Rapid technology change, increased pressure to reduce costs, and increased use of smartphones are introducing the concept of virtual firms to market players in the management consulting industry. It is expected that a high number of management consulting firms will go virtual and have few permanent offices. By hiring contract employees, placing the entire infrastructure in the cloud, and utilizing a small number of physical offices, management-consulting firms will be able to cut costs and increase revenues. Companies such as Aepiphanni Business Consulting have already adopted a virtual firm concept and are providing management consulting to their clients online.
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With the emergence of information communication and technology, the world is rapidly moving towards the process of digitalization. Investor expectations, rising competition, new regulatory pressures and increasing opportunities are putting organizations under pressure to digitalize their processes and management. Management consulting firms are providing IT transformation services to businesses, banks and other organizations to overcome challenges such as rising stakeholder expectations and flat or declining budgets. Such services include identifying critical technologies, setting an IT agenda, consolidating, standardizing and harmonizing IT solutions across business divisions in a cost-effective manner. For example, Accenture Consultancy increased its revenues from the communications, media & technology division by 16.6% from 2017 to 2018 due to increased demand for digital transformation for management services.
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The management consulting (MC) market consists of the sales of MC services and related goods by entities (organizations, sole traders and partnerships) that provide a range of services providing advice and assistance on organizational planning, financial budgeting, marketing strategies, human resource practices, administration policies and production and logistics scheduling. Such services include solutions for administrative management issues, strategic and organizational planning, business process improvement, human resource and personnel policies, developing marketing planning and strategy, productivity improvement, quality assurance and quality control.
The professional services market, of which the management consulting market is a segment, consists of the sales of professional services and related goods by entities (organizations, sole traders and partnerships) that offer services that provide support to businesses of all sizes, in all industries, and to individuals and institutions, in processes where human capital is the major input. Professional services establishments make available the knowledge and skills of their employees, often on an assignment basis, where an individual or team is responsible for the delivery of services to the client.
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The management consulting market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast growth by geography. It places the market within the context of the wider professional services market, and compares it with other markets.