Global Management Consulting Market 2019 Trends: Analysis By Segments, By Country Report
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Major Competitors are Deloitte Touche Tohmatsu Limited, Accenture Plc, International Business Machines Corporation, Ernst & Young Global Limited, PricewaterhouseCoopers (PwC)
Growth in the historic period resulted from the strong economic growth in emerging markets, regulatory reforms in the financial sector, outsourcing of back-end operations to low-cost economies, and public investments. Factors that negatively affected growth in the historic period were shortages of skilled workers, and political and social instability.
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Major trends influencing the management consulting market include:
Virtual Firms In The Management Consulting Industry – Rapid technology change, increased pressure to reduce costs, and increased use of smartphones are introducing the concept of virtual firms to market players in the management consulting industry. It is expected that a high number of management consulting firms will go virtual and have few permanent offices.
IT Transformation In Management Services –With the emergence of information communication and technology, the world is rapidly moving towards the process of digitalization. Investor expectations, rising competition, new regulatory pressures and increasing opportunities are putting organizations under pressure to digitalize their processes and management. Management consulting firms are providing IT transformation services to businesses, banks and other organizations to overcome challenges such as rising stakeholder expectations and flat or declining budgets.
The top opportunities in the global management consulting market will arise in the financial advisory segment which will gain $163.34 billion of global annual sales by 2022. The management consulting market size will gain the most in the UK at $57.61 billion. Market-trend-based strategies for the management consulting market include modularization of services, increased focus on technology advisory, and adoption of value-oriented revenue model and others.
Western Europe is the largest market for management consulting, accounting for 33.8% of the global market. It was followed by North America and Asia-Pacific and then the other regions. Going forward, South America and Africa will be the fastest growing regions in this market.
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