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Business Management Consulting Services Market Size - By Service (Operations & Supply Chain, Strategy, Human Resources, M&A, Product & Portfolio, ESG, and Technology), By Enterprise Size (Large Enterprise, SMEs), By End User & Forecast, 2024 - 2032

  • Report ID: GMI9856
  • Published Date: Jun 2024
  • Report Format: PDF

Business Management Consulting Services Market Size

Business Management Consulting Services Market was valued at USD 153.8 billion in 2023 and is estimated to register a CAGR of over 4.7% between 2024 and 2032. As the corporate landscape becomes more complicated with globalization, regulations, and technological improvements, firms face knowledge gaps. Business consultants bridge this gap by providing specialized knowledge and experience in areas, such as international trade and cross-border legal frameworks, implementing technologies, such as AI, cloud computing, and cybersecurity, and adhering to ever-changing regulations across industries.
 

Business Management Consulting Services Market

Complex surroundings generate uncertainty for enterprises. They require assistance in making strategic decisions ranging from market expansion to digital transformation. Consultants operate objectively, evaluating data, finding patterns, and giving insights to help clients make educated decisions.
 

The growth of SMEs is fueling the adoption of business management consulting services market. These organizations usually lack in-house knowledge and resources that bigger organizations have. Management consultants fill this gap by giving access to a wealth of expertise and experience. SMEs benefit from adopting larger enterprises' best practices and technology. Consultants help them find, assess, and implement these ideas, providing businesses with a competitive advantage.
 

As SMEs expand, they encounter additional issues in operating, growing, and entering new markets. To help them negotiate these challenges, consultants may advise firms on strategy planning, organizational design, and process optimization. For SMEs, employing a consultant for a specific project may be less expensive than recruiting a full-time employee with those skills. For instance, in December 2022, the World Economic Forum released a study on the "Future Preparedness of SMEs and Mid-sized Firms," indicating that these companies constitute 90% of all businesses and contribute nearly 70% of global employment and GDP.
 

Price pressure & value demonstration poses a major challenge to the business management consulting services market, potentially slowing down its growth. Clients are more knowledgeable than ever, constantly investigating choices, comparing fees, and evaluating the value propositions of various consulting firms. They demand tangible evidence of how consulting will increase their bottom line or achieve specified objectives.
 

With the advent of boutique businesses, freelancers, and internet platforms, certain consulting services are perceived as more generic. This leads to price rivalry, with clients valuing lower prices above brand recognition or specialized expertise. Profit margins decline when enterprises are unable to show value and charge premium fees. This may limit their capacity to invest in top personnel, innovative processes, or new service offerings. Firms must improve their project delivery efficiency to remain profitable at reduced price points.
 

Business Management Consulting Services Market Trends

The market is witnessing many businesses undergoing digital transformation initiatives. This involves extensive changes to technology, processes, and organizational structures. Businesses frequently lack in-house knowledge to handle changes successfully. Management consulting firms provide a network of skilled individuals that help them navigate the process. Digital transformation needs a defined goal, roadmap, and implementation strategy.
 

Consultants assist firms in defining their digital goals, assessing their present capabilities, and developing a complete plan targeted to their unique requirements and industry. Businesses must select and apply the appropriate digital technology to meet their objectives. Consultants aid them in choosing the best technologies for their needs, such as cloud computing, AI, or big data analytics, and integrating & applying them.
 

For instance, in September 2023, Bain & Company opened its first office in Vietnam, located in Ho Chi Minh City. The office facilitates closer collaboration with local businesses and multinational corporations, providing them access to Bain's extensive global expertise, particularly in technology, digital innovation, and sustainability. In Vietnam, Bain has signed an agreement with FPT Digital, adding the company as a partner. This collaboration will enable Bain to support digital transformation efforts across multiple business sectors and industries.
 

Business Management Consulting Services Market Analysis

Business Management Consulting Services Market, By Enterprise Size, 2023

Based on services, the market is divided into operations & supply chain consulting, strategy consulting, human resource consulting, M&A consulting, product and portfolio management, ESG consulting, and technology consulting. The strategy consulting segment accounted for a market share of over 19% in 2023 and is expected to exceed USD 43 billion by 2032. Businesses of all sizes and sectors can benefit from strategy consulting services. This huge potential customer base enables strategy consulting companies to achieve a greater market share than more specialized consulting segments.
 

Strategy consulting focuses on critical company concerns such as market positioning, growth plans, and competitive advantage. Businesses find these services essential since they directly influence their overall performance and profitability. Strategy consulting projects frequently include long-term engagements where consultants work closely with clients to create and implement plans. This recurrent income stream substantially contributes to strategy consulting's market share. Strategy consultancy assists organizations in navigating a constantly changing environment. By addressing issues and opportunities associated with innovation, technology disruption, and market trends, strategy consulting remains in high demand.
 

Business Management Consulting Services Market, By Enterprise Size, 2023

Based on enterprise size, the business management consulting services market is categorized into large enterprises and SMEs. The large enterprise segment held over 67.8% of the market share in 2023. Large enterprises operate in numerous markets, manage complex supply chains, and employ a diverse staff. This complexity increases the demand for specialist consulting services across a wide range of areas including strategy, operations, technology, and human resources. Large firms have higher expenditures for professional services than smaller businesses. They can afford the higher costs of large consulting companies for high-touch, tailored engagements.
 

Large companies frequently develop long-term collaborations with consulting firms to address significant strategic challenges or conduct large-scale transformation efforts. These initiatives provide considerable money to consulting firms. Large corporations may be more risk-averse and prefer to deal with established consulting companies with proven track records.
 

North America Business Management Consulting Services Market Size, 2022 -2032, (USD Billion)

North America is the dominating region in the global business management consulting services market, with a major share of around 42% in 2023. North American corporations have made significant investments in digital transformation initiatives to remain competitive. This increases the demand for consultants to help with strategy creation, technology selection, and execution. Companies seek consulting knowledge to increase efficiency, optimize operations, and gain a competitive advantage. Furthermore, customers are increasingly looking for proof of value from consulting agreements. This is fueling the growth of alternative pricing models such as outcome-based pricing.
 

The U.S. is home to several established and Fortune 500 corporations from a variety of industries. These huge organizations have complicated operational requirements and the financial means to engage in management consulting services for growth and optimization. Many of the world's leading management consulting organizations including McKinsey & Company, Boston Consulting Group, and Accenture have headquarters or large operations in the U.S. Owing to this concentration of talent, the country has emerged as a consulting services hub. The U.S. economy is known for its dynamism and innovation. Companies are under continual pressure to adapt to new rules, technology breakthroughs, and customer preferences.
 

Some of the world's fastest-growing economies, such as India, China, and Indonesia, are expanding their GDP and attracting international investment. This economic boom drives up demand for management consulting services as organizations seek to expand, streamline operations, and remain competitive. Furthermore, the APAC region is seeing an increase in SMEs. These businesses lack in-house knowledge and rely on management consultants for strategy planning, process improvement, and expansion plans.
 

European countries including France, Germany, the UK, and the Netherlands are witnessing significant growth in the business management consulting service market. Western Europe generates the majority of the entire region’s overall income. The market also has significant regional and boutique consultants that cater to certain sectors or niches. The increasing complexity of the business landscape due to globalization, technological improvements, and regulations is driving market expansion throughout Europe. Along with this, there is a rising focus on efficiency and cost reductions, with experts assisting organizations in streamlining processes.
 

Business Management Consulting Services Market Share

PwC and McKinsey & Company are the major firms representing 9% of the market share. McKinsey & Co. prioritizes innovation and digital evolution by incorporating cutting-edge technologies into consulting services, such as AI, IoT, blockchain, and data analytics. This approach aids clients in optimizing operations, refining decision-making, and fostering business expansion.
 

PricewaterhouseCoopers (PwC) showcases its industry knowledge and leadership by engaging in thought leadership activities including research reports, white papers, and executive discussions, covering relevant subjects and trends impacting the business environment. This establishes PwC as a reliable advisor and authoritative source of expertise.
 

Business Management Consulting Services Market Companies

Major players operating in the business management consulting services industry are:

  • Accenture
  • Bain & Company
  • Booz Allen Hamilton
  • Boston Consulting Group (BCG)
  • Capgemini
  • Deloitte Consulting LLP
  • Ernst & Young LLP (EY)
  • KPMG LLP
  • McKinsey & Company
  • PricewaterhouseCoopers (PwC)
     

Business Management Consulting Services Industry News

  • In April 2024, Bobst launched the "BOBST Application Management" consulting service, a hands-on innovative solution tailored to the specific needs of converters. It is designed to guide customers from concept to shelf, addressing their needs in terms of technologies, raw materials, processes, and business cases. The launch aligns with Bobst's industry vision of addressing customer needs and providing practical solutions to enhance operational efficiency and product quality.
     
  • In September 2023, NEC Corporation launched a "Management and Business Optimization Consulting Service" for customers in the manufacturing and distribution industries. This service aims to help companies visualize their strengths and optimize business processes and IT perspectives using cutting-edge technologies such as AI and quantum computing. The service is enhanced by NEC's quantum computing-related offerings such as the NEC Vector Annealing Service.
     

The business management consulting service market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD Billion) from 2021 to 2032, for the following segments:

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Market, By Service

  • Operations & Supply Chain
  • Strategy
  • Human Resource
  • M&A
  • Product & Portfolio
  • ESG
  • Technology

Market, By Enterprise Size

  • Large enterprise
  • SMEs

Market, By End User

  • BFSI
    • Operations & Supply Chain
    • Strategy
    • Human Resource
    • M&A
    • Product & Portfolio
    • ESG
    • Technology 
  • Healthcare
    • Operations & Supply Chain
    • Strategy
    • Human Resource
    • M&A
    • Product & Portfolio
    • ESG
    • Technology
  • Manufacturing
    • Operations & Supply Chain
    • Strategy
    • Human Resource
    • M&A
    • Product & Portfolio
    • ESG
    • Technology
  • Retail
    • Operations & Supply Chain
    • Strategy
    • Human Resource
    • M&A
    • Product & Portfolio
    • ESG
    • Technology
  • IT & telecom
    • Operations & Supply Chain
    • Strategy
    • Human Resource
    • M&A
    • Product & Portfolio
    • ESG
    • Technology
  • Government
    • Operations & Supply Chain
    • Strategy
    • Human Resource
    • M&A
    • Product & Portfolio
    • ESG
    • Technology
  • Automotive
    • Operations & Supply Chain
    • Strategy
    • Human Resource
    • M&A
    • Product & Portfolio
    • ESG
    • Technology
  • Industrial
    • Operations & Supply Chain
    • Strategy
    • Human Resource
    • M&A
    • Product & Portfolio
    • ESG
    • Technology
  • Media & Entertainment
    • Operations & Supply Chain
    • Strategy
    • Human Resource
    • M&A
    • Product & Portfolio
    • ESG
    • Technology
  • Others
    • Operations & Supply Chain
    • Strategy
    • Human Resource
    • M&A
    • Product & Portfolio
    • ESG
    • Technology

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
    • Nordics
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • ANZ
    • Southeast Asia
    • Rest of Asia Pacific 
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America 
  • MEA
    • South Africa
    • UAE
    • Saudi Arabia
    • Rest of MEA

 

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of business management consulting service reached USD 153.8 billion in 2023 and is set to witness 4.7% CAGR between 2024 and 2032, led by the growth of SMEs across the globe.

The large enterprise segment of the business management consulting service industry accounted for 67.8% share in 2023, as the complexity of large enterprises increases the demand for specialist consulting services across a wide range of areas.

North America market held over 42% share in 2023, as corporations have made significant investments in digital transformation initiatives to remain competitive.

Accenture, Bain & Company, Booz Allen Hamilton, Boston Consulting Group (BCG), Capgemini, Deloitte Consulting LLP, Ernst & Young LLP (EY), KPMG LLP, and McKinsey & Company among others.

Business Management Consulting Services Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 25
  • Tables & Figures: 300
  • Countries covered: 25
  • Pages: 250
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