In 2017, the global strategy consulting market was valued at approximately US$43.07 billion and is projected to experience a compound annual growth rate (CAGR) of 9.9% from 2018 to 2025, ultimately reaching around US$91.38 billion by 2025.
Strategy consulting, often referred to as strategic advisory or boardroom consulting, is widely regarded by consultants as the pinnacle of prestige within the professional services sector. This field primarily targets private sector clients, focusing on the development of corporate, organizational, or functional strategies, while also extending its services to public sector entities and institutions involved in economic policy formulation.
The increasing necessity for strategic planning in a highly competitive market landscape, along with the demand for enhancing business capabilities to meet and surpass evolving expectations, is significantly driving the growth of the strategy consulting sector. Additionally, the rapid emergence of new business models, which evolve at a pace that outstrips traditional corporate structures, serves as a catalyst for the expansion of the strategy consulting market. Factors such as heightened competition across various business sectors are intensifying the need for consulting services to secure a competitive advantage. Furthermore, the growing diversity in regional business practices is creating a demand for skilled consultations and implementations, which are expected to greatly influence the development of the strategy consulting market in the years ahead.
The global strategy consulting market is categorized based on the types of services offered and the industry verticals served. A wide array of services is available from consulting firms. Key services within the strategy consulting market include business model transformation, corporate strategy, economic policy, organizational strategy, mergers and acquisitions, functional strategy, strategy and operations, and digital strategy. Additionally, the market is segmented by industry verticals, which encompass IT and telecommunications, healthcare, banking, financial services, and insurance (BFSI), retail, manufacturing, and other sectors. The market report also provides an analysis across five major regions: North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM).
The United States stands out as a significant adopter of strategy consulting services and continues to evolve with the implementation of various tools and techniques related to this field. The presence of numerous large corporations, coupled with intense competition, has fueled demand for strategy consulting services among end-users. Moreover, the U.S. is recognized as a hub for innovation, where technological disruptions typically originate before spreading to other regions. The prevalence of strategy consulting is gradually increasing in both developed and developing economies, including those in Europe and APAC. Additionally, countries in Asia are witnessing substantial growth in their industrial sectors, further driving the expansion of the strategy consulting market.
Leading firms in the strategy consulting market include A.T. Kearney, Inc., Accenture PLC, Deloitte, Bain & Company, Ernst & Young Ltd., KPMG, McKinsey & Company, Mercer LLC, The Boston Consulting Group, and PwC, among others. Numerous other companies are also active in the strategy consulting space, introducing innovative technologies and services that contribute to the market's revenue growth over the years.