The management consulting industry was valued at roughly one trillion U.S. dollars in 2023. The market value of the industry peaked in 2022 and was expected to grow to an even higher figure in 2024. The industry also reached its first evaluation of more than one trillion dollars in 2022.

The Consulting Service Market Report is Segmented by Service Type (Operations Consulting, Strategy Consulting, Financial Advisory, Technology Advisory, and Other Service Types) and Geography (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa). The Report Offers the Market Size in Value (USD) for all the Abovementioned Segments.

In 2023, the market size of the management consulting industry in the United Kingdom reached almost 72 billion British pounds. The market size has been predicted for further growth in 2024, with a projected market value of 74.15 billion British pounds. This would be the highest market value ever recorded for the management consulting industry in the United Kingdom.

The Big Data Consulting Market Report is Segmented by Service Type (Strategic Consulting, Implementation Services, Analytics and Insights, Managed Services, Training and Support), Deployment Model (On-Premise, Cloud-Based, Hybrid), Organization Size (Small and Medium Enterprises (SMEs), Large Enterprises), Application (Customer Analytics, Operational Analytics, Risk and Fraud Management, Supply Chain Management, Marketing and Sales Analytics, Predictive Maintenance, Financial Analytics, Other Applications), and Geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa). The Market Sizes and Forecasts are Provided in Terms of Value (USD) for all the Above Segments.

The global consulting market reached a value of 160 billion U.S. dollars. Due to the coronavirus outbreak, this figure is estimated to decrease to 132 billion U.S. dollars in 2020.

Management consulting market Management consulting is the industry and practice of helping organizations improve their performance by analyzing existing problems and development plans for improvement. Organizations hire management consulting firms to gain external advice or when they need specialized expertise and services which are offered by consultants include strategy, operations, financial advisory, human resources and internet technology. The largest markets for consulting services include operations and financial advising, more than double the human resources and strategy markets. However, all the management consulting markets are seeing average growth each year.

In 2020, the top consulting firms in the United States by prestige rating were McKinsey & Company, followed by the Boston Consulting Group and Bain and Company. McKinsey & Company also was ranked as the best employer to work for. The Boston Consulting Group came second, followed by Bain & Company.

The number of people employed in management consulting in the United States has grown annually over the past five years and in 2019 there were nearly 710,000 management consultants employed in the U.S. Despite the increasing number of consultants, finding and keeping good employees was one of the leading business challenges for management consulting firms. The most pressing issue for companies was, by far, attracting and developing new businesses, with 40 percent of senior managers citing this a leading challenge.

Expert industry market research on the IT Consulting in the US (2005-2030). Make better business decisions, faster with IBISWorld's industry market research reports, statistics, analysis, data, trends and forecasts.

IT Consulting Services Market size was valued at USD 561.8 Billion in 2023 and is projected to reach USD 906.47 Billion by 2030, growing at a CAGR of 7.4% during the forecast period 2024-2030.

Global IT Consulting Services Market Drivers

The market drivers for the IT Consulting Services Market can be influenced by various factors. These may include:

Initiatives for Digital Transformation: Businesses in a variety of sectors are going through a digital transformation to boost customer satisfaction, increase operational effectiveness, and maintain their competitiveness. In order to spur innovation and corporate expansion, IT consulting services assist companies in implementing cutting-edge technologies like cloud computing, artificial intelligence (AI), the Internet of Things (IoT), and big data analytics.

Growing Cloud Computing Adoption: Businesses are moving more and more toward cloud-based solutions as they look for cost reductions, scalability, and flexibility. The need for cloud consulting services is being driven by IT consulting firms’ assistance with cloud migrations, cloud-native application development, infrastructure optimization, and cloud environment management.

Data protection requirements and cybersecurity concerns: Organizations are giving cybersecurity and data protection plans top priority due to the increase in cyber threats, data breaches, and regulatory requirements. To protect sensitive data and reduce security risks, IT consulting firms provide cybersecurity assessments, risk management services, security architecture design, and incident response planning.

Demand for Analytics and Business Intelligence: Businesses are realizing that in order to obtain insights, spur innovation, and maximize performance, data-driven decision-making is crucial. IT consultants assist businesses in putting business intelligence (BI) and analytics solutions into practice, creating data warehouses, creating dashboards for data visualization, and carrying out sophisticated analytics to glean insights from data that can be put to use.

The Report Covers the Management Consulting Industry Overview, and the Market is Segmented by Type (HR Consulting, Strategy Consulting, Operations Consulting), End-User Industry (IT & Telecommunications, Healthcare, Hotel & Hospitality, Media & Entertainment, Real Estate), and Geography (North America, Europe, Asia-Pacific, Latin America, The Middle East, and Africa). The Market Sizes and Forecasts are Provided in Terms of Value (USD) for all the Segments.

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Marketing Consulting Market Size 2025-2029

The marketing consulting market size is forecast to increase by USD 40.7 billion at a CAGR of 4.5% between 2024 and 2029.

The market is experiencing significant growth, driven by the increasing demand for digital transformation and improved customer experience. This shift towards digital is leading to increased adoption of automation software, analytics, and cloud computing in marketing strategies. Additionally, mergers and acquisitions in The market are on the rise, as companies seek to expand their offerings and enhance their capabilities. However, this digital transformation also brings challenges, particularly around data security and privacy. As businesses collect and process larger amounts of customer data, the risks associated with potential breaches become more pronounced. Auditing services and education around best practices for data security are becoming essential components of marketing consulting strategies. In summary, the market is experiencing significant growth due to the need for digital transformation and improved customer experience, but also faces challenges related to data security and privacy.

What will be the Size of the Marketing Consulting Market During the Forecast Period?

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The market encompasses a diverse range of services aimed at helping businesses optimize their marketing efforts. Key areas of focus include marketing audits, customer analytics, and strategy development for marketing campaigns and promotional activities. In today's digital age, online business and data-driven marketing are paramount, with an emphasis on understanding the consumer's online journey. 
Moreover, consulting services extend beyond traditional marketing, encompassing operations advisory, financial advisory, human resources, and advice services. The industry is characterized by continuous innovation, with trends such as automation, omnichannel engagement, and data-driven insights shaping the landscape. The market's size and growth are driven by businesses seeking to enhance their marketing strategies and stay competitive in an increasingly complex marketplace.

How is this Marketing Consulting Industry segmented and which is the largest segment?

The marketing consulting industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Service

  MSMD and IC services
  Sales management and development consulting services
  Others


Application

  Automotive
  Chemicals
  Machine industry
  Others


Type

  Project-based
  Retainer-based
  On-demand


Geography

  North America

    Canada
    US


  Europe

    Germany
    UK
    France
    Italy


  APAC

    China
    India
    Japan


  Middle East and Africa



  South America

By Service Insights

The MSMD and IC services segment is estimated to witness significant growth during the forecast period.

Marketing consulting firms offer strategic advice and guidance to businesses and organizations, focusing on areas such as marketing planning, competitive analysis, customer insights, marketing audits, and market evaluation. Consultants identify external market opportunities and challenges, while assessing internal strengths and weaknesses to recommend targeted offerings for various demographics. With growing consumer spending, businesses can expand their market share through effective brand recognition and sales strategies. The MSMD and IC services segment, along with The market, is projected to experience growth due to the increasing demand for data-driven marketing, automation, and omnichannel engagement. Marketing consulting services encompass strategy development, marketing campaigns, promotional activities, unique content creation, operations advisory, financial advisory, human resources, and industry specializations in sectors like chemicals, machine industry, metalworking, and niche markets.

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The MSMD and IC services segment was valued at USD 114.50 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 46% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The North America market leads the global marketing consulting industry due to the presence of numerous Fortune 500 companies. Despite the emergence of new research firms and affordable business analysis tools, marketing consultancies continue to hold signifi

The summary statistics by North American Industry Classification System (NAICS) which include: operating revenue (dollars x 1,000,000), operating expenses (dollars x 1,000,000), salaries wages and benefits (dollars x 1,000,000), and operating profit margin (by percent), of management, scientific and technical consulting services (NAICS 5416), annual, for five years of data.

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Strategy Consulting Market Size 2025-2029

The strategy consulting market size is forecast to increase by USD 146.1 billion at a CAGR of 23.8% between 2024 and 2029.

The market is experiencing significant growth, driven by the increasing demand for enhanced customer digital experiences. As businesses strive to meet evolving consumer expectations, they are turning to strategy consulting firms to help optimize their digital transformation efforts. This trend is particularly prevalent in industries undergoing digital disruption, such as retail, finance, and healthcare. However, this market is not without challenges. With the rise of digital transformation comes increased risks related to data security and privacy. As consulting firms help clients navigate these complexities, they must ensure they have security protocols in place to protect sensitive information. Additionally, the consulting firm selection process is becoming more competitive, with clients seeking firms that can deliver innovative solutions and measurable results. To capitalize on these opportunities and navigate these challenges effectively, consulting firms must stay abreast of the latest trends and technologies, and build strong relationships with their clients. By focusing on delivering value-added services and demonstrating expertise in key areas, consulting firms can differentiate themselves in a crowded market and position themselves for long-term success.

What will be the Size of the Strategy Consulting Market during the forecast period?

Request Free SampleThe market encompasses professional services that provide expert advice to organizations in formulating and implementing corporate strategies. This dynamic industry is driven by various trends, including the increasing focus on staff optimization, corporate sustainability, and the adoption of digital business models. Consultants bring domain expertise to help businesses navigate complex issues such as ecommerce, customer purchasing patterns, and digital channels. Disruptive technologies, such as automation and digital marketing automation, are transforming operational strategies, requiring organizations to adapt and innovate. Corporate strategy is increasingly shaped by risk identification and management, as well as the integration of customer relationship management and brand experience. Security concerns, including data security breaches and cyber security regulations, are also significant drivers, as organizations seek to protect their information and mitigate risks. Strategy consulting services play a crucial role in helping businesses make high-level decisions, identify opportunities, and stay competitive in an ever-evolving business landscape. With a focus on innovation and domain expertise, strategy consultants are essential partners in driving business growth and success.

How is this Strategy Consulting Industry segmented?

The strategy consulting industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments. End-userLarge enterprisesSMEsTypeBusiness strategy consultingOperations consultingInvestment consultingTechnology consultingApplicationBFSIIT and telecomManufacturingHealthcareOthersGeographyNorth AmericaUSCanadaEuropeFranceGermanyItalyUKAPACAustraliaChinaJapanSouth KoreaMiddle East and AfricaSouth America

By End-user Insights

The large enterprises segment is estimated to witness significant growth during the forecast period.The market caters to large enterprises, offering forward-thinking business strategies that foster sustainable competitive advantage and profitability. Renowned consulting firms, including McKinsey, Bain and Co., A.T. Kearney, and PricewaterhouseCoopers, provide strategic solutions for large enterprises. These firms assist in optimizing staff, implementing digital business models, and navigating corporate sustainability concerns. Additionally, they offer expertise in digital strategy, business model innovation, digital transformation, SaaS, intelligent automation, artificial intelligence, Internet of Things, and blockchain. Consulting services encompass risk management, assurance technology platforms, digital transaction management, and professional services. Strategy consulting plays a crucial role in high-level decision-making, operational strategies, digital channels, brand experience, and information security. With the increasing focus on automation, disruptive technologies, and economic policy, strategy consultants help large enterprises adapt and stay competitive.

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The Large enterprises segment was valued at USD 26.00 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

N

Expert industry market research on the Global Management Consultants (2005-2031). Make better business decisions, faster with IBISWorld's industry market research reports, statistics, analysis, data, trends and forecasts.

In 2023, the management consulting services industry in the United States was worth a total of roughly 374 billion U.S. dollars. Between 2013 and 2023, the management consulting services industry grew exponentially and was worth more than 100 billion U.S. dollars more in 2023 than in 2013.

Global Software Consulting Market to hit USD 436.9B by 2029 growing at 12% CAGR. Explore trends, drivers, and competition for strategic insights with The Business Research Company.

The Global Consulting Services Market Size Was Worth USD 198.76 Billion in 2022 and Is Expected To Reach USD 290.86 Billion by the end of 2030, CAGR of 4.87%.

The sales by type of client based on the North American Industry Classification System (NAICS) which include all members under type of client, for management, scientific and technical consulting services (NAICS 5416), annual (percent), for five years of data.

The breakdown of sales, by North American Industry Classification System (NAICS) 5416 Management, scientific and technical consulting services which include all members under breakdown of sales, annual, (percent), for five years of data.

DEI Consulting Market size was valued at USD 97.2 Billion in 2023 and is projected to reach USD 134.1 Billion by 2031, growing at a CAGR of 3% during the forecast period 2024-2031.

Global DEI Consulting Market Drivers

The market drivers for the DEI Consulting Market can be influenced by various factors. These may include:

Increasing Corporate Focus on Diversity: Organizations are increasingly prioritizing diversity, equity, and inclusion (DEI) as part of their corporate strategies. This shift is driven by growing social awareness about inequities and the need for representation in the workplace. Companies recognize that diverse teams enhance innovation and problem-solving capabilities, leading to improved business performance. Additionally, stakeholders, including customers and investors, demand accountability regarding corporate social responsibility. Organizations are therefore investing in DEI consulting services to develop comprehensive strategies, implement programs, and monitor progress, ensuring compliance with regulatory requirements and fostering a positive organizational culture that reflects societal values.
Regulatory and Legal Pressures: Regulatory pressures for diversity are intensifying globally, compelling organizations to adopt DEI initiatives. Legislators are increasingly enacting laws that mandate diversity and non-discrimination in hiring practices. For example, some regions require corporations to report demographic data, prompting organizations to take proactive measures to comply. Non-compliance can lead to substantial penalties and legal ramifications, making DEI consulting an attractive solution. Furthermore, companies are motivated to avoid public backlash and potential reputational damage. As regulatory landscapes evolve, the demand for expert guidance on adopting effective DEI policies and practices continues to grow, driving consulting services.

Global DEI Consulting Market Restraints

Several factors can act as restraints or challenges for the DEI Consulting Market. These may include:

Economic Constraints: Economic uncertainties can significantly impact the DEI consulting market. Organizations may prioritize cost-cutting measures, leading to reduced budgets for DEI initiatives. This financial strain can result in companies postponing or scaling back on consulting services, ultimately stagnating market growth. Additionally, during economic downturns, executives often focus on immediate financial recovery rather than long-term diversity initiatives. The challenge of justifying the ROI of DEI programs can further deter organizations from investing in consulting services, limiting the market’s expansion. As a result, economic factors pose a substantial barrier to the overall growth trajectory of the DEI consulting market.
Resistance to Change: Resistance to change within organizations hampers the effectiveness of DEI consulting. Many companies have established cultures and practices that are deeply ingrained, making it difficult to implement new ideas and strategies. Employees and management may feel threatened by potential changes, leading to pushback against DEI initiatives. This resistance can manifest as skepticism about the need for DEI efforts or doubts about their efficacy. When organizations are unwilling to undergo necessary transformations, DEI consultants face significant challenges in executing their strategies, ultimately undermining market potential and curtailing the pace of change needed for effective diversity initiatives.

[241+ Pages Report] The global Business Management Consulting Services market size is expected to grow from USD 824.2 billion to USD 1,048.9 billion by 2028, at a CAGR of 4.10% from 2022-2028

25 percent of Russian respondents answer our survey on "Financial consulting service usage" with "Banking transactions". The survey was conducted in 2022, among 2,035 consumers.Access millions of exclusive survey results with Statista Consumer Insights.