The management consulting services market is on the verge of radical change, with major companies such as Deloitte Touche Tohmatsu Limited, Accenture Plc, International Business Machines Corporation, Ernst & Young Global Limited and PricewaterhouseCoopers (PwC) leading the way. In terms of size, Strategy Consulting, the industry's most prestigious segment, represents less than 15% of the market and is comparable to the HR Consulting domain. Organizations are enjoying higher revenues and budgets due to burgeoning economic conditions, which paves the way for higher consultant spending. Globalization in the management consulting services industry is gaining momentum due to the rapid growth of the Internet, automation of consulting processes and advances in data security.
The UK saw the biggest growth in the industry, with an 8% increase to £6.79 billion. To stay ahead of the competition and continuously grow, consulting firms should focus on the top ten trends and statistics in management consulting. These include digital technologies and new business models, globalization, labor-intensive business services, AI analytics systems and more. JLL is a great example of a company leveraging an AI analytics system to streamline workloads.
There is a growing demand for management consulting services that target company executives and provide them with industry-specific specialists and subject matter experts. Digitalization is part of business growth, but money alone does not buy innovation. Companies must adapt quickly to customer needs through operations, structure and terms of service.