Strategy Consulting Market Expected to Reach $111.4 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Strategy Consulting Market," The strategy consulting market was valued at $38.4 billion in 2021, and is estimated to reach $111.4 billion by 2031, growing at a CAGR of 11.6% from 2022 to 2031.

Strategy consulting is a subset of management consulting services that primarily assist a company with effective business strategies and assist them in implementing the strategies into practice to boost revenue. Strategy consultants provide in-depth industry knowledge and impartial advice to provide organizations with the best outcomes for major decisions. In addition, consultants do not offer a one-size-fits-all solution. Their value comes in learning about each client’s business and goals and tailoring advice and strategy consulting to the specific challenges that the business faces.

Furthermore, the proliferation of digital-driving business models offered by strategy consulting is driving the growth of the strategy consulting market trends. In addition, the increasing globalization in consulting projects and the growing focus on risk sharing through strategic partnerships and M&A recommendations are fueling the growth of the strategy consulting market. However, the presence of huge alternatives related to strategy consulting services as well as security concerns and data privacy issues associated with online consulting constraints limit the growth of the strategy consulting market forecast. Conversely, the rising technology integration in consulting services is anticipated to provide numerous opportunities for the expansion of the market during the forecast period.

Depending on the organization’s size, the large enterprise segment dominated the strategy consulting market share in 2021 and is expected to continue this trend during the forecast period, owing to the increase in dependence on strategy consulting solutions on account of its support in developing and implementing business strategies. However, the SMEs segment is expected to witness the highest growth in the upcoming years, owing to the increase in investments by the market players to develop strategy consulting for SMEs.

Region-wise, the strategy consulting market was dominated by North America in 2021 and is expected to retain its position during the forecast period, owing to the presence of prominent leaders across the region is the primary aspect supporting the growth of the market, and the rise in demand of strategy consulting services in e-commerce, government, and healthcare to improve businesses and customer experience aiding the growth of the strategy consulting market. However, Asia Pacific is expected to witness significant growth during the forecast period, owing to the expansion of new technology advancements in the region allows for a rise in automation in the production of many different products means a higher growth rate over the region, which is expected to fuel the growth of strategy consulting industry in this region.

The rapid spread of COVID-19 and global health concerns relating to this outbreak have had a severe negative impact on the overall consulting businesses including strategy consulting services. The impact of the COVID-19 pandemic on the overall economic environment is still being recovered. Any risks arising on account of COVID-19 such as a lockdown, slowdown of economic activities, loss of life, and debilitation of key personnel can have an adverse effect on business, resulting in a considerable impact on operations, cash flows, and financial condition. Moreover, the consulting industry has been significantly affected by the global pandemic in a number of ways as companies that require travel and the on-site presence of consultants working on operational improvements would be severely hampered due to travel restrictions and remote working.

KEY FINDINGS OF THE STUDY

• By service type, corporate strategy segment accounted for the largest strategy consulting market size in 2021.
• On the basis of organization size, the large enterprise segment generated the highest revenue in 2021.
• By industry vertical, the BFSI segment generates the largest market share in 2021.
• Region-wise, North America generated the highest revenue in 2021.

The global strategy consulting market is dominated by key players such as Accenture, AT Kearney, Bain & Company, Inc, Boston Consulting Group, Deloitte Touche Tohmatsu Limited, Ernst & Young Global Limited (EY), KPMG International, McKinsey & Company, Oliver Wyman Inc., PwC. These players have adopted various strategies to increase their market penetration and strengthen their position in the strategy consulting industry.