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Management Consulting Industry 2019Description:-
In the wake of political and economic uncertainty, the outlook for Management Consulting services seems bright. Data experts predict that the changing market dynamics are the result of the rising proliferation of digital technologies, surge of niche boutique firms as well as independent consultants, and intense competition for talent.
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The bigwigs remain at the formidable positions in the market, however small firms are also striving to make a mark by penetrating niche markets armed with specialized offerings. The fastest-expanding firms could note triple-digit growth in the coming years. With finely tuned tools, management consulting firms are now no more dependent on experienced consultants to make use of technology-based solutions as well as business models. Instead, they are utilizing technologies that help in automating consulting capabilities and are also welcoming digitization for front-and back-end operations.
The global management consulting market is expected to grow at a steady pace throughout the review period. Operations consulting controls the major chunk of the market, trailed by HR consulting and strategy consulting in the second and third position respectively. Vendors continue to look for services, with their management consulting spending increasing roughly 4 percent every year. The market will be presented with abundant opportunities, including those coming from rising focus areas like cyber security as well as current political environment.
Business models such as crowdsourcing and network-based consulting are now carving a huge space in management consulting, and are now enjoying strong demand from players such as HourlyNerd, Business Talent Group and Wikistrat. Europe and North America are extremely mature markets, and control roughly three-fourths of the overall management consulting revenue in the world. On top of this, these regions boast of high supplier abilities for serving composite client demands. Asia Pacific, on the other hand, has managed to capture relatively less share in the worldwide market. The regional market for management consulting gets a boost from the rising need for operational efficiency.
In the United States (U.S) market, surge in digitization has been complemented by the unwavering requirement for offerings like e-commerce, the Internet of Things (IoT) and digital transformation. A noteworthy point is that digital has experienced double-digit growth in recent years, with the second-leading segment being risk and regulatory consulting.
Small and medium enterprises are breaking ground in the market, with respect to firm management as well as financial performance. These small firms are riding high on the back of highly specialized vendors that are dealing with niche markets. For instance, in the mergers and acquisition (M&A) advisory space, a number of audit and consulting firms can elevate their brand position and bag substantial share of the market.
Trade pundits consider the future of the management consulting industry to be promising with a combination of a pro-business administration and economic momentum converging with the changes in significant industries. Increased infrastructure spending also lends strong support to the market. Moreover, organizations are making efforts to bring down the costs and elevate their effectiveness, in order to transfer these cost savings to consumers for resisting tough competition. This has resulted in the hike in the demand for business process inventions along with consulting associated with operational efficiency.
The main types of management consulting services include strategy advisory, HR advisory, and operations advisory. Out of these, operations advisory enjoys the highest demand among all the types of management consulting services, as a result of which it acquired the strongest sales value in 2017, making up half of the overall sales value of the U.S that year.
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