US Strategic Consulting Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 6.80 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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US Strategic Consulting Market Analysis
United States Strategic Consulting Services Market is expected to grow at a CAGR of 6.8% during the forecast period. Factors including rapid digitalization have led to increasing competition in business sectors with technological advancements and breakthrough innovations driving the United States Strategy consulting market. Smaller firms emerging with disruptive innovations have gained a reputation as market disruptors as they pose challenges to the business of larger firms.
- Every business strives hard to survive and gain a competitive advantage in the market, outpacing its competitor. Further, the changing economics, trade relations, and Government in a particular region drive the changes in how businesses are to be done. The market players focus on various initiatives to enhance their reach and boost their position in the United States Strategy consulting market.
- With the adoption of digital solutions, organizations can reach the maximum number of end-users. A digital strategy helps depict the crux between successful and failed strategies. The elements from the strategy and IT organization are brought together. The offerings are formulated, including developing a strategy for digital operations, design of online strategy or corporate IT, and analytics or cloud transition draft. The market players are looking ahead to support the United States Strategy consulting industry by innovating advanced technological components.
- With the adoption of digital solutions, organizations can reach the maximum number of end-users. A digital strategy helps depict the crux between successful and failed strategies. The elements from the strategy and IT organization are brought together. The offerings are formulated, including developing a strategy for digital operations, design of online strategy or corporate IT, and analytics or cloud transition draft. The market players are looking ahead to support the United States Strategy consulting industry by innovating advanced technological components.
- For most organizations, the key priority during the COVID-19 pandemic has been ensuring the enterprise's survival by protecting its people, cash flows, and supply chains. Once that goal is secured, the focus usually switches to reworking the operating model - driving greater agility and speed to deal with rapidly changing environments and making the organization's capabilities and culture more "digital native.
US Strategic Consulting Market Trends
This section covers the major market trends shaping the United States Strategic Consulting Services Market according to our research experts:
United States Strategic Consulting Services Market
- Consulting 4.0 can be comprehensively characterized as the digitization of the counseling business. This re-organizing process affects all business tasks and correspondence forms, and its pace is influenced by political, financial, social, and innovative advancements and guidelines. From a computerized advertising point of view, consultancies won't just need to alter administrations and industry arrangements offered to customers; however, they need to get advanced on a basic level to maintain believability over the long haul. This being stated, consultancies should step up their game to improve electronic help quality by utilizing e-counseling, client examination, search, and web-based social networking showcasing just a client-focused structure. Vital computerized promotion assumes a significant job in arriving at an upper hand.
- Strategic freedom and business development and innovation options are growing exponentially, forcing every company to transform and develop new digital capabilities and integrate them across the organization to create an intuitive enterprise. A truly intuitive organization integrates digital initiatives enterprisewide, regularly implements new and innovative technology, and uses digital capabilities to sense and shape markets.
- A Digital Strategy Consultant's major focus is technology geared toward changing business models and creating possibilities for a digital platform. They embed a transformation process that aids technology implementation to support the overall business goals.
- For instance, in July -2022, Management consultancy McKinsey & Company announced plans to expand its Atlanta workforce from 800 to 1,500 people by 2025. The expansion plans include opening a second Atlanta location in 2023, the creation of a technology and innovation hub, and the recent re-launch of a digital capability center.
- The technology and innovation hub combines two of the New York-headquartered consulting firm's groups: its client capabilities network (CCN) and its tech ecosystem group. The CCN comprises remote and in-person experts who support clients with solutions, frameworks, and diagnostics.
- Rapid changes in the industry are creating pressure for companies to revisit their day-to-day operations and innovate to reposition themselves for the future. The Strategic Investments team partners across JPMorgan Chase & Co. to make minority investments in emerging technology and FinTech companies to further accelerate innovation and digital transformation.
- Financial services remain the U.S. consulting market's biggest spending client. Banks and insurance companies, among others, spent a huge amount on U.S. consultants, which is increasing. Retail is the fastest growing client and growing continuously as retailers boosted their digital investments to address the rise of e-commerce and omnichannel demands. In 2021, U.S. e-commerce retail trade sales were worth over 870 billion U.S. dollars, up from 763 billion U.S. dollars in 2020.
- The growth in corporate profit is expected to increase business budgets, enabling companies to heighten spending on consulting services. Additionally, as business optimism improves, companies are expected to increase their labor forces and expand investment in new facilities and operating capacity. The acquisition will likely boost demand for process and operations management, corporate strategy, and organizational design consulting. Furthermore, continued I.T. innovations will probably keep shaping business operations and processes.
Growing Retail Industry in United States
- The United States is home to many leading retail companies worldwide, including Walmart, Costco, and Amazon. Most of these companies' sales are generated within their domestic market, dominating the American retail industry. In particular, Amazon has seen extreme revenue growth levels with the increase in e-commerce globally.
- According to the U.S. Census Bureau, by the end of 2021, total retail sales will reach approximately 6.6 trillion U.S. dollars, around a one billion U.S. dollar increase from the year before. Retail sales have steadily increased since 2009, as the economy recovered from the downward trend due to the recession following the 2007-2008 financial crisis and most recently from the impact of the coronavirus (COVID-19) crisis.
- According to the Bureau of Labor Statistics, Management consulting is a growing industry in the United States; since 2012, the number of management consultants in the U.S. has increased yearly, reaching 734,000 consultants in 2020. Retail is the fastest growing client and growing continuously as retailers boosted their digital investments to address the rise of e-commerce and omnichannel demands. In 2021, U.S. e-commerce retail trade sales were worth over 870 billion U.S. dollars, up from 763 billion U.S. dollars in 2020.
- Moreover, In 2021, McKinsey & Company was rated as the most prestigious consulting firm in the United States with an 8.98 rating. Management consulting services, broadly conceived of as including the operations, strategy, and human resources segments, constitute over half of the global market. The remainder of the market is comprised of various IT-related services. Thus the rise of management consulting firms directly led to the increase of strategic consulting firms in the United States.
US Strategic Consulting Industry Overview
The market for United States Strategic Consulting Services Market was highly fragmented. To meet the rising demand for the United States Strategic Consulting Services Market, major players in the global market are focusing on technological advancements and expansions. Furthermore, service providers are forming collaborations to develop new strategies and support the End user.
- March 2021- PwC is broadening its Advisory business in Luxembourg through launching Strategy &, its global Strategy consulting business and the admission of the new partner. PwC launches Strategy & in Luxembourg supported by newly appointed Advisory Partner Andrew McDowell. The focus of this strategic expertise will mainly be on sustainability.
- June 2021 - PwC International Network unveiled The New Equation, a revolutionary approach to how we see new opportunities to serve clients as they work to build trust and deliver sustained business outcomes. PwC's landmark strategy speaks to the two most fundamental needs clients and organizations are grappling with today. Second is the need to build trust when it is more fragile and more complicated to earn.
US Strategic Consulting Market Leaders
A.T. Kearney
Bain and Co. Inc
Boston Consulting Group Inc.
PricewaterhouseCoopers LLP
Cornerstone Research
*Disclaimer: Major Players sorted in no particular order
US Strategic Consulting Market News
- June 2022 - McKinsey & Company has acquired Caserta, a New York-based data analytics consulting and implementation firm. McKinsey strengthens data capabilities with the Caserta acquisition; Caserta, the firm, works with Fortune 100 companies to roadmap, design, and implement cutting-edge data architectures.
US Strategic Consulting Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Intensity of Competitive Rivalry
4.3.5 Threat of Substitutes
4.4 An Assessment of the impact of COVID-19 on the Industry
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Growing Investment in Emerging Technologies is Surging Companies Growth Strategy
5.1.2 Adoption of BI and Advanced Data Management Strategies across Multiple End-user Domain
5.2 Market Restraints
5.2.1 Changing Project Complexities Coupled with High Competition in the Market
6. MARKET SEGMENTATION
6.1 END-USER INDUSTRY
6.1.1 Financial Services
6.1.2 Life Sciences and Healthcare
6.1.3 Retail
6.1.4 Government
6.1.5 Energy
6.1.6 Other End-user Industries
7. COMPETITIVE LANDSCAPE
8. Company Profiles
8.1 Deloitte Touche Tohmatsu Limited
8.1.1 Accenture PLC
8.1.2 PricewaterhouseCoopers LLP
8.1.3 Ernst & Young Global Limited
8.1.4 Capgemini SE
8.1.5 KPMG International
8.1.6 Boston Consulting Group
8.1.7 A. T. Kearney Inc.
8.1.8 McKinsey & Company
8.1.9 Bain & Company
8.1.10 Roland Berger
- *List Not Exhaustive
9. 8. INVESTMENT ANALYSIS
10. 9. FUTURE OF THE MARKET
US Strategic Consulting Industry Segmentation
Strategy consultants support businesses with developing and implementing business strategies. It is considered to be the most prestigious form of consulting. Many organizations lack the in-house expertise to develop and implement a successful strategy.
United States Strategic Consulting Services Market is segmented By End-User Industry (Financial Services, Life Sciences and Healthcare, Retail, Government, Energy, and Other End-user Industries)
| END-USER INDUSTRY | |
| Financial Services | |
| Life Sciences and Healthcare | |
| Retail | |
| Government | |
| Energy | |
| Other End-user Industries |
US Strategic Consulting Market Research FAQs
What is the current United States Strategic Consulting Services Market size?
The United States Strategic Consulting Services Market is projected to register a CAGR of 6.80% during the forecast period (2024-2029)
Who are the key players in United States Strategic Consulting Services Market?
A.T. Kearney, Bain and Co. Inc, Boston Consulting Group Inc., PricewaterhouseCoopers LLP and Cornerstone Research are the major companies operating in the United States Strategic Consulting Services Market.
What years does this United States Strategic Consulting Services Market cover?
The report covers the United States Strategic Consulting Services Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the United States Strategic Consulting Services Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
US Strategy Consulting Industry Report
Statistics for the 2024 US Strategy Consulting market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. US Strategy Consulting analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
