MARKET OVERVIEW - NORTH AMERICA BUSINESS MANAGEMENT CONSULTING MARKET
The North American consulting market represents the most mature region for management consultants and will see promising growth in the coming period. The main intention of business management consulting is to improve the organization’s work and efficiency by helping or consulting them. It can also be defined as providing consulting services to organizations to improve their performance. Management consultants help organizations solve problems, improve business performance, create value, and maximize growth. They identify solutions for business troubles and make suggestions for changes to implement. There are various operations included in management consulting, such as e-business, marketing, supply chain management, and business strategy. To become a management consultant is a varying job in general, a management consultant provides organizations with strategic advice and project management consulting to help them resolve a varied of complex business issues, makes process easier and improves organization efficiency.
MARKET DRIVERS
The increasing services, such as investment planning, insurance and retirement planning in the region will drive the market growth during the forecast period. The continuous penetration of digitization and a digital response to the growing need to adapt more quickly to client needs via operations, structure, and terms of service will drive the market’s growth over the forecast period. Many organizations adopt management consulting services for reducing operational costs and optimizing operations is driving the growth of the management consulting services market. In addition, consulting firms have just begun to shift from relying on humans for research, analysis, process, management, and facilitation will foster the market expansion. Furthermore, changing Legislative legislation changes how the US do business and impacts how management consulting works which will positively influence the market. Other factors contributing to the market’s growth, such as the increasing demand for HR consulting services, such as diversity and inclusion training, and employee engagement programs over the forecast period.
MARKET OPPORTUNITIES
The emerging technologies such as automation, AI, big data, digital, and Cloud to deliver outcomes such as user experience, employee experience, productivity, process improvement, agility, etc. will be the core factor for market future expansion. Clients will increasingly want to know the ‘How’ part of the Strategy from all Consulting firms and will expect Consulting firms to up their game in being able to deliver the desired business outcomes through the optimal combination of next-gen technologies. The introduction of the latest advents in technology and digitization are leading to more tech-oriented consulting work for consulting firms and will boost the market growth over the forecast period.
MARKET RESTRAINTS
Business Management Consulting is facing the crisis of a lack of skilled workforce, and the high cost of management consulting will hinder market growth over the forecast period. A growing expectation that organizations would need to rely more on external support in the future, even in “core” business functions will soar the demand in the consulting industry, and here is what the industry is at lacking to fulfill the demand. These are points that is likely to inhibit market growth.
MARKET GROWTH CHALLENGES
The Business Management Consulting market is facing challenges such as increased competition, finding new skills, and unpredictability in the. In addition, the market is also facing the changing ways buyers go about buying services. The market is always prone to consumer preferences. These are some challenges that the market is going through over time.
CUMULATIVE GROWTH ANALYSIS
The report provides an in-depth analysis of the North America Business Management Consulting market, market size, and compound annual growth rate (CAGR) for 2022-2028, considering 2021 as the base year. The increasing digitization and the adoption of third-party services by organizations to improve business efficiency is expected to propel growth at a specific CAGR from 2021-2028.
BUSINESS MANAGEMENT CONSULTING MARKET SEGMENTAL OVERVIEW
The North America Business Management Consulting market comprises
BUSINESS MANAGEMENT CONSULTING MARKET BY SERVICES
By Services, Business Management Consulting includes key segments of different market segments like services, end user industry and country.
- Strategy, Analytics and M&A
- Customer and Marketing
- Enterprise Technology & Performance
- Core Business Operations
- Human Capital
Strategy, Analytics, and M&A held the major market share in the business management consulting market. The segment growth is attributed to the company's need to address operations, including providing advice on strategy concepts, such as business strategy and operational techniques, within proper time management will drive the segment growth. For insurance carriers, M&A is a straightforward product sale. For most companies, M&A is an important asset and it boosts segment growth.
BUSINESS MANAGEMENT CONSULTING MARKET BY END-USER INDUSTRY
The Business Management Consulting market is applied across the end-user industry such as
- IT and Telecommunication
- Healthcare
- Hotel and Hospitality
- Media and Entertainment
- Real Estate
- BFSI
- Manufacturing
- Retail and E-Commerce
- Others
IT and telecommunication are the major market share-holding segments. Many IT companies are providing or outsourcing consulting services for their business operation and that will boost the segment growth over the forecast period. IT firms are relying on many forms of consulting for payroll and HRA-based operations and that will also propel the market’s growth. Therefore, the IT and Telecommunication industry is a major contributor and holds the major market share over the period.
BUSINESS MANAGEMENT CONSULTING MARKET BY COUNTRY
The North America Business Management Consulting market is studied for the following countries
- United States
- Canada
- Mexico
The United States region is expected to be a leader in the Business Management Consulting market. today’s consulting industry is dominated by the United States which makes up about 80% of the market. Another major boosting factor is that the region has the world’s top consulting companies in the business in the world. The adoption of new technologies will continue as professional services incorporate AI and digital solutions, which are more important for consulting firm clients, in order to improve their supply chain management and data processing. These factors are driving market growth in the United States.
COVID-19 IMPACT ANALYSIS ON THE NORTH AMERICAN BUSINESS MANAGEMENT CONSULTING MARKET
Axiom MRC provides a 360-degree analysis of micro and macro-economic factors in the North America Business Management Consulting market. In addition, a complete analysis of changes in the North America Business Management Consulting market expenditure, and economic and international policies on the supply and demand side is provided in this exclusive report. The report also studies the impact of a pandemic on North American economies, international trade, business investments, GDP, and the marketing strategies of key players present in the market.
COVID 19 impact on all industries and personal life is seen as adverse and the management consulting industry is no exception for it. The industry has hit a roadblock this year due to the lockdown and pandemic. It is expected that the downturn will lead to a loss of around $30 billion in revenues, severely affecting management consulting firms. Larger management consulting firms will be better placed during this upheaval as they have longer projected in the pipeline, which clients might be hesitant to cancel or delay. By the report of Consultancy.ORG, it has been subsequently estimated that COVID-19 could reduce the size of the consulting industry by 19%, from $160 billion in 2019 to $130 billion in 2020, with the second and third quarters of 2020 expected to be the worst periods for negative growth. The least affected sector is the financial sector. Contrary to the financial crisis, when they were bailed out, most institutions have improved liquidity. banks have the buffers to play an active role in supporting the economy’s recovery, meaning banks will be deploying initiatives, and in a continued competitive environment they continue to invest heavily in digitization. But other industries are also affected. Post-COVID, the market is witnessing many technologies and buzzing trends that can sure future growth.
COMPETITIVE LANDSCAPE ANALYSIS
The Business Management Consulting market has leading operating players that are majorly focused on expanding the North America growth of the Business Management Consulting industry with new product innovation, business expansion. The increasing presence of a range of manufacturers operating in the Business Management Consulting sector has led to the growing demand for the market. Besides, the market offers a range of products in different applications to fulfil the required demand of consumers, which further contributes to healthy growth in the market.
The key players studied in the market are
- McKinsey & Company
- KPMG
- PwC
- The Boston Consulting Group
- Fulcrum Worldwide
- Cognizant Technology Solutions
- Accenture
- Booz Allen Hamilton
- FTI Consulting
- Grant Thornton
- Hay Group
- HCL Axon
- Hitachi Consulting
- Hewitt Associates
- Gartner
- The Bridgespan Group
- Northrop Grumman Corporation (IT Consulting)
- Alvarez & Marsal
- Oliver Wyman
RECENT DEVELOPMENT:
Feb-2023: Bain & Company has announced a partnership with a services alliance with OpenAI, the parent company of ChatGPT. Bain & Company has developed an AI-powered chatbot for creating 'tailored digital solutions for its clients.
August 2022: Ernst & Young North America Limited announced the acquisition of Digital Detox Ventures Limited, a UK-based digital engineering consultancy. This deal brought a range of new skills and capabilities to support EY clients across four essential sectors, health, wellness, and sciences, real estate, hospitality and construction, and TMT.
