting advises businesses on the best ways to manage and run their businesses. Management consulting firms make local and global recommendations to help companies build viable plans for launching, evolving, and cutting expenses. The growing demand for consulting services from firms, nonprofit organizations, and governments is boosting the growth of the market for business management consulting services. The market for business management consulting services is developing due to emerging new business models and business management consultancies struggling to adapt to digital technologies. 

COVID-19 Impact:

During the COVID-19 pandemic in 2020, there was turbulence owing to widespread panic in many industries, which led to a contraction of the business management consultancy service market. However, the pandemic has allowed businesses to offer financial crises and recovery advisory services.

Key Insights

• As per the analysis shared by our research analyst, the global business management consulting services market value will grow at a CAGR of 4.10% over the forecast period. 
• In terms of value, the global business management consulting services market was valued at around USD 824.2 billion in 2021 and is projected to reach USD 1,048.9 billion by 2028.
• The growing demand for consulting services from firms, nonprofit organizations, and governments is boosting the growth of the market for business management consulting services. 
• By consulting services, the strategy consulting segment dominated the market in 2021.
• By verticals, the retail & FMCG segment dominated the market in 2021.
• North America dominated the business management consulting services in 2021.

Growth Drivers

• Firms operating at many locations will likely pave the way for global market growth

Companies from numerous business sectors are attempting to expand their operations by operating in multiple regions worldwide. This, in turn, will propel the business management consulting services industry forward over the forecast period. Benefits such as cost savings, tax breaks, and an increase in the workforce have pushed businesses to expand into overseas markets. The growing demand for competitive advantage will force firms to seek business management consulting services. Organizations collaborate with consultants to grow their operations globally. Consultancies will increasingly build comprehensive digital strategies and restructure current commercial and operational structures to encourage a positive market attitude. 

Restraints

• The rise of freelance consultants may hamper the global market growth

The cost and flexibility provided by independent/freelance consultants have contributed to the tremendous rise of the freelance consulting business. Separate consulting, for instance, accounts for 10% of the £10 billion consulting companies in the United Kingdom. As a result, traditional consulting firm/industry revenues are expected to be limited by the consulting freelance business shortly. 

Segmentation Analysis

The global business management consulting services market is segregated based on consulting services, organization capital, verticals, and region.

The market is segregated by consulting services into strategy, technology, operations, finance & accounting, and HR consulting. Over the forecast period, the strategy consulting segment will dominate the market in 2021. Depending on the organization's demands, the service advises strategic concepts such as business strategy and operational approaches within effective time management. Professionals in the industry are attempting to determine the best course to adapt to emerging developments such as AI, analytics, cybersecurity, and digital transformation.

By organizational capital, the market is divided into lesser than 300 million, between 300 and 2,000 million, between 2,000 million and 5,000 million and more than 5,000 million. Over the forecast period, the more than 5,000 million segments are expected to develop at the fastest rate in 2021. Customers with more than 5,000 million in revenue are more acclimated to outsourcing and may feel more at ease using growth management and strategies on a retainer basis. Strategically, a retainer aids in the maintenance of consistent cash flow, even when these clients require more services than they have paid for in any given month.

By vertical, the market is divided into BFSI, aviation, IT & telecom, healthcare, retail & FMCG, entertainment & media, manufacturing, transportation & logistics and automotive. Over the forecast period, the retail & FMCG segment is expected to develop fastest in 2021. The rise in the utility of technology in retail activities has produced a tremendous demand for consultants, contributing to the segment's growth. Furthermore, consultants aid retailers in optimizing their delivery processes, boosting vendor relationships, and redesigning store functionality.

Recent Development-

• In October 2021 - Odysseus, a company specializing in developing and delivering ServiceNow solutions, was acquired by Deloitte. Odysseus will join the consulting division of Deloitte, specifically the technology division.

Report Scope

Regional Landscape

• The presence of various industry playerslikely help dominate the North Americanglobal market

Because of many important industry players, North America has the largest market share. Due to the region's highly unpredictable market, the overall state of the US economy, and the government's constant regulatory changes, businesses in the area are turning to management consulting firms for assistance with their financial operations. Businesses are more frequently resorting to management consulting services for assistance with their regional financial operations due to the constantly shifting regulatory environment and the extremely turbulent market circumstances throughout the US economy. Leading regional consulting companies are incorporating digital transformation into their business models to service a range of end-user domains, including PricewaterhouseCoopers, IBM, Deloitte, and BCG.

Competitive Landscape 

Key players within global Business Management Consulting Services market include 

• Management Consultants 
• PWC 
• McKinsey & Company 
• Aliby Consulting Group AB 
• Influence 
• Mott MacDonald 
• Poyry PLC 
• Avanti 
• BAIN & COMPANY 
• SPConsulting AB 
• Booz Allen Hamilton 
• Boston Consulting Group 
• Capacent AB 
• Cognizant 
• EFESO Consulting 
• Capgemini 
• Deloitte 
• Intermind Consulting 
• Everis Group 
• Barkawi Management Consultants 
• Ramboll Group 
• Navigant Consulting Inc. 
• Siemens 
• Ernst & Young Global Limited 
• Tata Consultancy Services Limited 
• IBM Corporation 
• Implement Consulting Group 

Global Business Management Consulting Services market is segmented as follows:

By Consulting Services 

• Strategy Consulting
• Technology Consulting
• Operations Consulting
• Finance & Accounting Consulting
• HR Consulting

By Organization Capital 

• Lesser than 300 Million
• Between 300 and 2,000 Million
• Between 2,000 Million and 5,000 Million
• More than 5,000 Million

By Verticals 

• BFSI
• Aviation
• IT & Telecom
• Healthcare
• Retail & FMCG
• Entertainment & Media
• Manufacturing
• Transportation & Logistics
• Automotive

By Regional Segment Analysis

• North America

  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America