Strategic Consulting Market Size, Share, and Industry Analysis, By Service Type (Corporate Strategy, Economic Policy, Mergers & Acquisitions, Functional Strategy, Digital Strategy, Business Model Transformation, and Others); By Enterprise Type (Large Enterprises and SMEs), By Industry (BFSI, IT & Telecom, Government, Retail, Healthcare, Manufacturing, and Others), and Regional Forecast, 2024-2032

Strategic consulting is a type of management consulting and process of advising companies on important business decisions by identifying the challenges and opportunities, analyzing and researching the issues, and making recommendations. The demand for IT consulting is witnessing growth as the global economy is struggling, markets attempt to reopen and businesses are trying to become recession proof. As per industry experts, around 1.5 million individuals are employed in consulting sector globally. Management consulting is the largest sector as the sector deals with strategy, operations, and organization and the sector is expected to reach around USD 243 billion by 2027.

Strategic consulting focuses on helping businesses to implement and develop strategies for achieving their long-term goals. According to industry experts, strategy consulting accounts for 32% of the total consulting market. The consulting sectors witnessed growth from 2008 to 2019, reaching around USD 160 billion globally.

However, during the COVID-19 pandemic, the sector was hit and the demand for consulting services recorded a 19% decline in the first few months of 2020. Despite the initial hit at the start of pandemic, the job growth rate for consultant increased by 14% in 2021. The sector was able to quickly adapt and shift to a remote delivery model and provided the customers a valuable service, consulting firms in 2020, delivered 75% of their work remotely.

Impact of Generative AI on the Strategic Consulting Market

The global generative AI market was valued at USD 13.7 billion in 2023 and the venture capital investment in generative AI was increased by around 425% during 2020-2022 and continues to grow. Generative AI is revolutionizing the consulting industry by enabling automation, data-driven insights, and personalized customer experiences. The implementation of GenAI can help consultants in rapidly generating ideas, evaluating potential solutions, and exploring different scenarios. GenAI foster collaboration with consulting firms by offering a platform for knowledge sharing and capturing collective expertise.

Key Insights

The report covers the following key insights:

• Micro Macro Economic Indicators


• Drivers, Restraints, Trends, and Opportunities


• Business Strategies Adopted by Key Players


• Impact of Generative AI on the Global Strategic Consulting Market


• Consolidated SWOT Analysis of Key Players

Segmentation

Analysis By Industry

Strategic consulting is used by various industries including BFSI, IT & telecom, government, retail & e-commerce, healthcare, manufacturing, and others. The healthcare segment was valued around at USD 10 billion in 2020 and is estimated to register the highest CAGR during the forecast period as to survive in the competition, organizations in the healthcare sector need to have deep understanding of their target audience’s pain point. The strategy consulting services help with regulatory complexity navigation, patient care optimization, and operational efficiency. Due to increasing competition, strategic consultants offer advice on embracing technology and strategic alliance.

Retail firms are adopting strategic consulting services for representing their brands across multiple touch points, devices, and channels used by customers to deliver cohesive brand experience. Furthermore, the consulting services help to optimize their pricing and revenue model and reduce their cost and risks.

Regional Analysis

The global strategic consulting market is distributed into five regions: North America, South America, Europe, the Middle East & Africa, and Asia Pacific. In 2023, a significant share of the market was held by North America, owing to rapid digitalization among enterprises in the region and government administration and support for a range of plans to boost the strategy consulting industry to help with data analytics, economic scenario planning, and resource planning. There are more than 1 million management consulting firms in the U.S. and these firms collectively generate around USD 370 billion in 2023. The U.S. strategy consulting industry employs around 6,074 people as of 2024. The U.S. is home to many leading retail companies including Amazon, Walmart, and Costco that are dominating the American retail industry. As per the U.S. Census Bureau, the total retail sales reached USD 6 trillion in 2021. Thereby, above factors are contributing to the growth of the market in the region.

The Asia Pacific market is estimated to showcase the highest CAGR during the forecast period. This is owing to technological advancements and the demand for skilled-driven consultations and operations. The governments in countries are supporting start-ups with relaxation policies making it favorable for start-ups to breed and survive, strengthening the strategy consulting market.

Distribution of the Global Strategic Consulting Market, By Region

• North America – 34%


• South America – 12%


• Europe – 25%


• Middle East and Africa – 9%


• Asia Pacific – 20%

Key Players Covered

The report provides the profiles of key players such as PwC, KPMG International, McKinsey & Company, Deloitte, Boston Consulting Group, Accenture, and Bain & Company.

Key Industry Developments

• November 2023: Vodafone Group entered into a strategic partnership with Accenture for commercializing Vodafone’s shared operations to accelerate growth and to enhance customer service.


• June 2022: McKinsey acquired Caserta for strengthening the data capabilities and to help clients overcome the challenges in building competitive and industry leading enterprise data environments.