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Strategic Consulting Services Market Analysis

Prominent industry leaders use strategy consulting as a tactic to hold onto their position or capitalize on impending developments in their respective markets. With the convenience of adding products to address customers' requirements, the availability of data and facts, and the enormous demand from large and small businesses, strategy consulting firms are growing rapidly. The global strategic consulting services market is projected to expand at a CAGR of 4.3% during the forecasted period.

• With the rising global economy, the growth of new businesses is inevitable. Establishing a strategic plan for the business and scaling up the units are very crucial for any business. The industry with the quickest growth rate is SMEs, and most SMEs are operated by families, with one generation of owners passing the business to the next. The aspirations of the future generation may be great, but their understanding of the market may not be. Additionally, while some SMEs can grow, others are still in the early stages of developing their market potential. This is because every small firm begins with a creative idea and, subsequently, a plan, but they overlook the fact that scaling up procedures, staff, and strategy is also necessary for growth. This creates opportunities for the global strategic consulting services market. For example, Spinta Digital offers innovative business strategies. They develop comprehensive growth strategies using MarTech and digital marketing integrations to position firms and build successful sales funnels. They support startups from the beginning to the end and regularly do analyses to make sure they are moving in the right direction. One of the world's largest startup ecosystems is found in India. Some of the D2C (Direct-to-Customer) businesses that have been successful include BoAt, Swiggy, mCaffeine, and Plum Goodness.
• Companies worldwide are going through various mergers and acquisitions to gain a competitive advantage and increase their expertise. The alignment of the mission and vision of these companies with cohesive working principles is very important and needs a strategy for easy delivery. Thus, the global strategic consulting services market is growing. For example, PwC invested in one of the top Amazon Web Services (AWS) Premier Consulting Partners, Zero&One. The capital infusion, which both companies marketed as a "strategic investment" in a joint press release, will provide Zero&One the financial power to increase its customer base throughout the region and diversify its portfolio of services.
• In the digitalization trend, business growth depends on the promotion of products and services through digital channels, indirectly increasing the need for the strategic consulting market. For example, Convergence Acceleration Solutions (CAS), LLC, a consultancy firm based in the US, was bought by Wipro. Services, from strategy formulation and planning to execution and implementation, will be offered to clients through the joint business. In addition to cable, data, and telecom retail solutions, CAS offers clients strategic transformation initiatives across 17 centers of service, including mobile/wireless, business, and fiber-optic services.
• In-house strategy and consulting teams are becoming common, complementing traditional consulting companies' services and increasingly stealing revenue from them. Compared to external consulting firms, internal consulting groups have a variety of benefits, such as a corporate viewpoint, continuity in execution, the ability to recruit top personnel, higher levels of confidentiality, and increased cost-effectiveness. For example, with the Internet of Everything (IoE), which is transforming many industries, Cisco formed its own internal strategic consulting division called Cisco Consulting Services. Thus, the development of in-house strategic consultation restricts the growth of the global strategic consulting service market.
• COVID-19 positively impacted the global strategic consulting services market in the long run. All businesses' ecosystem changed due to the pandemic, including changes in established supply chains and office working to remote working scenarios. Strategic planning was essential for companies to overcome these disruptions. All sectors' business stopped with lockdowns, and no new planning or implementation was witnessed, resulting in a negative impact on the market. However, after the pandemic, the rising need for restructuring and new strategies for business development drives the global strategic consulting services market.

Strategic Consulting Services Market Trends

This section covers the major market trends shaping the Strategic Consulting Services Market according to our research experts:

Demand for Digital Strategy and Increased Mergers and Acquisitions

Strategic Consulting Services Industry Segmentation

The strategic consulting services market forms a sub-set of overall consulting that focuses on the development of corporate, functional, and organizational strategies. The scope of the study is limited to tracking the revenue generated through strategy consulting services in the domains of corporate strategy, business model transformation, economic policy, mergers and acquisitions, organizational strategy, functional strategy, strategy and operations, and digital strategy.