Market Trends of Asia Pacific Strategic Consulting Services Industry
This section covers the major market trends shaping the APAC Strategic Consulting Services Market according to our research experts:
Economic Growth to Drive Market Demand
- The region's economic growth is expected to drive market demand in the coming years. For instance, as per IMF, the GDP of Asia will increase by 5.67 % in 2021. The increase came after the year of decline caused due to COVID-19 pandemic.GDP is expected to reach 3.52% by 2027.
- Several developing countries in the region are experiencing economic growth, likely due to the advent of eCommerce companies. Increased customer spending can drive the demand for the strategy consulting market. The growing competition among numerous e-commerce companies such as Alibaba, Amazon, Flipkart, Myntra, and Nykaa, along with the rapid changes in consumer buying patterns, will create demand for experts.
- The rising demand for a highly flexible and multidimensional model provides companies with trusted data to make decisions based on strategic investment, business model transformation, corporate strategy, mergers & acquisitions, economic policy, organizational strategy, functional strategy, strategy & operations, and digital strategy, and future growth. This will propel the demand for strategic consulting in the region.
- Numerous companies are investing in expanding in other regions. They are trying to enter international markets other than their local market to understand the needs and requirements of the consumer, as it is highly crucial for a business. The internal team of experts of the company might not be well acquainted with the region's demographics that the company aims to tap for future business. All this is expected to propel the demand for the strategic consulting market in the region.
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China is Expected to Witness Significant Growth
- China is expected to lead the strategy consulting market in the Asia Pacific region in the forecast period. The increasing requirement for strategy consulting for IT management, finance, life science and healthcare, retail, government, and energy is also expected to propel growth.
- With the government's support in funding in China, the market for strategy consulting is progressing. Also, the government is supporting the start-ups coupled with the relaxation in policies, making it favorable for start-ups to breed and survive, strengthening the strategy consulting market. The China market is very volatile; the product that sells in other countries might not necessarily sell in China; this makes design consulting more important for companies to use a performance-based billing business model to a time-based business model instead of a time-based business model.
- Additionally, technology penetration is making its mark as a core capability within strategic consulting models. The rising demand for AI in numerous end-user industries is expected to propel growth. The AI-driven data helps the company take actionable decisions and stay ahead of its competition in the rapidly changing market. The increasing number of AI enterprises in China to support the growing need for strategy consulting is expected to support growth.
- The market players aid the business transformation and help unlock the full potential. Whether the retailer is seeking business model reinvention, digital transformation, or a re-defined go-to-market strategy, strategy consultancy can work with the retailer to help make the right corporate and growth strategy choices. Also, the Cross-border M&A advisory and capital raising focus on the intersection of Greater China inbound and outbound relationships and transactions wherein businesses, strategic investors, and leading-edge technologies converge will propel the demand for strategy consulting in the Retail sector in China. For instance, according to the national bureau of statistics of China, the total consumer goods retail sales in China amounted to CNY 44.1 trillion in 2021 from CNY. The total retail sales in urban China amounted to CNY38.2 trillion, whereas sales in rural China Totalled CNY 5.9 trillion.
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