The global management consulting services market was valued at almost $240 billion in 2015 and is expected to surpass $289 billion by 2020.
Procurement market intelligence analysts have announced its latest market research report on management consulting services for the period 2016-2020. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the public relations services market during the forecast period. Some of the top vendors listed in this industry analysis include PwC, Deloitte, McKinsey & Company, Boston Consulting Group, and Bain and Company.
In terms of geographical analysis, North America is the largest shareholder in the global market, with a market share of around 40%. The US is the key revenue generator in the region, accounting for almost 93% of the market share in North America.
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According to Angad Singh, a category specialist at Technavio for research on category spend intelligence, “There is an increasing preference among suppliers to form strategic partnerships with market research firms. Buyers prefer to engage with service providers that provide quick and flexible solutions as opposed to those that adhere to defined frameworks and policies. Several consulting firms such as BCG and McKinsey are engaging with market research firms such as Gartner and Forrester to cut short the TATs associated with gathering data and providing actionable insights by spending more time on formulating strategies.”
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The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Increased complexities in business problems
Rapid growth in technology and changes in economies and market conditions are amplifying the complexities associated with business operations. In such cases, buyers often seek the expertise of MCS providers. Such requirements for assistance from a third party for the seamless functioning of the biz-ops unit will contribute to the growth of the management consulting services market during the forecast period.
Demand for development of new services/products
The rise in the demand for new products/ services, both online and offline is opening up opportunities for management consultants to develop strategies for marketing and enhance sales performance. Several consulting firms, such as ZS Associates, who are strategy experts with respect to resolving sales and marketing challenges have developed flexible commercialization planning solutions in an attempt to cater to the increased demand for new products and service launches from their clients.
Growth in M&As across segments
Buyers often struggle to integrate technical and business process with operations owing to the upsurge in the number of merger and acquisition activities. As a result, there is increased dependency on management consulting service provides for improving operations with respect cost and efficiency among organizations. For instance, LabCorp acquired Covance in January 2015 for over $6 billion and hired Deloitte for the integration process.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Management Consulting Services – Procurement Market Intelligence 2016.’
