A new report by Allied Market Research predicts that the global strategy consulting industry will generate $111.4 billion by 2031, up from $38.4 billion in 2021, a CAGR of 11.6% over the coming decade. The report provides a detailed analysis of top segments, changing market trends, regional landscapes, key investment pockets, value chain, and competitive scenario.
The global strategy consulting market has been fueled by increasing globalization in consulting projects, a growing focus on risk sharing through strategic partnerships, the proliferation of digital-driving business models offered by strategy consulting, and M&A recommendations, with rising technology integration in consulting services offering new opportunities in the market. The industry is still recovering from the COVID-19 pandemic, with lockdowns, economic slowdowns, loss of life, travel restrictions, and remote working all playing a role in cooling the market in recent years.
During the forecast period, the business model transformation segment is expected to maintain its dominance in terms of revenue by the target year, though the digital strategy segment is projected to witness the highest CAGR of 15% from 2022 to 2031, due to the integration of novel technologies into business processes. The healthcare and pharmaceutical segment, the largest market in 2021, is expected to grow at the fastest rate due to the rise in the adoption of artificial intelligence (AI) solutions that streamline provider business processes and investments in information technology infrastructure modernization.
North America was the largest regional market in 2021, accounting for nearly two-fifths of global strategy consulting business, and is expected to account for the largest revenue growth during the forecast period. Rapid digitalization and the proliferation of automation, data analytics, blockchain, and other emerging technologies are expected to drive further growth. The APAC market stands to adopt strategy consulting services and solutions at a higher rate, as the region continues its significant growth and attracts further investment.
In spite of the practically steady stream of “once-in-a-lifetime” events that have impacted the global market, the need of businesses for strategic advisory services to help them survive and thrive in an increasingly uncertain world remains strong, and the industry as a whole stands to continue along a solid growth trajectory.