Services are now being split into
several individual components and sold separately rather than bundled together.
There has been a growing trend from clients to pick and choose service elements
that can be executed in house and allocate the rest to specific service
providers. This approach is called modularization of services and is a response
to clients that a single firm would not be able to handle the complexity of a
large project and hence wanting four to five firms to collaborate. Management
consulting service providers are collaborating with specialized consulting
companies to increase their market share and expertize. For instance, leading
global consulting firm, Oliver Wyman, collaborated with other consulting firms
to strengthen its expertise in various industries such as with TeamSAI
(aerospace and aviation), ChapterHouse (healthcare), Harbour Consulting
(automotive) and Corven (energy).
THE BUSINESS RESEARCH COMPANY EXPECTS
THE GLOBAL MANAGEMENT CONSULTING SERVICES MARKET TO GROW TO $920 BILLION BY
2021
North America was the largest region
in the management consulting services market in 2017, accounting for almost
two-fifth of the market share. This was due to the rise in the number of new
businesses and increased demand for financial planning, budgeting, business
process improvement and other management consulting services from commercial
organizations.
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The chart below shows the year-on-year
growth of the global management consulting services market during 2017 - 2021
According to The Business Research
Company’s Consultant, Nitin Gianchandani, with
the emergence of information communication and technology, the world is rapidly
moving towards the process of digitalization. Investor expectations, rising
competition, new regulatory pressures and increasing opportunities are putting
organizations under pressure to digitalize their processes and management.
Management consulting services firms are providing IT transformation services to
businesses, banks and other organizations to overcome challenges such as rising
stakeholder expectations and flat or declining budgets. Such services include
identifying critical technologies, setting an IT agenda, consolidating,
standardizing and harmonizing IT solutions across business divisions in a cost
effective manner. Accenture Consultancy increased its revenues from
Communications, Media & Technology division by 16% from 2014 to 2015 due to
increased demand for digital transformation for management services.
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Deloitte was the largest company in
the management consulting services market, with revenues of $17.2 billion for
the financial year 2016. Deloitte’s growth strategy is to reinforce its M&A
strategy to expand its consulting operations across geographies. For instance,
the company acquired KD Johns & Co., Australia and Hervé Schauer
Consultants (France). The company also aims to strengthen its senior level
management to maintain governance and ensure quality.
The management consulting services
market comprises establishments providing a range of services dealing with
advice and assistance on organization planning, financial budgeting, marketing
strategies, human resource practices, administration policies and production
and logistics scheduling. Such services include solutions for administrative
management issues, strategic and organizational planning, business process
improvement, human resource and personnel policies, developing marketing
planning and strategy, productivity improvement, quality assurance and quality
control.
Management Consulting Services Global
Market Report 2018 is a detailed report giving a unique insight into this
market. The report is priced at $4000 for an individual user. To use across
your office, the price is $6000 and $8000 if you wish to use across a
multinational company.
About The Business Research Company:
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mail info@tbrc.info or
call +447443439350 or +918897263534 or +919160996838 for more information on
this and many other titles.
The Business Research Company is a
market research and intelligence company, which excels in company, market and
consumer research.
It has research professionals at its
offices in the UK, India and the US as well a network of trained researchers
globally. It has specialist consultants in a wide range of industries including
manufacturing, healthcare, chemicals and technology.
The Business Research Company's
management has more than 20 years of varied business research experience. They
have delivered hundreds of research projects to the senior management of some
of the world's largest organizations.
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