Consulting Services Market

Consulting Services Market by Service Types (Strategy Consulting, Technology Advisory, Operations Consulting, Financial Advisory, and Others), End-users (Financial Services, Government, Energy, IT & Telecommunication, Life Sciences & Healthcare, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2022 – 2030

  • Report ID: ICT-SE-4155
  • Author: Growth Market Reports
  • Rating: 4.8
  • Total Reviews: 1
  • No. Of Pages: 223
  • Format:
  • Pub. Date: Upcoming
  • Share:

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.


Consulting Services Market Key Takeaways

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.

Attributes

Details

Report Title

Consulting Services Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2021

Historic Data

2019–2020

Forecast Period

2022–2030

Segmentation

Service Types (Strategy Consulting, Technology Advisory, Operations Consulting, Financial Advisory, and Others) and End-users (Financial Services, Government, Energy, IT & Telecommunication, Life Sciences & Healthcare, and Others)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

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

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.


Consulting Services Market By End users

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

The global consulting services market has been segmented on the basis of

Service Types
  • Strategy Consulting
  • Technology Advisory
  • Operations Consulting
  • Financial Advisory
  • Others
End-users
  • Financial Services
  • Government
  • Energy
  • IT & Telecommunication
  • Life Sciences & Healthcare
  • Others
Regions
  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa
Key Players

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.

Consulting Services Market by Key Players

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Consulting Services Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Consulting Services Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Consulting Services Market - Supply Chain
  4.5. Global Consulting Services Market Forecast
     4.5.1. Consulting Services Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Consulting Services Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Consulting Services Market Absolute $ Opportunity
5. Global Consulting Services Market Analysis and Forecast by End Users
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by End Users
     5.2.2. Y-o-Y Growth Projections by End Users
  5.3. Consulting Services Market Size and Volume Forecast by End Users
     5.3.1. Financial Services Government Energy IT & Telecommunication Life Sciences & Healthcare Others
  5.4. Absolute $ Opportunity Assessment by End Users
  5.5. Market Attractiveness/Growth Potential Analysis by End Users
6. Global Consulting Services Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Consulting Services Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Consulting Services Demand Share Forecast, 2019-2026
7. North America Consulting Services Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Consulting Services Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Consulting Services Market Size and Volume Forecast by End Users
     7.4.1. Financial Services Government Energy IT & Telecommunication Life Sciences & Healthcare Others
  7.5. Basis Point Share (BPS) Analysis by End Users
  7.6. Y-o-Y Growth Projections by End Users
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Consulting Services Demand Share Forecast, 2019-2026
8. Latin America Consulting Services Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Consulting Services Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Consulting Services Market Size and Volume Forecast by End Users
     8.4.1. Financial Services Government Energy IT & Telecommunication Life Sciences & Healthcare Others
  8.5. Basis Point Share (BPS) Analysis by End Users
  8.6. Y-o-Y Growth Projections by End Users
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Consulting Services Demand Share Forecast, 2019-2026
9. Europe Consulting Services Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Consulting Services Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Consulting Services Market Size and Volume Forecast by End Users
     9.4.1. Financial Services Government Energy IT & Telecommunication Life Sciences & Healthcare Others
  9.5. Basis Point Share (BPS) Analysis by End Users
  9.6. Y-o-Y Growth Projections by End Users
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Consulting Services Demand Share Forecast, 2019-2026
10. Asia Pacific Consulting Services Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Consulting Services Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Consulting Services Market Size and Volume Forecast by End Users
     10.4.1. Financial Services Government Energy IT & Telecommunication Life Sciences & Healthcare Others
  10.5. Basis Point Share (BPS) Analysis by End Users
  10.6. Y-o-Y Growth Projections by End Users
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Consulting Services Demand Share Forecast, 2019-2026
11. Middle East & Africa Consulting Services Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Consulting Services Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Consulting Services Market Size and Volume Forecast by End Users
     11.4.1. Financial Services Government Energy IT & Telecommunication Life Sciences & Healthcare Others
  11.5. Basis Point Share (BPS) Analysis by End Users
  11.6. Y-o-Y Growth Projections by End Users
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Consulting Services Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Consulting Services Market: Market Share Analysis
  12.2. Consulting Services Distributors and Customers
  12.3. Consulting Services Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Deloitte Consulting LLP KPMG PricewaterhouseCoopers (PwC) Ernst & Young Global Limited Accenture Plc McKesson Corporation  
The global consulting services market has been segmented on the basis of

Service Types
  • Strategy Consulting
  • Technology Advisory
  • Operations Consulting
  • Financial Advisory
  • Others
End-users
  • Financial Services
  • Government
  • Energy
  • IT & Telecommunication
  • Life Sciences & Healthcare
  • Others
Regions
  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa
Key Players

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.

Consulting Services Market by Key Players

Buy Report