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Consulting Service Market Revenues to Reach USD 447.72 billion by 2029 – Market Size, Share, Forecasts, & Trends Analysis Report by Mordor Intelligence

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Consulting Service Market Revenues to Reach USD 447.72 billion by 2029 – Market Size, Share, Forecasts, & Trends Analysis Report by Mordor Intelligence

April 16
17:40 2024
Consulting Service Market Revenues to Reach USD 447.72 billion by 2029 - Market Size, Share, Forecasts, & Trends Analysis Report by Mordor Intelligence

According to the latest research report titled, “Consulting Service Market (2024 – 2029)” by Mordor Intelligence, the Consulting Service Market is estimated at USD 354.01 billion in 2024 and growing at a CAGR of 4.81% during the forecast period. 

The consulting services market is experiencing growth due to various factors. Rising complexity in business operations, shifting technology landscapes, and a heightened emphasis on strategic decision-making create demand. Businesses rely on external expertise to tackle challenges, execute digital transformations, and optimize efficiency. Factors such as globalization, regulatory shifts, and the quest for innovative solutions also play a role. Moreover, increased awareness among small and medium-sized enterprises about the advantages of consulting services further propels market expansion. 

As technology continues to shape business landscapes, consulting firms are expected to integrate it into their services, aiding clients in staying competitive. Technology-driven consulting harnesses advanced tools like AI, machine learning, and data analytics to tackle complex business challenges, facilitating data-driven decision-making, process automation, and performance enhancement. Firms also innovate by using technologies such as virtual reality for concept visualization and cloud platforms for real-time collaboration with clients. 

Report Summary 

  • Market Size (2024): USD 354.01 billion 
  • Market Size (2029): USD 447.72 billion 
  • CAGR (2024 – 2029): 4.81% 
  • Study Period: (2019-2029) 
  • Report Scope: Market Dynamics, Revenue Forecast & Segmentation, Competitive Landscape & Recent Developments, Market Growth, Future Opportunities, and Trends    
  • Market Drivers: Growing Need for Organizational Efficiency 

Which are the Top Companies in the Consulting Service Market?     

The consulting service market is characterized by fragmentation, with both local and international players boasting decades of industry experience. These vendors employ a potent competitive strategy by capitalizing on their expertise. 

Prominent players in the Consulting Service Market: 

  • Deloitte Touche Tohmatsu Limited 
  • Accenture PLC 
  • PricewaterhouseCoopers LLP 
  • Ernst & Young Global Limited 
  • Capgemini SE 
  • KPMG International 
  • Boston Consulting Group Inc. 
  • A T Kearney Inc 
  • Mckinsey & Company 
  • Bain & Company Inc. 
  • Roland Berger Holding Gmbh & Co. KGAA 
  • Simon-Kucher & Partners 
  • OC&C Strategy Consultants LLP 
  • Gartner Inc. 
  • Tata Consultancy Services 

Other Reports that Might be of Your Interest 

  • US Management Consulting Services Market Report: The US Management Consulting Services Market size is estimated at USD 59.03 billion in 2024, and is expected to reach USD 82.28 billion by 2029, growing at a CAGR of 6.87% during the forecast period (2024-2029) 
  • Management Consulting Services Market Report: The Management Consulting Services Market size is estimated at USD 341.60 billion in 2024, and is expected to reach USD 430.82 billion by 2029, growing at a CAGR of 4.75% during the forecast period (2024-2029) 

Key Highlights from the Consulting Service Market Report 

 

1. Operations Consulting: Dominating the Market Share 

  • Operations consulting services are mainly used to enhance operational efficiency. Consultancy activities in this segment differ from advisory services to hands-on implementation support for primary functions and secondary functions. 
  • Operations consultancy forms the largest segment within the advisory branch. 
  • Growth in applications such as manufacturing, supply chain management, process management, and operation waste reduction, among others, mainly drives the demand for operation consulting services. 
  • Supply Chain Management, Process Management, Procurement, and Outsourcing are some of the most adopted operation consulting services. 
  • Demand for operation consulting will grow to enhance operational efficiency and reduce operations costs.  
  • Operation inefficiency can cost a business a considerable share of its revenue annually.  
  • Consultancies such as Acuity Knowledge Partners offer SCM consulting services, and the company has witnessed a significant surge in demand after the pandemic. 
  • Supply chain management consulting services concerning sustainability practices are increasing as companies invest significantly in boosting the ecological footprint of their operations. 
  • Businesses in the region have acknowledged the supply chain disruption witnessed in the past years and focused on resilient supply chains to sustain the future. 

2. Climate Control Trends Create Opportunities for US Market Vendors 

The increasing focus on climate control and net zero strategies among end-users in the United States presents a lucrative opportunity for market vendors. Companies are seeking consulting support to integrate environmental, social, and governance (ESG) considerations into their operations. For example, in January 2023, Boston Consulting Group (BCG) and the American Bureau of Shipping (ABS) collaborated to provide joint decarbonization consulting services to clients in the marine and offshore industries. This partnership aims to help shipping asset owners achieve net-zero goals through technical and operational improvements, advising on carbon capture technology, and adopting alternative fuels. 

Meanwhile, technology consulting in Canada faces slower growth due to limited technology adoption among businesses. According to the CME 2023 Technology Adoption Survey by Canadian Manufacturers & Exporters (CME) and Statistics Canada, the majority of manufacturing businesses in Canada, which are predominantly small, are hesitant to invest in technology for their operations. The survey indicates that only 28% of manufacturing businesses have begun their digital transformation journey, with 12% yet to start. 

What are the Latest Developments in the Consulting Service Market?    

  • In January 2024 – Deloitte acquired all assets of Giant Machines, a digital product company based in New York City. The Giant Machines business focuses on developing and designing innovative digital products, helping Deloitte Digital and Deloitte Engineering to strengthen their ability to provide clients with a full suite of engineering services to deliver strategy and scale solutions. 
  • In November 2023 – Accenture acquired Incapsulate, a digital transformation consulting firm specializing in Salesforce solutions. As a Salesforce Platinum Consulting partner, Incapsulate strengthens Accenture’s Salesforce capabilities, which mainly focus on assisting clients to utilize data and AI-driven insights to transform how they connect with customers and meet their ever-evolving needs. 

Mordor Intelligence Report on the Consulting Service Market segments the market based on product type, application, and geography: 

  • By Service Type 
  • Operations Consulting 
  • Strategy Consulting 
  • Financial Advisory 
  • Technology Advisory 
  • Other Service Types 
  • By Geography (Market Size & Forecast based on Value (USD billion), 2024-2029)   
  • North America 
  • United States 
  • Canada 
  • Europe 
  • United Kingdom 
  • Germany 
  • France 
  • Italy 
  • Benelux 
  • Rest of Europe 
  • Asia-pacific 
  • Latin America 
  • Brazil 
  • Rest of South America 
  • Middle East & Africa 

In a nutshell, the Mordor Intelligence Market Research Report provides in-depth market insight to industry players, investors, researchers, consultants, and business strategists, looking for comprehensive details on the Consulting Service Industry. Get a glance at the Consulting Service Market Report (2024 – 2029) 

About Mordor Intelligence 

Mordor Intelligence is a trusted partner for businesses seeking comprehensive and actionable market intelligence. Our global reach, expert team, and tailored solutions empower organizations and individuals to make informed decisions, navigate complex markets, and achieve their strategic goals.  

With a team of over 550 domain experts and on-ground specialists spanning 150+ countries, Mordor Intelligence possesses a unique understanding of the global business landscape. This expertise translates into comprehensive syndicated and custom research reports covering a wide spectrum of industries, including aerospace & defense, agriculture, animal nutrition and wellness, automation, automotive, chemicals & materials, consumer goods & services, electronics, energy & power, financial services, food & beverages, healthcare, hospitality & tourism, information & communications technology, investment opportunities, and logistics.   

Other Related Reports that Might be of Interest 

  • IT Services Market Report: The IT Services Market size is estimated at USD 1.20 trillion in 2024, and is expected to reach USD 1.81 trillion by 2029, growing at a CAGR of 8.38% during the forecast period (2024-2029) 
  • Green IT Services Market Report: The Green IT Services Market size is estimated at USD 24.36 billion in 2024, and is expected to reach USD 49.44 billion by 2029, growing at a CAGR of 15.21% during the forecast period (2024-2029)  

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