Consulting Service Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Consulting Service Market is Segmented by Service Type (Operations Consulting, Strategy Consulting, Financial Advisory, and Technology Advisory), End-user Industry (Financial Services, Life Sciences, and Healthcare, IT and Telecommunication, Government, and Energy), and Geography. The market sizes and forecasts are provided in terms of value (USD billion) for all the above segments.

Consulting Service Market Size

Consulting Service Market Summary
Study Period: 2018 - 2028
Fastest Growing Market: Asia-Pacific
Largest Market: North America
CAGR: 4.7 %

Major Players

Consulting Services Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Consulting Service Market Analysis

The Consulting Service Market size is expected to grow from USD 307.67 billion in 2022 to USD 395.14 billion by 2028, at a CAGR of 4.21% during the forecast period (2023-2028).

The COVID-19 pandemic has negatively impacted multiple industries, including management consulting. To recover from the impact and adapt to the post-pandemic scenario, consultancies have been devising various work opportunities and new business strategies.

  • There is a growing need for management consulting services, owing to the strong economic growth in the European markets, regulatory reforms in the financial sector, outsourcing back-end operations to low-cost economies, and public investments. Over the forecast period, faster economic growth, the emergence of digital consulting, and the rise of globalization are expected to drive further growth.
  • Artificial intelligence (AI) and automation are revolutionizing the way management consultants explore data. As AI and automation help management consultants handle processes such as processing and analyzing massive amounts of data more efficiently and faster than an average human, it can also provide accurate insights into the areas of businesses such as sales, operations, supply chain, and more. Such developments are expected to fuel the market's growth in the forecast period.
  • The key players in the market are investing in strategic acquisitions to increase their global reach and capability in offering their solutions. Such investments tend to increase the growth opportunities in the market. For instance, in March 2022, Accenture acquired Alfa Consulting, a consultancy specializing in operations strategy in capital-intensive industries. The acquisition reinforces Accenture's capabilities for helping clients in Spain, Portugal, and M xico transform their supply chains to be more resilient, responsive, and sustainable.
  • Moreover, in May 2022, Capgemini acquired Chappuis Halder to boost the company's in-demand specialist consulting services in environment, social and governance (ESG), and climate risk strategy and help Capgemini strengthen its capabilities to advise banking, wealth management, and insurance clients in Europe and Southeast Asia.
  • Consulting companies are facing an increasingly complex macro-environment in which they must continue to provide the best advice. The global nature of the sector adds to the problem. Firms deliver more projects overseas, sometimes with subcontractors, partner companies, and independents. Providing the project faster, more efficiently, and with tighter budgets, while achieving customer satisfaction is challenging.
  • Although the pandemic has negatively impacted various industries, it is expected to present some consulting firms with opportunities. Some organizations may seek the guidance and expertise of these firms to map out future strategies and business scenarios. Some firms may also need strategic expertise to restructure their operations to become digital, ensuring business continuity and resiliency in case of future disruptions.

Consulting Service Industry Segmentation

The study tracks the demand for consulting services, defined as a set of business and management-related consulting services provided by vendors in various segments, including strategy, operations, finance, and technology. The scope of the study covers countries and regions in North America, Asia-Pacific, Europe, and Middle East and Africa, based on the relative demand for consulting services. Latin America has been analyzed as a broader single segment. The study provides a detailed assessment of the impact of COVID-19 on the consulting services market. The market is Segmented by Service Type (Operations Consulting, Strategy Consulting, Financial Advisory, and Technology Advisory), End-user Industry (Financial Services, Life Sciences, and Healthcare, IT and Telecommunications, Government, and Energy), and Geography. The market sizes and forecasts are provided in terms of value (USD billion) for all the above segments.

By Service Type
Operations Consulting
Strategy Consulting
Financial Advisory
Technology Advisory
Other Service Types
By End-user Industry
Financial Services
Life Sciences and Healthcare
IT and Telecommunication
Other End-user Industries
By Geography
North America
United States
United Kingdom (Including Ireland)
Rest of Europe
Rest of Asia-Pacific
Middle East & Africa
Saudi Arabia
United Arab Emirates
South Africa

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Consulting Service Market Trends

This section covers the major market trends shaping the Consulting Service Market according to our research experts:

Financial Advisory to Witness the Highest Growth Rate

  • Financial consulting services mainly provide accounting, auditing, finance, taxation, and regulations. The benefits help clients with finance transformation, defining and implementing risk management, compliance management, the financial planning of projects, fiscal and tax-related matters, the financial side of mergers and acquisitions, and financing and debt restructuring.
  • Financial advisory mainly consists of transaction services, corporate finance, crisis and recovery, risk management, accounting, tax, real estate, forensics, and litigation.
  • In the past years, financial advisory continuously performed relatively stable throughout the crisis and its aftermath, driven by three key factors. Amid economic turbulence, the demand for crisis and turnaround management grew strongly. In contrast, the need for accounting advisory services and risk management took off shortly after, particularly in the financial services sector.
  • The key players in the market are expanding their services to stay competitive. For instance, in January 2021, a UK-based consultancy, JCW Group, launched a financial services consultancy, Guideline, a New York-based firm providing regulatory consulting to financial services clients. The Guideline will provide strategic advice and leverage its parent company's staff augmentation network and expertise.
  • Also, in April 2021, Barker Langham consultancy launched financial planning tool that enables cultural institutions to build financial plans for museums, galleries, arts venues, and cultural and heritage projects.
Consulting Service Market: Value of Merger and Acquisition Transactions in Financial Services, In Billion USD, Global, 2018-2021

North America Holds the Highest Market Share

  • North America is presumed to be the most significant revenue-generating region, as there is a particular focus on innovations in the US and Canada. These nations have the world's most competitive and quickly changing consulting service market. A higher rate of infrastructure growth and the massive growth of consultancy requirements from all industry verticals are expected to make North America one of the top potential markets for growth.​
  • The United States is the world's largest revenue-generating consulting service market. It is home to top global consultancy firms catering to various end-user verticals. Furthermore, the highly volatile marketplace across the US economy, along with the sustained reforms in government regulations, is driving companies to turn to management consulting providers for acquiring assistance in their financial operations across the country.
  • Furthermore, the United States is a pioneer in the market and plays a significant role in bringing technological advancements to the global market. The US-based consulting service providers, like McKinsey & Company, Deloitte, PricewaterhouseCoopers (PwC), the Boston Consulting Group, Ernst & Young (EY), and KPMG, among others, are some of the top market vendors globally.
  • In July 2022, White Wolf Capital ("White Wolf") portfolio company Consulting Solutions announced the acquisition of iBridge Solutions, LLC ("iBridge"), an information technology consulting firm with over 20 years of experience supporting some of the nation's largest companies, including a loyal base of blue-chip customers. The company's headquarters are in St. Louis, Missouri. Adding iBridge's clientele and consulting talent will help consulting solutions maintain its market position as one of North America's fastest-growing workforce solutions and consulting services providers.
  • The key players in this region are focused on strategic acquisitions, research and development (R&D), functional solutions, and people development. These investments will help them to improve its market differentiation and competitiveness.
  • For instance, in August 2022, Accenture (NYSE: ACN) completed its acquisition of The Stable, a commerce agency focused on assisting consumer brands in building and operating their digital commerce channels, as well as managing their brand and sales performance across key North American retailers, bolstering Accenture's ongoing investments in commerce to help clients accelerate growth and sustain relevance.
  • The consulting service industry in the country has expanded in recent years, as the number of people employed in management consulting in the United States has also grown annually over the past five years.
Consulting Service Market - Growth Rate by Region

Consulting Service Industry Overview

The consulting service market is highly competitive and consists of many global and regional players. These players account for a considerable market share and focus on expanding their global client base. They focus on research and development activities, strategic alliances, and other organic and inorganic growth strategies to stay in the market over the forecast period.

  • October 2022 - Accenture and Atlassian formed a strategic partnership to help organizations drive more value from technology investments, improve customer and employee experiences, embrace change and create new business value with enterprise agility services. Bringing together teams from across Accenture, an Accenture Atlassian Center of Excellence will provide coaching, education, agile practice disciplines, and platform enablement to clients worldwide.
  •  August 2022 - PwC India completed the acquisition of Venerate Solutions Private Limited ('Venerate'), one of the fastest-growing and highly innovative salesforce consulting firms in India. This acquisition of Venerate's technical expertise will enhance and complement existing Salesforce consulting capabilities. It will line with the global strategy, The New Equation, to solve clients' most critical problems by delivering human-led and tech-powered solutions.
  • June 2022 - PwC's partnership with FICCI organized an industry symposium themed "Reimagining Odisha: Unlocking the opportunities for Economic Transformation," which will further strengthen reforms and boost investment and employment opportunities in the state.

Consulting Service Market Leaders

  1. Deloitte Touche Tohmatsu Limited

  2. Accenture PLC

  3. PricewaterhouseCoopers LLP

  4. Ernst & Young Global Limited

  5. Capgemini SE

*Disclaimer: Major Players sorted in no particular order

Consulting Services Market Concentration

Consulting Service Market News

  • Sept 2022: Accenture acquired The Beacon Group, a growth strategy consulting firm serving Fortune 500 companies across technology, aerospace, industrial, healthcare, and life sciences industries. This acquisition deepens Accenture’s capabilities that help C-suite leaders make fact-based decisions for targeting, segmentation, and routes to growth, driven by market insights and scalable solutions to execute enterprise transformations at scale.
  • Jun 2022: McKinsey acquired Caserta, strategic technology consulting and implementation firm, to further strengthen its data capabilities and become a technology impact partner, bolstering work in data strategy and design.
  • Mar 2022: Accenture launched a new metaverse advisory business line, supporting clients with everything from strategy to metaverse world-building, which combines metaverse-skilled professionals and market-leading capabilities in customer experience, digital commerce, extended reality, blockchain, digital twins, artificial intelligence, and computer vision to help clients design, execute and accelerate their metaverse journeys.

Consulting Service Market Report - Table of Contents


    1. 1.1 Study Assumption and Market Definition

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.2.1 Bargaining Power of Suppliers

      2. 4.2.2 Bargaining Power of Buyers

      3. 4.2.3 Threat of New Entrants

      4. 4.2.4 Threat of Substitutes

      5. 4.2.5 Intensity of Competitive Rivalry

    3. 4.3 Impact of COVID-19 on the market

    4. 4.4 Industry Ecosystem Analysis

    5. 4.5 Key Regional Hotspots

    6. 4.6 Impact of Industry 4.0 and Digital transformation -Related Practices on the Consulting Services Market

    7. 4.7 Analysis of the Role of Digitization in the Consulting Services Market

    8. 4.8 Prevalent Business Models in the Management Consulting Domain


    1. 5.1 Market Drivers

      1. 5.1.1 Growing Investment in Emerging Technologies

    2. 5.2 Market Challenges

      1. 5.2.1 Project Complexities and Shift in Consulting Marketplace


    1. 6.1 By Service Type

      1. 6.1.1 Operations Consulting

      2. 6.1.2 Strategy Consulting

      3. 6.1.3 Financial Advisory

      4. 6.1.4 Technology Advisory

      5. 6.1.5 Other Service Types

    2. 6.2 By End-user Industry

      1. 6.2.1 Financial Services

      2. 6.2.2 Life Sciences and Healthcare

      3. 6.2.3 IT and Telecommunication

      4. 6.2.4 Government

      5. 6.2.5 Energy

      6. 6.2.6 Other End-user Industries

    3. 6.3 By Geography

      1. 6.3.1 North America

        1. United States

        2. Canada

      2. 6.3.2 Europe

        1. United Kingdom (Including Ireland)

        2. Germany

        3. France

        4. Italy

        5. Benelux

        6. Rest of Europe

      3. 6.3.3 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. Rest of Asia-Pacific

      4. 6.3.4 Middle East & Africa

        1. Saudi Arabia

        2. United Arab Emirates

        3. Qatar

        4. South Africa


    1. 7.1 Company Profiles

      1. 7.1.1 Deloitte Touche Tohmatsu LLP

      2. 7.1.2 Accenture PLC

      3. 7.1.3 PricewaterhouseCoopers LLP

      4. 7.1.4 Ernst & Young Global Limited

      5. 7.1.5 Capgemini SE

      6. 7.1.6 KPMG International

      7. 7.1.7 Boston Consulting Group

      8. 7.1.8 A. T. Kearney Inc.

      9. 7.1.9 McKinsey & Company

      10. 7.1.10 Bain & Company

      11. 7.1.11 Roland Berger

      12. 7.1.12 Simon-Kucher & Partners

      13. 7.1.13 OC&C Strategy Consultants

    2. *List Not Exhaustive


**Subject to Availability
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Consulting Service Market Research FAQs

The Consulting Service Market is studied from 2018 - 2028.

The Consulting Service Market is growing at a CAGR of 4.7% over the next 5 years.

Asia-Pacific is growing at the highest CAGR over 2018 - 2028.

North America holds highest share in 2021.

Deloitte Touche Tohmatsu Limited, Accenture PLC, PricewaterhouseCoopers LLP, Ernst & Young Global Limited, Capgemini SE are the major companies operating in Consulting Service Market.

Consulting Service Industry Report

Statistics for the 2023 Consulting Service market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Consulting Service analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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