Market Highlights
Strategy consulting involves helping businesses come up with strategic plans for various processes such as marketing, operations, and finance. Strategy consultants generally work with businesses from any industry to develop and implement strategies that deliver results. They often have considerable industry knowledge and are expected to assess high-level business issues objectively 2. Strategy consulting can involve conducting market research, assessing competitors, analyzing financial data, and developing actionable recommendations. Some of the top strategy consulting firms include Bain Company, McKinsey Company, Boston Consulting Group (BCG), and Strategy. These firms offer a range of services to help businesses develop and implement effective strategies for growth and success.
The Strategy Consulting Market Share was valued at USD 45.9 billion in 2022. The Strategy Consulting market industry is projected to grow from USD 48.5 Billion in 2023 to USD 67.6 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.70% during the forecast period (2023 - 2030).
The necessity to sustain competitive advantage in several industry verticals is facing various supply-side challenges like strong competition, speedily changing business models among other factors. As companies want high expertise advisory and consulting teams that provide unique capability solutions, the demand for the strategic consulting market is predicted to escalate. The solutions, offered by consultants, comprise of a deep understanding of customer purchasing trends and offer how for scalable, efficient, and sustainable operations. The onset of digital transformation has made a crucial impact on the strategic consulting services available globally.
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The IT sector, which is considered one among the fastest growing sectors after the BFSI sector, has drastically amplified the expenditure on consulting services within the strategy consulting market. Moreover, the consultants employed for the IT sector are ready to grow their client base and have established themselves as trusted advisors to the purchasers, this factor has created a big competitive advantage for the companies within the strategy consulting market.
Increasing volatility within the economic landscape combined with fierce competition has necessitated the necessity for strategy development to bridge over such situations. The present business world is characterized by high difficulty level in new product launches, legal complexities, and increased incidences of varied supply-side challenges. Moreover, intensifying competition has compelled businesses to resort to strategic consulting services, which help them adapt to constantly changing business models.
Digitalization has had an incredible impact on the expansion of the strategy consulting market. The IT and BFSI sectors have turned to strategy consulting services to reinforce their offerings, which are likely to deepen the extent of growth of strategy consulting market. The inclusion of advanced technologies like automation and AI (AI) is estimated to make favorable groundwork for the expansion of the strategy consulting market.
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Competitive Landscape
- T. Kearney Inc.
- Bain and Company
- Accenture PLC
- Delloite
- The Boston Consulting Group
- Booz Allen Hamilton Inc.
- Ernst Young Ltd.
- CGI Group Inc.
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