Consulting Services Market

The global consulting services market size was valued at USD 162.46 Billion in 2021 and is expected to surpass USD 245.70 Billion by 2030, expanding at a CAGR of 8.2% during the forecast period, 2022–2030. The growth of the market is attributed to the rapid growth of business enterprises due to booming economy and rising need for external expertise advices for operational expansion.

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Consulting service deals with providing consulting support to organizations to help them improve their operations and overall performance by arriving the right kind of decision making. It is a key industrial practice for companies to hire external consulting firms as they are looking for further expansion of their business operations using various robust strategies on management, marketing, and technology.

However, several other organizations including government agencies and international non-government organizations have also extensively linked with major consulting firms to be advised on their operations. Consulting service providers offer a variety of solutions to existing problems of companies by sharing their specialized services and expertise on that targeted fields.

Business organizations seek a range of advice on several fields such as technology and human resources but they are primarily focusing on key strategies mostly for operations and financial improvement. In general, consulting services help in delivering several benefits such as reducing service or operational costs, fitting with best technology, and connecting the targeted consumers, which overall shape to optimize operation and attain the pre-determined goals of a company.

The COVID-19 pandemic has posed a threat to the expansion of the market in the beginning of 2020 due to widespread halt of the business operations that led to shatter the global economy. Business enterprises across the globe had been adversely affected by the pandemic, which has forced them to limit their expenditure on key areas of their operations. However, the market started gaining its momentum as organizations had to rely on consulting firms for their advice in looking for business opportunities during the pandemic.

Market Trends, Drivers, Restraints, and Opportunities

• Massive expansion of the global economy, wider oversea or border trade, and rising growth of new companies are key factors boosting the market.
• Requirement for constant upgrade and increasing need for integration of innovative technology to enhance business operations are expected to fuel the market in the coming years. 
• Existing different regulatory policies and competitive frameworks by government cloud of different countries require a proper counsel of external expertise on respective business operations. This is another key driver of the market.
• Need to deal with complex macro-environment as well as delay in delivery of faster and more efficient strategy due to tight budget allocation act as major hurdles that can hamper market expansion.
• Rapid expansion of digital consulting service and massive growth of industries due to industrialization and globalization are offering key opportunities for market growth.

Scope of the Report

The report on the global consulting services market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Wide requirement for financial consulting services drive the financial advisory segment

Based on service types, the global consulting services market is divided into strategy consulting, technology advisory, operations consulting, financial advisory, and others. The financial advisory segment is expected to expand at a rapid pace during the forecast period owing to massive requirement of financial consulting services across industries.

Companies mostly hire consulting firms to advise them on financial related matters such as taxation, accounting, finance, auditing, and financial regulations. Using this financial advisory service, a company can minimize debt position, improve financial planning and decision, and offer effective handling of fiscal and tax-related matters. With these benefits, a company can optimize its operation and performance by minimizing financial risk.

Financial services segment to register a considerable CAGR

On the basis of end-users, the market is segregated into financial services, government, energy, IT & telecommunication, life sciences & healthcare, and others. The financial services segment is projected to register a considerable CAGR during the forecast period owing to rapid growth of the financial sector globally.

The consulting service is widely adopted by financial institutions as it helps in delivering innovative finance projects, easy experience for consumers and clients on transactions, and improving corporate finance while minimizing financial crisis and enforcing risk management. Moreover, real estate advisory and tax advisory are two key areas that require an effective flow of consulting services.

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Wide acceptance of consulting services fuel the North America market

In terms of regions, the global consulting services market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America held a major share of the market revenue share in 2021 and is expected to constitute a key share of the market during the projected period.

The regional market growth is attributed to wide acceptance of consulting services among business enterprises and the presence of a key global players in the region. In 2019, more than 710,000 consultants were employed in the US with the leading players from Deloitte Consulting LLP, McKinsey & Company, and the Boston Consulting Group. The operations of these consulting firms have expanded nearly in all countries of the world.

Segments

• Strategy Consulting
• Technology Advisory
• Operations Consulting
• Financial Advisory
• Others

• Financial Services
• Government
• Energy
• IT & Telecommunication
• Life Sciences & Healthcare
• Others

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

• Deloitte Consulting LLP
• KPMG
• PricewaterhouseCoopers (PwC)
• Ernst & Young Global Limited
• Accenture Plc
• McKesson Corporation
• McKinsey & Company
• Boston Consulting Group
• International Business Machines Corporation

Competitive Landscape

Key players competing in the global consulting services market are Deloitte Consulting LLP; KPMG; PricewaterhouseCoopers (PwC); Ernst & Young Global Limited; Accenture Plc.; McKesson Corporation; McKinsey & Company; Boston Consulting Group; and International Business Machines Corporation. Some of these key player have adopted various business development strategies such as acquisition, new product launches, and expansion of services to gain competitive edge in the market.

For instance, on May 2021, Ernst & Young Global Limited (EY) announced the acquisition of a UK-based technology company, Pythagoras Communications Holdings Limited. Under the deal, several technology including Microsoft Azure, Dynamics 365, SharePoint, and the Power Platform were integrated to EY’s consulting business to enhance its operation capacities.