Market Trends of Global Strategic Consulting Services Industry
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
- Modern mobile and digital gadgets enable access to information, goods, and services across several digital channels. Businesses must display their brands effectively across numerous touchpoints, channels, and devices their customers use to provide a cohesive brand experience. To detect and shape market possibilities ahead of their competitors, they must also use analytics and the amount of data present within and outside the organization. A digital approach is crucial in developing an intuitive business and driving the growth of the global strategic consulting services market.
- For example, 71 & Change, a leader in change management, change analytics. People-centered project management was acquired by West Monroe, a consulting business in the fields of operations, marketing, sales and service, digital and technology, cloud advisory, systems and platforms, Analytics and AI, and HR advisor (PCPM). Adding leadership depth, breadth, and scale through the purchase of 71 & Change broadens the scope of West Monroe's organizational change management services. Under the agreement, West Monroe's organizational change management staff will almost quadruple nationwide.
- The market witness mergers and acquisitions for capacity enhancement. This cohesive competency givesgives ultimate strategic solutions to customers' problems, and hence drives market growth. For example, The Planet Group, a portfolio company of Odyssey Investment Partners and a top supplier of consulting and outsourced human capital solutions, announced reaching an agreement to acquire Future State Consulting, a market leader in providing consulting and talent for the technology sector.
- Rufus Leonard, a brand designer and experienced business with offices in London, has been bought by global IT services and consulting company Capgemini. Capgemini provides expert IT services and strategy consulting in design, operations, cloud, data, AI, connectivity, software, digital engineering, and platforms. Capgemini has about 340,000 team members in more than 50 countries.
- Companies focus on sustainable growth and including ESG in their strategy. This creates opportunities for the global strategic consulting services market. For example, Clermont Partners (Clermont), a women-owned consultancy with expertise in investor relations, environmental, social, and governance (ESG) communications and strategy, and transaction communications, was acquired by Riveron, a national business advisory firm. With the addition of a comprehensive portfolio of services to help clients at every stage of their sustainability journey, the purchase strengthens Riveron's vital ESG offerings.
- Nordic Consulting Partners, a Madison, Wisconsin-based provider of health and technology consulting services, was acquired by Accrete Health Partners, a strategic holding company established by Bon Secours Mercy Health. Nordic is a company that operates in North America, Europe, and the Middle East. It offers services in strategic advising, project management, the installation of EHR and ERP, digital and cloud projects, and business technology transformation.
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Asia-Pacific Region is experiencing the Highest Growth Rate
- The region consists of the highest number of developing countries. The rising economy in the region and technological advancement make businesses go for a strategic transformation. Hence, Asia-Pacific is witnessing the highest growth rate in the strategic consultation services market. For example, Enero Group Limited announced two significant acquisitions that will help Hotwire, a leading global technology communications consultancy, develop faster. The capabilities of Hotwire in North America will be further expanded and transformed by ROI DNA, a top B2B digital marketing firm that provides a portfolio of revenue-accelerating services to some of the biggest technology businesses in the world. GetIT will also expand Hotwire's client services to include digital marketing, brand strategy, reputation management, and public relations through its Singapore, India, Malaysia, and Japan offices. GetIT is the top B2B technology-focused marketing firm in APAC.
- Global companies are also acquiring niche strategic solution firms in the region to gain speed in their expertise in a specific field. For example, PwC has plans to purchase Venerate Solutions Private Limited, a salesforce consultancy business with offices in Bengaluru, India. On the Salesforce platform, venerate creates and implements specialized solutions across several clouds, including the financial services cloud, the salesforce marketing cloud, and numerous integration tools.
- With the acquisition of Concept International Business Consulting, a preeminent Strategic services consultant, Acclime announced its strategic entry in India (CIBC). With the aid of this combination, CIBC will be able to provide clients access to Acclime's vast network throughout Asia to give strategic consultation on accounting, financial, and HR services.
- Digitalization is a key to success, but the risk of data breaching is inevitable, which is why companies in the region strategize their business for strong security protocol. This drives the strategic consultancy market in Asia-Pacific. With a launch focus on financial crime, risk, and regulation, FTI Consulting expanded its strategic consulting services offering to Asia. FTI Consulting provides clients with specialized management consulting services in areas like strategy, organization, transactions, finance, change, forensics, and communications. It also offers them an outsourcing option for tactical and operational processes.
- Additionally, the first purchase in Asia for global strategic consulting company EY-Parthenon since the company was founded eight years ago is T-Plus Consulting. EY's strategic unit in South Korea would get the benefits from the management consulting firm T-Plus Consulting, which specializes in corporate growth, mergers and acquisitions, and value creation.
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