The market for consulting services is expected to grow at 4.70% between 2023 and 2028.

Mordor Intelligence

Mordor Intelligence

Hyderabad, March 30, 2023 (GLOBE NEWSWIRE) — According to a new market research report titled “Consulting Service Market – (2023 – 2028),” the market is expected to register a CAGR of 4.70%. Due to strong economic growth in Europe, regulatory reforms in financial sector, outsourcing back-end operations to low cost economies and public investments, there is a growing demand for management consulting services. In the future, growth will be driven by faster economic growth and digital consulting.

The fastest growth rate is expected for financial advisory:

Financial consulting services are most commonly offered in accounting, auditing, finance and taxation. These benefits help clients with financial transformation, risk management implementation, compliance management and project financial planning. They also deal with fiscal and tax-related matters.

  • Three key factors ensured that the financial advisory sector performed well in the aftermath of the crisis and has remained relatively stable over the years.

  • The demand for turnaround management and crisis management increased strongly in times of economic uncertainty.

  • However, the need to have accounting advisory services and manage risk quickly grew, particularly in financial services.

  • To stay competitive, market leaders are increasing their services.

  • JCW Group, a UK-based company, launched Guideline in January 2021. Guideline is a New York-based firm that provides regulatory consulting for financial services clients.

  • The Guideline will provide strategic guidance and leverage the expertise of its parent company’s staffing network.

Barker Langham consultancy launched in April 2021 a financial planning software that allows cultural institutions build financial plans for museums galleries, arts venues, cultural heritage projects and more.

The US is the largest market for consulting services in the world:

The United States is the largest market for consulting services that generates revenue. It is home of top-ranked global consulting firms serving a variety of end-user verticals. White Wolf Capital (“White Wolf”) Portfolio company Consulting Solutions announced the purchase of iBridge Solutions LLC (“iBridge”) in July 2022. This information technology consulting firm has over 20 years experience supporting some of America’s biggest companies, as well as loyal customers.

The key players in this region are focused on strategic acquisitions, research and development (R&D), functional solutions, and people development. These investments will allow them to enhance their market differentiation, and increase their competitiveness.

Accenture (NYSE : ACN), for instance, completed the acquisition of The Stable in August 2022. This commerce agency specializes in helping consumer brands build and operate digital commerce channels. It also manages their brand and sales performance at key North American retailers. Accenture’s continued investments in commerce will help clients grow and maintain relevance. 

Who are the key players? Consulting Service Market?

The market for consulting services is competitive. It includes many regional and global players.

  • Deloitte Touche Tohmatsu Limited

  • Accenture PLC

  • PricewaterhouseCoopers LLP

  • Ernst & Young Global Limited

  • Capgemini SE

  • KPMG International

  • Boston Consulting Group

  • A. T. Kearney Inc.

  • McKinsey & Company

  • Bain & Company

  • Roland Berger

  • Simon-Kucher & Partners

  • OC&C Strategy Consultants

Recent developments In the Consulting Service Market

  • Accenture bought The Beacon Group, which was a growth strategy consultancy firm that served Fortune 500 companies in technology, aerospace, manufacturing, healthcare, and the life sciences sectors.

  • McKinsey purchased Caserta in June 2022 to increase its data capabilities and be a technology impact partner. This will allow McKinsey to support work in data design and strategy.

  • Accenture created a new line of metaverse advisory services in March 2022. They support clients with everything from strategy and metaverse world-building.

The Mordor Intelligence Market Research Report is essential reading for all business strategists, start-ups and investors.  Have a look at this report  

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