Market Trends of Europe Strategic Consulting Services Industry
This section covers the major market trends shaping the Europe Strategic Consulting Services Market according to our research experts:
Financial Sector will Hold the Major Share of the Market
- The European financial sector has been under considerable pressure in the past decade. Businesses, citizens, and national authorities have been affected by the Brexit, economic crisis, and pandemic, leading to challenges like developing new technologies and innovative solutions. The financial sector has been re-emerging. These challenges must be addressed as part of the EU economic recovery efforts.
- As per the survey report FEACO, 2021-22, the Pandemic has forced the market to adopt radical changes, and social scenarios have pushed many industries and clients to request more advice regarding strategic development. Therefore, digital transformation has been a key aspect of many consulting projects in 2020.
- The coronavirus (COVID-19) pandemic significantly impacted the digital transformation, creating an immediate need for banks to analyze customers' requirements for digital channels, such as apps and platforms. In the last two years, while social distancing was in effect, the number of digital users has increased significantly since the pandemic.
- Some of the challenges that the European Commission and National Development Banks (NDBs) have recognized are developing internal assessment tools, improving organizational structures, capacity building, Improving software infrastructure and analysis, enhancing prudential reporting set-ups, and assessing payment infrastructures, developing e-payment strategies. The financial reforms in the European region requires robust technological reforms which will help strategic consulting companies to gain more business in coming future.
- According to the report on financial reforms in banks in the European region, major challenges in banking sectors are related to developing internal assessment tools, Improving software infrastructure, analyze prudential reporting, set-assessing payment infrastructures, and develop e-payment strategies. Organizational structures and capacity building will attract businesses towards design consulting firms to tackle them and look for solutions, including digital transformation in the financial sector. Strategic consulting firms around the globe will find a good market opportunity for their business expansion and growth created by economic reforms in the region.
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UK will be the Fastest Growing Region
- In the European region, the UK consulting business has been able to manage to record growth of double the rate before the pandemic as per the report from European MCA 2021 with the robust growth of strategic consultancies firms operating to tap into global demand to make up for declines during initial stages of the pandemic.
- In 2021 the UK consulting market, Strategy, Technology, and Operations were the three main service lines. These service lines have grown over the years in a relationship with the strong involvement of consulting firms in supporting digital transformation processes.
- Further, there was a high number of mergers and acquisitions by foreign companies in the United Kingdom in 2020, when a total l of 1,635 M&A deals were completed, according to the Institute for Mergers, Acquisitions, and Alliances (IMAA). In 2019, there were 1,443 M&A deals by foreign companies. The high occurrence of mergers and acquisitions has created an opportunity to adopt strategic consulting services in the country.
- With the recent trend toward digitalization and adoption of industry 4.0 practices, more businesses will be looking forward to making strategic changes in their business operation to remain competitive in the market, paving the way for more strategic consulting firms in the region to expand and collaborate with the major business group for major transformational changes in their core strategy of doing business.
- The UK strategy consultancy market is already on a growth trend expected to increase further with more partnerships, acquisitions, and mergers. For example, the Strategic alliance between Thomson Reuters and KPMG for expanding its business, providing HighQ platform access for UK corporate legal departments.
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