Strategy consulting market to grow by $57.76 billion by 2026

18 October 2022 1 min. read
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The global strategy consulting market is expected to expand by $57.76 billion between 2021 and 2026, according to a report from research firm Technavio.

The report projects the consulting market will slightly decelerate at a compound annual growth rate (CAGR) of 17.4% over the projection period, compared to a very strong 2022. On the back of resurgent demand after a brief early pandemic downturn, the strategy consulting market will have projected year-over-year growth of 20% in 2022.

North America will account for 36% of the market’s growth over the 2021-2026 forecast timeframe, with the US remaining the top market for strategy consulting. With recent rapid growth, North America will present a number of chances for market vendors to expand in the next five years, according to Technavio.

Strategy consulting market to grow by $57.76 billion by 2026

The report expects the US, China, UK, Germany, and Japan to remain the largest markets for strategy consulting.

The rising need for improved customer digital experience is expected to be a primary driver of the market, though factors such as data security and privacy may limit growth.

Among consultancies, growing competition is compelling firms to adopt growth strategies including promotional activities and advertisement to improve visibility. Firms are also pursuing mergers and acquisitions to remain competitive.

The strategy consulting market is expected to continue to be fragmented, with numerous players. M&A level is expected to continue to be a medium level, with regulatory control forces also pegged at a medium level.