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 Management Consulting Services Market report segments the industry into By Type (HR Consulting, Strategy Consulting, Operations Consulting, Other Types), By End-user Industry (IT and Telecommunication, Healthcare, Hotel and Hospitality, Media and Entertainment, Real Estate, and more), and By Geography (North America, Europe, Asia, Australia and New Zealand, Latin America, Middle East and Africa).

In 2024, the market size of the management consulting industry in the United Kingdom reached 77 billion British pounds. The was a significant increase compared to the previous year of almost six billion British pounds. This was the highest market value ever recorded for the management consulting industry in the United Kingdom.

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.

Management consultants continue to benefit from a robust demand stream for strategic planning and marketing services across the business and individual markets. Providing varied services to diverse downstream markets with unique needs allows management consultants to weather changing economic conditions. Core business interests, such as strategic planning, came into extra demand when inflationary spikes in 2022 and subsequent interest rate increases in 2023 accelerated the costs of business. Major consultancy firms such as Deloitte and Accenture Plc pivoted to business strategy and financial management consultation services due to businesses’ desire to secure capital and hedge against inflation when looking to pursue a new investment or acquisition. However, while economic turbulence did curtail consultants’ rate of growth, the high service diversification and accelerating adoption of new technologies, such as artificial intelligence (AI), reduced manual labor dependence and strengthened service quality across competitive sectors such as finance. These trends revenue to grow an annualized 3.5% to an estimated $404.1 billion over the past five years, including an estimated 1.2% growth rate in 2025 alone. Technological change in client markets drove spending on tech-centered consulting services, such as IT design and strategic planning. In the age of digital transformation, advisory roles require employees with unique and expert skill sets. Companies aiming to advance sustainability, embrace digital transformation and leverage big data analytics expand the need for expert consultants. The ability to hire remote workers broadens the labor pool's quality and scope, but also lessens consultants' negotiating power as other companies can now access previously restricted markets and recruit top talent. Consulting firms are no longer tethered to densely populated areas, allowing relocation to cities with lower rent and labor costs. While technology offers cost savings and expanded markets, it also intensifies competition for labor and clients, causing dampened profit in the past five years. Moving forward, management consultants are poised to take advantage of favorable economic conditions and a larger digital market that will change how marketing is conducted. While there are low barriers to entry in consulting, with the top 20 firms representing almost one-quarter of firm revenue, small-sized entrants will undoubtedly face stiff competition. As consolidation continues, the entry of niche firms specializing in new technology (IT, VR, AR and AI) is expected to increase, as these companies can better compete with larger consulting firms. Broader adoption of social media and digital advertising will provide lucrative opportunities for specialized marketing management consultants, particularly as 54% of consumers procure information via social media platforms, per 2024 data from Pew Research Center. The anticipated increase in business sentiment and aggregate private investment will bolster clients’ fiscal flexibility in securing longer-term consultant commitments, with revenue poised to grow an annualized 0.8% to an estimated $419.5 billion over the next five years.

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.

Graph and download economic data for Total Revenue for Management Consulting Services, All Establishments, Employer Firms (REVEF54161ALLEST) from 1998 to 2022 about management, employer firms, accounting, revenue, establishments, services, and USA.

The Management Consulting industry has faced mixed operating conditions over the past few years. The Australian Government's decision to reduce spending on consultants and focus on developing in-house capacities has adversely impacted industry expansion. The 2024-25 Federal Budget showcased this commitment, pledging savings of $1.0 billion through the reduction in outsourcing over the next few years, following the accomplishment of $3.0 billion in savings from similar initiatives in the 2022-23 Budget. At the same time, emerging technologies like generative AI (genAI) are capturing the interest of clients and driving demand for technology consulting. Although revenue from IT consulting isn't directly included in the Management Consulting industry figures, it plays a vital role in strengthening the sector, as it allows consulting firms to cross-sell their services and provide comprehensive, end-to-end solutions. Overall, industry revenue is expected to contract at an annualised 1.1% over the five years through 2024-25 to an estimated $45.5 billion. This trend includes an anticipated 3.3% dip in the current year as businesses cut back on discretionary spending. Consolidation activity has risen over the past few years as larger firms like Deloitte and Accenture have acquired smaller consulting practices. These firms have pursued acquisitions to expand client bases and develop their exposure to high-value and specialised consulting work. In recent years, a raft of new small firms and sole proprietors have contributed to growing enterprise numbers, lifting competition and weighing down industry profitability. Management consulting services' revenue is poised to grow, buttressed by favourable downstream market conditions. Industry revenue is on track to expand at an annualised 1.4% through the end of 2029-30 to an estimated $48.7 billion. A hike in private-sector capital expenditure and improving business confidence, coupled with a recovery in finance activity, will underpin this growth. Emerging products and markets, along with the increased use of analytics, will also benefit consulting firms. Regulatory changes will reshape the consulting landscape, with more stringent oversight and improved transparency. This shift is poised to limit the growth of larger consulting firms but will benefit smaller firms and those specialising in servicing the public sector.

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.

Management Consulting Services Market is estimated to hit USD 1,230 Bn By 2034, Riding on a Strong 11.6% CAGR throughout the forecast period.

Snapshot img

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.

Get a glance at the market report of share of various segments Request Free Sample

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

The MEA Management Consulting Services Market report segments the industry into By Service Type (Operations Consulting, Strategy Consulting, Financial Advisory, Technology Advisory, Other Service Types), By End-user Industry (Financial Services, Life Sciences And Healthcare, IT and Telecommunications, Government, Energy, Other End-user Industries), and By Country (Saudi Arabia, United Arab Emirates, Qatar, South Africa).

Global Management Consulting Services market size is expected to reach $1328.7 billion by 2029 at 5.6%, segmented as by type, operations advisory, financial advisory, technology advisory, strategy advisory, hr advisory, other consulting services

The European Management Consulting Market is Segmented by Type (HR Consulting, Strategy Consulting, and Operations Consulting) and Application (IT and Telecommunication, Manufacturing, Energy, Healthcare, Public Sector, Retail, and Healthcare). The Market Sizes and Forecasts are Provided in Terms of Value (USD) for all the Above Segments.

Management consultants in Canada continue to drive considerable demand from a wide range of clients, as the vital nature of their services remains a core calling card for a variety of clients. Inflation volatility in recent years, which peaked at 8.1% in 2022 per the Bank of Canada, hampered individual clients’ capability of securing long-term commitments from consultants and encouraged in-house alternatives. Despite this, the economic downturn caused some customers to invest in countercyclical services such as restructuring, cost-cutting and risk management advice. Financial managers and manufacturers were particularly demanding of consulting services, as they sought to navigate a shaky economy and craft quality plans to ensure their investments are protected. Growing adoption of ESG standards incentivized specialized consultant demand, as companies sought advisory services and guidance to ensure ESG adoption met regulatory requirements. Revenue grew an annualized 2.4% to an estimated $26.2 billion over the past five years, including an estimated 1.4% boost in 2025 alone, with profit benefiting from stabilized macroeconomic conditions. Macroeconomic conditions and technological change have been critical factors impacting consultants’ demand. Strong corporate profit growth, which rose an annualized 6.5% over the past five years, allowed clients to procure a wider range of consulting services that focused beyond traditional strategic planning and into more data-driven tasks such as economic research. The adoption of AI and new technologies emerging in the market, such as blockchain, created newfound demand niches for specialized consultants well-versed in technologies and their impact on sector-wide trends such as data processing. Major consultancies, such as Accenture Plc, have even made their own acquisition moves across the AI space to strengthen their service offering and boost client consultation quality. Moving forward, consultants are poised for steady growth over the next five years, even as wider economic conditions remain uncertain. Anticipated GDP growth will enhance clients’ investment capabilities and strengthen the need for consultants well-versed in financial markets and risk management. The growing emphasis on Environmental, Social and Governance (ESG) criteria and sustainability practises will continue to drive demand for specialized consulting expertise, as companies aim to adopt more sustainable investment strategies. Although AI adoption will continue enhancing incumbent service efficiency, it will also lead to higher in-house competition, as companies look to move away from external services in favour of cost-efficient, in-house advisory services. Revenue is expected to grow an annualized 2.1% to an estimated $29.1 billion through the end of 2030.

The Global Management Consultants industry has thrived during a volatile economic period because its strategic guidance is essential to businesses' ability to navigate disruption. Although the global economy has grown, the pandemic, inflation and geopolitical shocks forced businesses to significantly overhaul supply chains amid ongoing technological advancements reshaping business operations. Consultants have been key to assisting companies with tech-driven solutions, informing companies how to maintain competitiveness in an evolving landscape. Consequently, industry revenue is forecast to expand at an annualized 3.4% over the past five years to reach $1.0 trillion in 2025, with growth reaching 1.7% during the current year. The United States has been the backbone of the industry, accounting for most North American revenue, which has an estimated global share of 40.0%. However, emerging markets in Asia and Latin America have been a key source of growth as they seek to expand their commercial sectors, creating new opportunities for management consultants. Across the world, management consulting firms have been tasked with helping the world’s largest corporate players adapt to disruption. This has been especially true in China, where manufacturers’ supply chains have come under political scrutiny. Consultants have been key to navigating this landscape, helping companies shift strategies as they reoriented supply chains. However, these costly services have forced firms into competition for highly skilled employees, raising wage costs at the expense of profit margins. Consultants will remain essential in the coming years as businesses globally adapt to the digital economy. While the US will remain the industry’s lynchpin with opportunities in tech, healthcare and finance sectors, consultants will also be essential to Europe’s green transition. And as global markets prepare for substantial disruption to global trade with the election of Donald Trump in the US and his promise to enact wide-ranging tariffs, management consultants will be essential to helping businesses reorient supply chains. While the full scope of these policies remains to be seen, industry revenue is forecast to grow an annualized 0.6% to $1.1 trillion over the five years to 2030.

Between 2018 and 2019, the market growth of the consulting industry in the Gulf Cooperation Council region was ten percent. The consultancy industry in the GCC region was valued at 3.3 billion U.S. dollars in 2019.

Change Management Consulting Market Report is Segmented by Service Type (Strategy and Planning, Training and Development, Process Implementation, Communication and Engagement, Change Sustainability Support), by Organization Size (Small and Medium Enterprises (SMEs), Large Enterprises), by Industry Vertical (IT and Telecommunications, Healthcare and Life Sciences Education, Manufacturing, Financial Services, Retail and E-Commerce, Government and Public Sector, Energy and Utilities, Education), by Geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa). The Report Offers Market Forecasts and Size in Value (USD) for all the Above Segments.

Management Consulting Services Market size was valued at USD 195.21 Billion in 2024 and is projected to reach USD 361.33 Billion by 2031, growing at a CAGR of 8% from 2024 to 2031.

Management Consulting Services Market Drivers

Increasing Business Complexity: The growing complexity of business environments, driven by factors such as globalization, technological advancements, and regulatory changes, necessitates expert guidance. Need for Strategic Planning: Organizations require strategic planning to define their goals, develop effective strategies, and allocate resources efficiently. Operational Efficiency: Management consultants can help organizations improve their operational efficiency, reduce costs, and enhance productivity.

Management Consulting Services Market Restraints

Economic Fluctuations: Economic downturns can impact spending on consulting services as businesses prioritize cost-cutting measures. Internal Capabilities: Some organizations may have sufficient internal expertise to address their consulting needs, limiting the demand for external services. Cost Considerations: Engaging management consultants can be costly, particularly for small and medium-sized enterprises.

[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