Consulting Services Market Size and Forecast (by Country, IT Solution Area, Size Band and Vertical) to 2027
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Consulting Services Market Overview
The global consulting services market size was valued at US$ 343.47 billion in 2022 and will grow at a compounded annual growth rate (CAGR) of 7.56% to reach US$ 494.57 billion by 2027. The cumulative revenue generation for consulting services providers is estimated at US$ 2475.57 billion for 2022-2027.
Consulting Services Market Outlook, 2022-2027 (US$ Billion)
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The ‘Consulting Services Market’ opportunity forecast report provides the total addressable market for consulting services solutions from 2019 to 2027.
Market Size (2022) | US$ 343.47 billion |
Market Size (2027) | US$ 494.57 billion |
CAGR (2022-2027) | 7.56% |
Key Segments | · Education and Training Services
· Security Consulting · Systems Design and Integration |
Key Regions | · North America
· South & Central America · Western Europe · Central & Eastern Europe · Middle East & Africa · Asia Pacific |
Key Verticals | · Manufacturing
· Information Technology · Retail · Retail Banking · Government · Insurance · Transport and Logistics · Healthcare · Construction · Energy · Consumer Goods · Financial Markets · Utilities · Communication · Education · Foodservice · Travel and Leisure · Media · Pharmaceuticals · Mining · Medical Devices · Others |
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Consulting Services Market Segmentation by Region
The consulting services market is geographically segmented into North America, South and Central America, Western Europe, Central and Eastern Europe, Middle East Africa, and the Asia Pacific.
The Asia Pacific region dominated the consulting services market with a revenue share of 34.3% in 2022. Undoubtedly, China held the largest market share of 31.9% in this region. On the other hand, North America and Western Europe held the second and third positions with 30.6% and 18.1% of market shares, respectively.
Consulting Services Market Share by Region, 2022 (%)
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Consulting Services Market Segmentation by Vertical
Manufacturing, information technology, retail, retail banking, insurance, government, construction, healthcare, transport and logistics, and energy are a few of the key end-use industries making use of consulting services in their operations. In terms of vertical end-use segments, the manufacturing sector held the highest market share of 9.4%, followed by the information technology sector.
The consulting services market for the energy sector is expected to be the fastest-growing segment, recording an estimated CAGR of 9.41%, during the forecast period.
Consulting Services Market Share by Verticals, 2022 (%)
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Consulting Services Market - Competitive Landscape
A few of the major players significantly impacting the consulting services market are Microsoft Corporation, Synnex Corp, IBM Corporation, Accenture, and Fujitsu Limited among others.
Leading Consulting Services Companies
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Scope
This product provides revenue opportunity forecasts in the consulting services market from 2019 to 2027, spanning 52 geographical markets, 6 regions, and 22 verticals.
Key Highlights
- The global consulting services market is expected to grow at a CAGR of 7.56% over the forecast period.
- Asia Pacific will hold the highest market share of 34.3% in the consulting services market over the forecast period. North America and Western Europe will follow with market shares of 30.6% and 18.1%, respectively. The Middle East, Africa, Central and Eastern Europe, and South and Central America together are expected to account for the remaining market share of 17.0%.
Reasons to Buy
- Access the current state and expected growth (next 5 years) of the consulting services
- Determine lucrative sectors for consulting services, considering their current contribution to the overall consulting services market and their expected input toward the market growth over the next 5 years.
- Identify the geographies/countries that would contribute to the consulting services market growth over the next 5 years.
Frequently asked questions
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What was the consulting services market size in 2022?
The consulting services market size was estimated at US$ 343.47 billion in 2022 and is expected to reach US$ 366.92 billion in 2023.
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What will the consulting services market growth be by 2027?
The consulting services market is expected to grow at a compound annual growth rate of 7.56% over the forecast period to reach US$ 494.57 billion by 2027.
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Which industry vertical led the consulting services market in 2022?
The manufacturing sector was the largest vertical with 9.4% market share in 2022.
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Which region accounted for the largest consulting services market share in 2022?
The Asia Pacific region dominated the consulting services market with 34.3% market share in 2022.
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