Management Consulting Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Management Consulting Services Market is segmented by Type (Risk & Compliance, Financial Advisory, Strategic Business Planning), End-user Industry (IT & Telecommunication, Financial Services, Healthcare), and Geography.

Market Snapshot

Study Period: 2018 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 5.5 %

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Market Overview

Management Consulting Services Market is expected to register a CAGR of over 5.5% during the forecast period (2021 - 2026). There is a growing demand for the management consultancy services thereby targeting company executives and providing them with industry-specific specialists and subject-matter experts.

  • Implementing compliance using company policies helps to detect and prevent any violation of governance, such as fraud, abuse, or discrimination, thereby protecting the organization from fines and lawsuits.
  • Advancement in the quality of services from the consultancy is innovating the efforts to develop a new perception of quality which helps them in achieving the desired results.
  • Disruptive strategic innovations providing simpler or more elegant solutions to the existing problems, enabled by the emergence of new technology, often at a lower cost is expected to drive the market growth during the forecast period.

Scope of the Report

Management consulting services focus on the clients' most critical issues and opportunities, through innovative strategy, marketing, organization, operations, technology, through the help of digital transformation, advanced analytics, and corporate finance including mergers & acquisitions and sustainability across emerging industries and geographies, thereby bringing deep, functional expertise, with a holistic perspective. 

By Type
Risk & Compliance (Due Diligence)
Financial Advisory
Strategic Business Planning
Assurance & Tax Consulting
Operations Consulting
Other Types
By End-user Industry
IT & Telecommunication
Financial Services
Hotel & Hospitality
Media & Entertainment
Real Estate
Other End-user Industries
North America
Latin America
Middle East & Africa

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Key Market Trends

Strategic Business Operation is Gaining Traction Due to Emergence of Consulting Services

  • The service includes providing advice on strategy concepts such as business strategy & operational techniques, within proper time management, depending upon the needs of the company.
  • Industry professionals are trying to figure out the best way to respond to emerging trends such as AI, analytics, cybersecurity, and digital transformation.
  • Collaboration across the cross-domain platforms has been a practical move in various enterprises. Investment in new technologies will continue to gain revenue for companies along with the growth strategy, acquisitions, tax & compliance.
  • Further, major consultancies have implemented the digital marketing strategy to boost their offerings. For instance, in September 2018, Capgemini has merged its management consulting, digital and creative businesses into one single brand. The new unit, Capgemini Invent, bundles the expertise of Capgemini Consulting, LiquidHub, Fahrenheit 212, Idean, Adaptive Lab, and Bakelite to form an advisory group with over 6,000 consultants in 30-plus offices and 10 creative studios around the world.

North America to Register as the Largest Growing Market During the Forecast Period

  • North America is the largest revenue-generating market due to the presence of some of the prominent consultancy firms catering across a wide range of end-user verticals significantly.
  • The highly volatile marketplace across the economy of the United States, along with the sustained reforms in government regulation is driving companies to turn to management consulting providers for acquiring assistance in their financial operations across the region.
  • Prominent consultancy providers across the region such as PricewaterhouseCoopers, IBM, Deloitte, and BCG are incorporating the digital transformation across their business model, thereby serving across multiple end-user domains. 
  • Also, evolving business models such as network-based consulting and crowdsourcing are now emerging across management consulting, and are being adopted by emerging players, thereby driving the demand for the management consulting services during the forecast period.

Competitive Landscape

The management consulting services market is moderately competitive and consists of a few major players. In terms of market share, some of the players currently dominate the market. However, with the advancement in the professional consultancy services, new players are increasing their market presence thereby expanding their business footprint across the emerging economies.

  • October 2019 - Booz Allen has entered into a letter agreement, under its joint venture partnership agreement with the U.S. Department of Commerce’s National Technical Information Service (NTIS), to assist the U.S. Department of Defense’s (DoD) Joint Artificial Intelligence Center (JAIC). Booz Allen is collaborating with NTIS in its mission to provide innovative data services to federal agencies, through joint venture partnerships with the private sector, to advance federal data priorities, promote economic growth, and enable operational excellence.
  • October 2018 - Bain & Company and Endava have entered into a global strategic partnership, combining Bain’s industry-leading management consulting services with Endava’s world-class strategy-led enterprise delivery and next-gen technology services. The Bain-Endava partnership brings together deep skills in business and technology strategy, product ideation, technology development & deployment, and organizational change management to help support clients through successful transformations.

Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Growing Investment in Emerging Technologies is Surging Companies Growth Strategy

      2. 4.2.2 Adoption of BI and Advanced Data Management Strategies across Multiple End-user Domain

    3. 4.3 Market Restraints

      1. 4.3.1 Shift in the Consulting Marketplace is Hampering New Business Strategy

    4. 4.4 Industry Attractiveness - Porter's Five Force Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry


    1. 5.1 By Type

      1. 5.1.1 Risk & Compliance (Due Diligence)

      2. 5.1.2 Financial Advisory

      3. 5.1.3 Strategic Business Planning

      4. 5.1.4 Assurance & Tax Consulting

      5. 5.1.5 Operations Consulting

      6. 5.1.6 Other Types

    2. 5.2 By End-user Industry

      1. 5.2.1 IT & Telecommunication

      2. 5.2.2 Financial Services

      3. 5.2.3 Healthcare

      4. 5.2.4 Hotel & Hospitality

      5. 5.2.5 Media & Entertainment

      6. 5.2.6 Real Estate

      7. 5.2.7 Other End-user Industries

    3. 5.3 Geography

      1. 5.3.1 North America

      2. 5.3.2 Europe

      3. 5.3.3 Asia-Pacific

      4. 5.3.4 Latin America

      5. 5.3.5 Middle East & Africa


    1. 6.1 Company Profiles

      1. 6.1.1 McKinsey & Company

      2. 6.1.2 Bain & Company

      3. 6.1.3 Boston Consulting Group

      4. 6.1.4 Booz Allen Hamilton Inc.

      5. 6.1.5 Deloitte Touche Tohmatsu Limited

      6. 6.1.6 KPMG International

      7. 6.1.7 Gartner Inc

      8. 6.1.8 Wikistrat Inc.

      9. 6.1.9 Ernst & Young Global Limited

      10. 6.1.10 PricewaterhouseCoopers LLP

      11. 6.1.11 AT Kearney Inc

      12. 6.1.12 Tata Consultancy Services

      13. 6.1.13 Accenture PLC

      14. 6.1.14 Oliver Wyman Inc

      15. 6.1.15 Capgemini SE

      16. 6.1.16 LEK Consulting LLC

      17. 6.1.17 Mercer LLC

    2. *List Not Exhaustive


**Subject to Availability

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Frequently Asked Questions

The Management Consulting Services Market market is studied from 2018 - 2026.

The Management Consulting Services Market is growing at a CAGR of 5.5% over the next 5 years.

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

North America holds highest share in 2020.

McKinsey & Company, Bain & Company, Boston Consulting Group, Booz Allen Hamilton Inc., Deloitte Touche Tohmatsu Limited are the major companies operating in Management Consulting Services Market.

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