Global Management Consulting Services Market H1 2024 Competitive Intelligence Report
The management consulting industry is characterized by intense competition. To stay ahead, firms must continuously benchmark their performance against peers and identify areas of improvement.
Evalueserve's Global Management Consulting Services Market Report H1 2024 provides a comprehensive analysis of the management consulting landscape. It offers a comparative analysis of key market players on different parameters, including deal activity, senior hiring, client wins, and addition of new capabilities.
Notable competitors covered in the report include Deloitte, Accenture, PwC, EY, KPMG, McKinsey, BCG, Bain & Company, FTI Consulting, and Oliver Wyman. Based on a thorough analysis of the competitive landscape, the report highlights the following:
- Increased deal flow: Excluding Accenture and FTI, all other covered firms experienced an increase in deal volume in H1 2024, compared with H1 2023. McKinsey & Company and BCG showed the most substantial growth in deal volume, suggesting proactive business development strategies.
- Strategic resource optimization: Deloitte and McKinsey reported a decrease in hiring, signaling a strategic adjustment to optimize resources.
- Intensified competition: Nearly all firms, except McKinsey and Accenture, reported fewer client wins in H1 2024, suggesting increasing competition within the industry.
- Focus on innovation: Most firms exhibited a heightened focus on developing new capabilities, highlighting a shared strategic priority to innovate and adapt to evolving market demands.
Geographically, the US and the UK emerged as the top regions, in terms of deals, hiring, client wins, and new capabilities. In the sector landscape, the telecom, media, and technology (TMT) sector took the lead in securing deals, winning clients, and developing new capabilities.
Additionally, the report provides a comparative analysis of top professional services firms’ investment activities and thought leadership publications. Its key findings highlight the following:
- Executive change was a leading area of investment focus. With 47 key executive changes, Alvarez & Marsal (A&M) was the top investor in this category in H1 2024, potentially reflecting a strategic shift or response to current market conditions.
- The Big Four (PwC, Deloitte, EY, and KPMG) exhibited a more diversified approach. They allocated investments across multiple areas, suggesting a broader strategic vision aimed at addressing various aspects of their business.
- An analysis of thought leadership publications highlighted the growing prominence of environmental, social and governance (ESG) topics within the professional services landscape. It reflects ongoing corporate and societal priorities related to sustainability and responsible governance practices.
- Gen AI experienced a heightened interest among thought leaders in H1 2024, with Deloitte and McKinsey leading the way with more than 100 pieces published on the topic.
- Strategic resource optimization: Deloitte and McKinsey reported a decrease in hiring, signaling a strategic adjustment to optimize resources.
Conclusion
The management consulting industry remains highly competitive, with firms vying for market share through deal wins, talent acquisition, and innovative strategies. As the industry continues to evolve, firms must adapt to changing market dynamics and leverage emerging technologies, such as artificial intelligence, to maintain their competitive edge.
For a deeper understanding of the management consulting space and valuable insights into key trends shaping the industry, we recommend reading the Evalueserve report.
