The global marketing consulting market was valued at around USD82 billion in 2016 and is expected to surpass USD100 billion by 2021
Procurement market intelligence analysts have announced its latest market research report on marketing consulting for the period 2017-2021. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the global marketing consulting market during the forecast period. Some of the top vendors listed in this industry analysis include PwC Digital, Boston Consulting Group, Nielsen, AT Kearney, and Bain & Company.
In terms of geographical analysis, the Americas are the largest shareholders in the global market, with a market share of around 35%. The US was the key revenue generating country in this region in 2016, by accounting for almost 90% of the market in the Americas.
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According to Angad Singh, a category specialist at Technavio for research on category spend intelligence, “Cognitive technology integrates data mining, pattern recognition, and natural language processing to mimic the way the human brain works. The use of this technology helps marketers to understand the individuals’ patterns and choose the right target groups for advertising their products. The cognitive technology uses machine learning that helps companies to predict the preferences of individual consumers. For instance, Netflix uses machine learning that predicts the chances of customers liking a movie and it impacts around 75% of the customers’ use of this service.”
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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.
Increase in need for product differentiation
The proliferation of products and services available across business sectors is increasing the requirement for product differentiation and is leading to an increase in demand for marketing services. Marketing consulting companies help formulate marketing strategies by conducting marketplace research that takes into consideration the optimal target customers and competitor benchmarking. The companies analyze this information to provide a detailed summary of the consumers’ requirements to the organization.
Need to determine optimal pricing
The marketing consulting firms gather market research data which helps the companies to form marketing strategies that determine the right prices for products and aids in understanding the consumer preferences about those products. For instance, products which are perceived to be of high value by consumers are usually priced in alignment with industry prices and those perceived to be of low value are priced accordingly. These services are provided by the marketing consulting vendors.
Need to tap emerging markets
The businesses are focusing on expanding their operations to emerging markets to increase their sales and revenue by tapping the potential opportunities available in these regions. For instance, Volkswagen has increased the number of car models released in the market in India to drive their sales upward by covering a large number of potential customers in the country, and the marketing campaigns are designed specifically to target the audiences of this market.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Marketing Consulting Market – Procurement Market Intelligence Report 2017-2021.’
