Operational Risk Management Consulting Services in Manufacturing Market Expected to Reach $55.6 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Operational Risk Management Consulting Services in Manufacturing Market," The operational risk management consulting services in manufacturing market was valued at $17.3 billion in 2021, and is estimated to reach $55.6 billion by 2031, growing at a CAGR of 12.7% from 2022 to 2031.

Many manufacturing firms lack the technological, strategical, and project management skills necessary to manage market and technical changes in the constantly evolving market as a result of the unintentional decline in personnel. This has fueled the demand for operational risk management consulting services in manufacturing market globally. In addition, several consulting organizations have already developed innovative solutions by establishing their own approved programs in response to the lack of competent candidates. This career attracts a lot of individuals due to increased demand for consultation and exposure of manufacturing, as well as the alluring income packages resulting in operational risk management consulting services in manufacturing market growth.

Furthermore, with increase in requirements from management consultancy, various management consulting firms have established partnerships to increase operational risk management consulting services in manufacturing capabilities. For instance, in October 2021, Citigroup, Inc. announced a strategic partnership with China Guangfa Bank (CGB) to offer cross-border wealth services to clients in the Greater Bay Area (GBA) under the Cross-boundary Wealth Management Connect Pilot Scheme (WMC). The partnership is expected to combine Citi’s wealth management capabilities and advisory with CGB’s vast retail manufacturing operations in the GBA to provide unmatched cross-border wealth management experience and opportunities for retail investors in the GBA.

Moreover, many firms in the market have developed training models to assist the companies in risk management. Global operations management consultancy DuPont sustainable solutions has created a new suite of training methods to help companies bolster their operational risk management services. The solutions address technical skill shortages by building capabilities related to the proper handling of hazardous materials. Furthermore, it includes structured learning experience that has been proven to develop employee skills, so they can manage hazardous processes safely. This includes methodologies that can be scaled to meet the needs of the company, from a simple problem-based training to integrated process safety management (PSM) learning and development.

On the basis of organization size, the large enterprises segment acquired the highest share in operational risk management consulting services in manufacturing market in 2021. This is attributed to the growth in need for sophisticated and developed facilities & services for large businesses. Furthermore, operational risk management consulting services can swiftly produce precise estimates that aid in the establishment and growth of a business. Moreover, operational risk management consulting services in manufacturing can provide several benefits to a large enterprise's business operations. They can swiftly produce precise estimates that will aid in the establishment and growth of a business.

By region, North America attained the highest operational risk management consulting services in manufacturing market size in 2021. This is attributed to increase in awareness and government mandates toward use of operational risk management consulting services in manufacturing for protection of the end users. Furthermore, factors such as technological advancements and emergence of new business models are some of key contributors that are expected to boost the growth of the operational risk management consulting services in manufacturing market in the region.

There has been a significant shift in consumer patterns for operational risk management consulting services in manufacturing industry during the pandemic. In addition, COVID-19 caused a technological disruption; as a result, enterprises are applying artificial intelligence & machine learning technologies to give solutions & services to clients to meet the demands of changing consumer trends. Furthermore, some manufacturing companies have faced financial difficulties due to the pandemic, which has led to reduced budgets for risk management consulting services. However, the pandemic has created new risks and challenges for manufacturers, which has led to a shift in priorities. As a result, some risk management consulting firms have had to adjust their service offerings to meet the changing needs of their clients. Hence, this boosted the demand for operational risk management consulting services in manufacturing industry during the pandemic.

Key Findings of the Study

• By organization size, the large enterprises segment led the operational risk management consulting services in manufacturing market size in terms of revenue in 2021.
• By manufacturing type, the process manufacturing segment accounted for the highest operational risk management consulting services in manufacturing market share in 2021.
• By region, North America generated the highest revenue of operational risk management consulting services in manufacturing market trends in 2021.

The key players profiled in the operational risk management consulting services in manufacturing market analysis are Accenture, Bain & Company, Inc., Boston Consulting Group, Deloitte, Gartner, Inc., KPMG International, McKinsey & Company, Oliver Wyman, LLC, PwC, and Roland Berger GmbH. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.