Market Size of North America Strategic Consulting Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR | 7.20 % |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
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North America Strategic Consulting Market Analysis
North America Strategic Consulting Market is expected to register a CAGR of 7.2% over the forecast period, 2022 to 2027.
- Rapid digitalization and other factors have made business sectors more competitive, and technology developments and ground-breaking innovations drive the North American market for strategic consulting. Smaller companies that introduce disruptive innovations have earned the name "market disruptors" because they provide problems for the operations of larger companies. Simply said, today's corporate environment is defined by fierce rivalry. Every company nowadays works extremely hard to survive and obtain a competitive edge over its rivals.
- As former consultants swell the ranks of their former clients, traditional strategy consulting has grown increasingly commodified in recent years. Many large corporations have established their internal consulting practices, including MasterCard and Pfizer. These practices typically have a much better understanding of their operations, which helps lessen their reliance on outside consultants.
- Nevertheless, customers have historically had difficulty putting their management consultants' strategies into practice. Many projects suggested by consultants don't produce the outcomes that were previously anticipated. This is due to several factors, including the recommendations being too challenging to implement and a lack of skill and motivation to drive the implementation.
- The pandemic has highlighted the importance of strategic planning, emergency preparedness, and scenario development. In an effort to provide their consumers with a superior level of service, clients are increasingly preparing to share their risks through strategic partnerships with consultants. In order to operate a scalable business model, such as a subscription service, such collaborations would necessitate consulting firms to create specific business models. This would make it possible for consultants to give their customers more flexible and tailored services. Digital projects have also increased in frequency and demand as a result of COVID. The labor-intensive business consultancy industry is increasingly being digitalized in order to advance. Large amounts of data need to be processed and analyzed, and tools like Looker, Tableau, Microsoft Power BI, Qlik, SAS, and Domo assist in this process.
- These elements have compelled strategy consulting businesses to remake themselves, integrating digital as a fundamental component of their offerings rather than just traditional strategy and extending their services to include the implementation of strategies. In order to succeed in the era of "digital transformation," consulting firms need to be strong in the three areas of strategy, technology, and implementation.
North America Strategic Consulting Industry Segmentation
Strategy consultants provide in-depth industry knowledge and impartial advice to provide organizations with the best outcomes for major decisions. The Strategic Consulting services Market forms a sub-set of overall consulting focused on developing 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.
North America Strategic Consulting Market is segmented by End-User (Financial Services, Life Sciences, and Healthcare, Retail, Government, Energy) and Country.
By End-User Industry | |
Financial Services | |
Life Sciences and Healthcare | |
Retail | |
Government | |
Energy | |
Other End-User Industries |
By Country | |
United States | |
Canada |
North America Strategic Consulting Market Size Summary
The North American strategic consulting market is experiencing significant growth, driven by rapid digitalization and technological advancements that have intensified competition across various business sectors. Companies are increasingly facing challenges from smaller, innovative firms that disrupt traditional business models. This competitive landscape has led to a commodification of traditional strategy consulting, as many large corporations establish internal consulting practices to better understand and manage their operations. Despite these developments, clients often struggle to implement the strategies proposed by consultants, which can be attributed to the complexity of recommendations and a lack of necessary skills and motivation. The COVID-19 pandemic has further underscored the importance of strategic planning and adaptability, prompting businesses to seek more flexible and tailored consulting services that integrate digital solutions. As a result, consulting firms are evolving to offer comprehensive services that encompass strategy, technology, and implementation, aiming to support clients in navigating the challenges of digital transformation.
In the healthcare sector, strategic consulting is becoming increasingly vital as organizations strive to optimize operational efficiencies and enhance service delivery. The demand for healthcare consulting services is being fueled by the need to manage the sector's logistical and operational challenges, particularly in the wake of the COVID-19 pandemic. Investments in modernizing healthcare infrastructure in the United States and Canada are expected to drive further growth in this market, as chronic diseases become more prevalent. The strategic consulting market in North America is characterized by a diverse range of industries, leading to a fragmented competitive landscape. Prominent firms such as A.T. Kearney, Accenture, Deloitte, and McKinsey & Company are key players in this space, continuously adapting to meet the evolving needs of their clients. Recent acquisitions and strategic partnerships, such as those involving Tata Consultancy Services and Payments Canada, highlight the ongoing efforts to enhance digital capabilities and streamline operations across various sectors.
North America Strategic Consulting Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 Strategy and Operations to Drive the market
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1.1.2 SMEs to Exhibit a Strong Growth Rate
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1.2 Market Challenges
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1.2.1 Organizations establishing in-house consulting groups
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1.3 Market Opportunities
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1.3.1 Analysis of retention strategies adopted by market incumbents in the United States to retain talent
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1.3.2 Analysis of the Impact of Industry 4.0 and Digital transformation-related Practices on the Strategic Consulting Services Market
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1.3.3 Analysis on the rise of Strategic Consultancy Services focused on Small and Mid-sized Enterprises
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2. MARKET SEGMENTATION
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2.1 By End-User Industry
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2.1.1 Financial Services
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2.1.2 Life Sciences and Healthcare
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2.1.3 Retail
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2.1.4 Government
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2.1.5 Energy
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2.1.6 Other End-User Industries
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2.2 By Country
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2.2.1 United States
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2.2.2 Canada
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North America Strategic Consulting Market Size FAQs
What is the current North America Strategic Consulting Market size?
The North America Strategic Consulting Market is projected to register a CAGR of 7.20% during the forecast period (2024-2029)
Who are the key players in North America Strategic Consulting Market?
Kearney, Accenture, Bain & Company, Boston Consulting Group and Deloitte are the major companies operating in the North America Strategic Consulting Market.