Management Consulting services consists of sales of consulting products, services, and packages by organizations who provide advisory and assistance functions to their clients related to several domains (but not restricted to) like planning, cost analysis, budgeting, marketing strategies, administration, and human resource practices, production and logistics scheduling, etc. The task of management consulting is categorized under outsourced activities by the consumers.
The global management consulting market was valued at USD 313 billion in 2020 and it is projected to reach approximately USD 630 billion by 2027. While most of the sectors suffered a decline during the pandemic, management consulting boomed during this period., having grown at a rate of 12.7% from 2020 to 2021. Regionally, North America and Europe are the largest markets for management consulting with most of the renowned consulting firms being headquartered or located in either USA or Western Europe. Together, they occupy over 75% of the global management consulting market. However, a significant number of their employees operate from APAC due to the low cost of employment for such companies. The industry, in general, is expanding with different categories of consulting arising due to the demand from developing technologies. This will help bolster the market during the period of forecast.
From an end-user perspective, financial services and the manufacturing sector are the largest consumers for management consultants. Financial sectors contribute approximately 25% of the overall revenue generated by the management consulting sector. This is followed by the manufacturing sector which helps generate over 15% of the overall revenue.
One of the major cost heads that the management consulting industry faces is wage. Since the industry is human-driven, wage accounts for approximately 50% of the cost incurred by a management consulting service provider. To reduce costs, management consulting service providers are employing technologies that help store and retrieve data, aid in data analysis, or help in data visualization. These tools help reduce the time taken by employees to conduct the manual repetitive tasks, which once automated, saves employee hours to focus on work that can otherwise not be mechanized, hence improving overall productivity. In addition to automation, companies are also employing steps for process improvement. Presently, the market is fragmented and has a significant share of management consulting service providers. Therefore, there are price wats and competitive rates available in the market space. As such, companies need to streamline operations to improve profit margins.
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