According to the report by Expert Market Research (EMR), the global strategy consulting market size reached a value of USD 45.80 billion in 2023. Aided by the escalating demand for business optimization, digital transformation, and strategic planning across industrial sectors, the market is projected to further grow at a CAGR of 8.1% between 2024 and 2032 to reach a value of USD 94.90 billion by 2032.
Strategy consulting, also known as strategic advisory or boardroom consulting, involves advising organisations on high-level decisions in an unbiased fashion, using deep industrial knowledge to deliver the best results. It is a critical service for companies looking to ensure long-term competitiveness and growth in an ever-changing business landscape. Strategy consultants help organisations to identify their core strengths, overcome their weaknesses, capitalize on opportunities, and defend against threats.
The driving force behind the strategy consulting market growth includes the increasing complexity of the business environment, characterised by rapid technological advancements, shifting market dynamics, and evolving regulatory landscapes. Businesses are seeking strategy consulting services not only to navigate these challenges but also to innovate and transform their operations for sustainable growth.
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Another primary driver fuelling the strategy consulting market expansion is the widespread digital transformation across industrial sectors. Companies are increasingly turning to strategy consultants to help them integrate digital technologies, such as AI, blockchain, and IoT, into their operations to improve efficiency, enhance customer experiences, and create new value streams. Moreover, the need for operational efficiency and cost management amidst economic uncertainties is compelling businesses to re-evaluate their strategic directions and operational models. Strategy consultants play a pivotal role in restructuring operations, identifying cost-saving opportunities, and implementing lean methodologies to enhance profitability and agility.
The global push towards sustainability and social responsibility is another factor boosting the strategy consulting market share. Organisations are seeking advice on how to align their business strategies with environmental and social goals, not only to comply with regulatory requirements but also to meet the expectations of customers, investors, and other stakeholders. While large, established consulting firms continue to dominate the market, there is also a noticeable rise in the number of boutique consulting firms specialising in specific sectors or functions. These firms offer specialized knowledge and personalised service, appealing to clients looking for deep expertise in particular areas.
Businesses are increasingly prioritizing agility and resilience in their operations and strategies to swiftly respond to strategy consulting market disruptions. Strategy consulting is thus adapting to offer frameworks and methodologies that emphasise flexibility, rapid decision-making, and the capacity to pivot strategies as external conditions warrant. Consultants are helping organisations build resilience into their core business models, ensuring they can withstand and thrive amidst uncertainties.
As per the strategy consulting market analysis, one notable trend is the increasing integration of analytics and big data in strategic planning. Consultants are leveraging data analytics to provide insights-driven advice, enabling more informed decision-making and strategic foresight for their clients. Another trend is the growing focus on customer-centric strategies. In today’s highly competitive business environment, understanding and meeting the evolving needs of customers is crucial for success. Strategy consultants are helping organisations to adopt customer-centric approaches, from product development to marketing and customer service.
As per the strategy consulting market outlook, there is a rising demand for consulting services related to mergers and acquisitions as businesses look to expand their market presence and capabilities through strategic partnerships and acquisitions. Strategy consultants are critical in identifying potential targets, conducting due diligence, and ensuring the successful integration of merged entities.
Strategy Consulting Market Segmentation
The market can be divided based on service, organisation size, end use, and region.
Market Breakup by Service
- Corporate Strategy
- Business Model Transformation
- Economic Policy
- Mergers and Acquisitions
- Organisational Strategy
- Functional Strategy
- Strategy and Operations
- Digital Strategy
- Others
Market Breakup by Organisation Size
- Small and Medium Enterprises
- Large Enterprises
Market Breakup by End Use
- IT and Telecommunication
- BFSI
- Energy and Utilities
- Healthcare and Pharmaceuticals
- Manufacturing
- Government
- Retail and E-commerce
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape of Strategy Consulting Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global strategy consulting market. Some of the major players explored in the report by Expert Market Research are as follows:
- KPMG International Limited
- Deloitte Touche Tohmatsu Limited
- Accenture PLC
- McKinsey & Company
- Boston Consulting Group, Inc.
- Bain & Company, Inc.
- PricewaterhouseCoopers International Limited
- Ernst & Young Global Limited
- Toptal, LLC
- Oliver Wyman, LLC
- Others
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