Market Trends of South-East Asia Consulting Services Industry
Strategy and Operations Segment to Witness Major Growth
- Strategy consulting encompasses the assistance provided to businesses in formulating strategic plans for a range of processes. Typically, strategy consultants collaborate with C-suite executives and senior management to gain insights and offer recommendations aligned with a company's goals and objectives. This consulting field is dedicated to aiding private sector clients in creating corporate, organizational, or functional strategies, as well as supporting public sector organizations and institutions in formulating economic policies.
- The strategy consulting services market encompasses a variety of disciplines, including corporate strategy, business model transformation, economic policy, mergers & acquisitions, and organizational strategy. In Southeast Asia, industries such as financial services, information technology, and life sciences are experiencing significant growth, creating numerous opportunities for various firms. As companies continue to evolve with diverse advancements and portfolios, competition intensifies. Consequently, there is an anticipated increase in demand for strategy consulting services throughout the region to deliver tailored solutions to various businesses.
- Consulting projects in operations management enhance client operations by providing guidance and assistance in implementing modifications to the target operating model, functional business processes, management systems, organizational culture, and other components of the value chain. The operations consulting and management services market encompasses several key disciplines, including organizational operations, sales and marketing, supply chain, sourcing and procurement, business process management, and outsourcing.
- The sourcing and procurement services within operations management encompass all activities related to procurement, focusing on the identification, assessment, and engagement of suppliers for the acquisition of goods and services. This sector is anticipated to experience significant growth during the forecast period, driven by the implementation of spend analysis to identify synergies and enhance both direct and indirect procurement operations. The increasing investments in the infrastructure by countries like Indonesia, Malaysia, and others are expected to drive opportunities across the supply chain and sourcing & procurement segments. According to the Ministry of Finance Indonesia, by 2024, the Indonesian government will allocate IDR 423 trillion (USD 0.027 trillion) for infrastructure development, an increase of 8% compared to 2022.
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Vietnam Holds Major Market Share
- The country has been registering significant growth in its economic development in line with the growth of its manufacturing and service sectors through startup and foreign direct investments. These are fueling the growth of the business ecosystem in Vietnam and creating a growth opportunity for consulting services during the forecast period.
- The National Business Registration Portal in Vietnam reported significant growth and an increasing monthly number of newly registered businesses. This will require business, financial, and operational strategy and advisory services in the market, supporting the growth of consulting services. In April 2024, the General Statistics Office (GSO) of Vietnam reported that around 14.3 thousand new business registrations were recorded in Vietnam in November 2023.
- Vietnam has actively pursued trade liberalization to foster an export-oriented economy, complementing its efforts to attract external investments. In line with this strategy, the nation has entered into Free Trade Agreements, supporting the business activities in the country, which would help the demand for consulting services.
- The country's government is prioritizing infrastructure development to support the country's manufacturing capability and service sector growth by building special economic zones and industrial parks, which would create a market growth opportunity. AMATA's industrial park projects in Vietnam have witnessed a surge in positive developments, attracting investments from multinational corporations.
- In August 2024, the northern midland province of Phu Tas completed the construction and expansion of 7 industrial zones and 21 industrial clusters, aiming to attract manufacturing and business projects. This shows the development of the industrial sector in the country, which would support the demand for consulting services for strategy, operations, technology, and financial productivity of businesses.
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