Major companies in the management consulting market include Accenture, Deloitte Touche Tohmatsu Limited, Total SA, PwC, Ernst & Young, KPMG, Aon PL C, Aon Hewitt, McKinsey & Company, and Boston Consulting Group Inc.
New York, 29 Dec. 2021 (GLOBE NEWSWIRE) — Reportlinker.com Announces Release of “Management Consulting Services Global Market Report 2022” – https://www.reportlinker.com/p06193734/?utm_source=GNW
The global management consulting services market is expected to grow from $891.88 billion in 2021 to $973.67 billion in 2022 at a compound annual growth rate (CAGR) of 9.2%. The growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which had previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities that resulted in operational challenges. The market is expected to reach $1,320.94 billion in 2026 with a CAGR of 7.9%.
The Management Consulting (MCS) market includes the sales of MCS and related goods by entities (organizations, sole proprietorships and partnerships) that provide a range of services providing advice and assistance on organizational planning, financial budgeting, marketing strategies, human resource practices, administration policies, and production and logistics planning.
Management consulting providers undertake processes where human capital is the primary input. They make available the knowledge and skills of their employees, often on an assignment basis, where one person or team is responsible for delivering services to the client.
The main types of management consulting are operational consulting, financial consulting, technology consulting, strategic consulting, other consulting services and HR consulting. HR Consulting provides advice on human capital issues and/or offerings related to the HR function.
The services are used by various industries, including IT services, manufacturing, financial services, mining, oil and gas, construction, and more. The different service providers include large enterprises, small and medium enterprises.
Western Europe was the largest region in the management consulting services market in 2021. North America was the second largest region in the management consulting services market.
Regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Many clients in the management consulting services market are expanding globally and therefore require more sophisticated and internationally oriented services. Regions.
Companies are increasingly forming joint ventures with companies from other countries, to test the market. Similarly, some companies seek to acquire an established business in a new market, in order to minimize risk.
Additionally, the globalization of the management consulting services industry is gaining momentum due to the rapid growth of the Internet, automation of consulting processes, and developments in data security. In response to this, many national management consulting firms have entered new markets, collaborating with foreign groups to offer services in more countries.
Artificial intelligence (AI) and automation are revolutionizing the way management consultants explore data. AI and automation help management consultants manage processes like processing and analyzing massive amounts of data more efficiently and faster than an average human.
It can also provide accurate information in business areas such as sales, operations, supply chain, etc.
The real estate consultancy advises on client portfolios ranging from 1 to 100,000 properties, which traditionally took professionals weeks to analyze. In consulting, insights gathered by AI on sales channels, customer journeys, and customer behavior can help consultants identify new opportunities and develop effective strategies for advertising campaigns.
According to Euan Cameron, head of AI at PwC in the UK, AI could add tremendous value to the management consultancy industry, which has traditionally been conservative and human-focused.
The coronavirus disease (COVID-19) outbreak acted as a drag on the management consulting services market in 2020 as governments imposed shutdowns and restricted trade globally, limiting the need for professional services. like symptoms such as fever, cough and difficulty in breathing.
The virus was first identified in 2019 in Wuhan, Hubei Province in the People’s Republic of China, and has spread around the world, including Western Europe, North America and Asia. Measures taken by national governments to contain transmission have led to a decline in economic activity as countries enter a state of ‘lockdown’ and the outbreak has negatively impacted businesses throughout 2020 and until 2021.
However, the management consulting services market is expected to recover from the shock during the forecast period as it is a “black swan” event and not related to any persistent weaknesses or fundamentals of the market or the global economy.
The countries covered by the management consulting market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel. , Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, United Arab Emirates, United Kingdom, United States, Venezuela, Vietnam
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