Consulting Service Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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 Region.

Market Snapshot

Consulting Service Market Overview
Study Period: 2018-2026
Base Year: 2021
Fastest Growing Market: Asia-Pacific
Largest Market: North America
CAGR: 4.3 %
Consulting Service Market Key Players

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Market Overview

The consulting service market is expected to observe a CAGR of 4.30% during the forecast period (2021-2026). The COVID-19 pandemic has negatively impacted multiple industries, including the management consulting industry. In order 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, the regulatory reforms in the financial sector, the outsourcing of back-end operations to low-cost economies, and public investments. Over the forecast period, the faster economic growth, the emergence of digital consulting, and the rise of globalization are expected to drive further growth.
  • Many companies are constantly trying to reduce costs and increase their efficiency so that they can transfer the costs saved to the customer and withstand the intense competition they face. This factor is leading to an increase in the demand for business process improvisations and consulting related to operational efficiency.
  • Regulatory changes, such as Brexit and the EU General Data Protection Regulation (GDPR), have led to a rise in the demand for consulting across all major service lines. In order to stay compliant with regulations, multinational organizations seek high-value advice, thereby boosting the demand for management consulting services.
  • 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 are delivering more projects overseas, sometimes working with subcontractors, partner companies, and independents. Delivering the project faster, more efficiently, and with tighter budgets, while achieving customer satisfaction, is a challenge.
  • Although the pandemic has negatively impacted various industries, it is expected to present some consulting firms with opportunities. For instance, 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 in order to become digital, thereby ensuring business continuity and resiliency, in case of future disruptions.

Scope of the Report

The study tracks the demand for consulting services, which have been 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.

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

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Key Market Trends

Financial Advisory to Witness the Highest Growth Rate

  • Financial consulting services mainly provide services related to accounting, auditing, finance, taxation, and regulations. The services not only help clients with finance transformation, defining and implementing risk management, compliance management, but also with the financial planning of projects, fiscal and tax-related matters, and the financial side of mergers and acquisitions, as well as financing and debt restructuring. Financial advisory mainly consists of transaction services, corporate finance, crisis and recovery, risk management, accounting advisory, tax advisory, real estate advisory, and forensics and litigation.
  • In the past years, financial advisory continuously performed relatively stable throughout the crisis years and their aftermath, driven by three key factors. Amid economic turbulances, the demand for crisis and turnaround management grew strongly, while the demand for accounting advisory services and risk management took off not long after, particularly in the financial services sector.
  • Although, in 2020, the market witnessed a contraction, non-discretionary projects around risk and regulation, digital transformation, and other technology have generally continued, while other areas deemed more discretionary, like financial management, have been hit much harder. However, in the coming years, the segment is expected to recover, as governments are making stringent audit reforms, along with regulations like GDPR. The pandemic has expanded the scope for financial crisis and recovery advisors' services.
Consulting Service Market Key Trends

North America Holds the Highest Market Share

  • The United States (US) is the largest revenue-generating consulting service market in the world, as it is home to top global consultancy firms, significantly catering to a wide range of 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.
  • 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. In 2020, there were nearly 734,000 management consultants. However, many experts claimed that the most pressing issue in the regional industry is attracting and developing new businesses, with 40% of senior managers citing this as a leading challenge.
Consulting Service Market Growth Rate

Competitive Landscape

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

  • March 2021 – The digital transformation advisory firm, Cambridge Management Consulting, expanded its telecommunications capability with the acquisition of Straxia. The network infrastructure consultancy primarily specializes in helping its client's infrastructure planning, delivery, and management.
  • May 2021 – The Toronto-based cloud managed services provider, Carbon60, acquired OpsGuru, a Vancouver-based multi-cloud and DevOps consulting firm. The OpsGuru deal was Carbon60's third acquisition since 2019 when it became a portfolio company of M/C Partners, a US-based private equity firm focusing on emerging companies in communications and technology services. The acquisition is mainly focused on strengthening the firm's cloud consulting services in cloud assessment, migration, compliance, and security.

Recent Development

  • April 2021 - Deloitte Ireland announced that it would add 300 jobs in response to robust demand from Irish and international clients for business transformation and advisory services. Job opportunities will be in several areas of the Deloitte business, including audit, tax, financial advisory, consulting, and risk advisory. Most of these roles will be in consulting, 100 of which are being recruited.
  • May 2021 - EY acquired the UK-based technology business Pythagoras. The bolt-on adds almost 120 technology experts and digital consultants to EY’s technology consulting business and will significantly enhance the firm’s tech capabilities. In the United Kingdom, the Pythagoras will extend its service portfolio in the Microsoft domain.

Table of Contents


    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Impact of COVID-19 on the Market

    3. 4.3 Market Drivers

    4. 4.4 Market Challenges

    5. 4.5 Porters Five Force Analysis

      1. 4.5.1 Threat of New Entrants

      2. 4.5.2 Bargaining Power of Buyers/Consumers

      3. 4.5.3 Bargaining Power of Suppliers

      4. 4.5.4 Threat of Substitute Products

      5. 4.5.5 Intensity of Competitive Rivalry

    6. 4.6 Industry Ecosystem Analysis

    7. 4.7 Key Regional Hotspots

    8. 4.8 Impact of Industry 4.0 and Digital Transformation-related Practices on the Consulting Services Market

    9. 4.9 Analysis of the Role of Digitization in the Consulting Service Market

    10. 4.10 Prevalent Business Models in the Management Consulting Domain



    1. 6.1 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 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 Region

      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 and Africa

        1. Saudi Arabia

        2. United Arab Emirates

        3. Qatar

        4. South Africa

      5. 6.3.5 Latin America


    1. 7.1 Company Profiles

      1. 7.1.1 Deloitte Touche Tohmatsu Limited

      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

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Frequently Asked Questions

The Consulting Service Market market is studied from 2018 - 2026.

The Consulting Service Market is growing at a CAGR of 4.3% over the next 5 years.

Asia-Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2020.

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

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