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 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.

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.

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.

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.

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.

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.

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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.

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

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Explore the Management Consulting Services Market trends! Covers key players, growth rate 5.6% CAGR, market size $1328.7 Billion, and forecasts to 2034. Get insights now!

The Middle East and Africa Management Consulting Services Market Report is Segmented by Service Type (Operations Consulting, Strategy Consulting, Financial Advisory, Technology Advisory, and Other Service Types), End-User Industry (Financial Services, Life Sciences and Healthcare, IT and Telecommunications, Government, Energy, and Other End-User Industries), and Country (Saudi Arabia, United Arab Emirates, Qatar, South Africa, and the Rest of Middle East and Africa). The Market Sizes and Forecasts are Provided in Terms of 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.

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.

[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

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.

According to Cognitive Market Research, the Global Risk Management Consulting Market was valued at USD 84.85 Billion in 2021 and is expected to reach USD 217.53 Billion by the end of 2033, growing at a CAGR of 7.72% between 2026 and 2033.

The North America Risk Management Consulting market size was USD 30.55 Billion in 2021 and it is expected to reach USD 68.65 Billion in 2033.
The Europe Risk Management Consulting market size was USD 26.29 Billion in 2021 and it is expected to reach USD 56.69 Billion in 2033.
The Asia Pacific Risk Management Consulting market size was USD 15.49 Billion in 2021 and it is expected to reach USD 60.58 Billion in 2033.
The Central Europe, Middle East and Africa Risk Management Consulting market size was USD 3.84 Billion in 2021 and it is expected to reach USD 10.64 Billion in 2033.
The Latin America and Caribbean Risk Management Consulting market size was USD 8.69 Billion in 2021 and it is expected to reach USD 20.97 Billion in 2033.

Market Dynamics of Risk Management Consulting Market

Key Drivers of Risk Management Consulting Market

Globalization and Supply Chain Complexity to Increase the Demand Globally

As businesses expand around the world and supply chains become increasingly interconnected, companies are exposed to a wide range of geopolitical, economic, and operational risks. Risk management consultants help organizations assess and manage risks associated with international expansion, supply chain disruptions, geopolitical instability, and trade disputes. The increasing frequency and complexity of cyber threats pose significant risks to businesses of all sizes. Risk management consultants provide cybersecurity assessments, vulnerability testing, incident response plans, and employee training to improve your organization's cyber resilience and protect it from data breaches, ransomware attacks, and other cyber threats. Organizations face increasing compliance challenges as regulations proliferate across industries and jurisdictions. Risk management consultants help companies navigate complex regulatory environments, interpret regulatory requirements, and implement compliance strategies to reduce legal and financial risks. The introduction of new technologies such as artificial intelligence, big data analytics, blockchain, and the Internet of Things creates new opportunities and risks for organizations. Risk management consultants help companies leverage these technologies while mitigating associated risks such as cybersecurity threats, data breaches, and technology outages.

Focus on ESG and Sustainability to Propel Market Growth

Environmental, social, and governance (ESG) factors are becoming increasingly important as investors, regulators, and consumers demand greater transparency and accountability from organizations. Risk management consultants help companies integrate ESG considerations into their business strategies, identify ESG risks and opportunities, and improve sustainability performance. Disruptions caused by natural disasters, pandemics, cyberattacks, and geopolitical events can have a devastating impact on your business. Risk management consultants help organizations develop business continuity plans, crisis management protocols, and disaster recovery strategies to ensure resilience and minimize business disruption. Fluctuations in financial markets, interest rates, and exchange rates can affect an organization's financial stability and performance. Risk management consultants help companies assess and manage financial risks, such as market risk, credit risk, liquidity risk, and capital adequacy, to optimize investment decisions and protect shareholder value.

Restraint Factors Of Risk Management Consulting Market

Cost to Limit the Sales 

Hiring a risk management consultant can be expensive, especially for small organizations with limited budgets. The fees charged by consulting firms can be prohibitive for some clients, limiting the cost of accessing their expertise. Over-reliance on external consultants can lead to dependency problems, where organizations rely too much on consultants for decision-making and risk management strategies. This dependence can impede internal capacity-building efforts and limit an organization's ability to adapt to a changing risk landscape independently. Risk management consultants who advise clients on risk management strategies may face ...

CPA And Management Consulting Services Market size was valued at USD 102.9 Billion in 2024 and is projected to reach USD 148.75 Billion by 2031, growing at a CAGR of 5% during the forecast period 2024-2031.

Global CPA And Management Consulting Services Market Drivers

Growing Intricacy of Regulations: Organizations are looking to CPA companies and management consultants for expertise in compliance as laws become more complex and severe across industries. Specialized understanding in areas like corporate governance, financial reporting requirements, and tax rules is required due to the increasing complexity of these sectors. The demand for CPA services is driven by the requirement for accurate financial accounts and adherence to rules, which supports the market as a whole.

Risk Management and Economic Uncertainty: Businesses confront increased risks during uncertain economic times, which call for cautious management and strategic planning. To help organizations navigate uncertainty, CPA and management consulting firms offer crucial insights into risk assessment and mitigation tactics. The need for risk management consulting services is growing as businesses look to strengthen their resistance to economic swings.

The Organization And Change Management Consulting Market is projected to grow at 8.2% CAGR, reaching $2.26 Billion by 2029. Where is the industry heading next? Get the sample report now!

In 2019, the United States was the world's largest management consulting market. In that year, management consulting services were valued at approximately 71.2 billion U.S. dollars. The global management consulting market was valued at 160 billion U.S. dollars in 2019.

Strategy Consulting Market size was valued at USD 71.31 Billion in 2024 and is projected to reach USD 136.34 Billion by 2031, growing at a CAGR of 9.31% during the forecast period 2024-2031.

A number of factors, including as the increased complexity of corporate environments, shifting competitive landscapes, and the growing necessity for organisations to adjust to market dynamics and technology upheavals, are driving the strategy consulting market. In order to effectively negotiate the complexity of globalisation, digital transformation, regulatory changes, and altering consumer preferences, businesses need more strategic counsel and expertise. Insights, analysis, and recommendations from strategy consultants are invaluable in assisting organisations in creating and implementing strategies that foster innovation, growth, and long-term competitive advantage. The need for strategy consulting services is also fueled by initiatives for market development, corporate restructuring, and mergers & acquisitions as businesses look to maximise efficiency, streamline processes, and seize new opportunities. Furthermore, the quick speed of technical development and the rise of disruptive technologies like blockchain, IoT, and artificial intelligence present opportunities as well as challenges that call for strategic planning and advice from consultants with specialised knowledge. The growing focus on CSR, sustainability, and ethical business practices also drives market expansion as companies try to match their plans to more general societal and environmental objectives.

TBRC management consulting services market report includes operations advisory, financial advisory, technology advisory, strategy advisory, hr advisory