Avoid Costly Mistakes, Capitalise Opportunities

Over the past few years, the global consulting market has booked year-on-year growth, although growth rates differ between the more mature markets and emerging economies. With a total value of around $250 billion, the global consulting sector is one of the largest and most mature markets within the professional services industry.

Technology penetration is making its mark as a core capability within strategic consulting models. Emerging technologies are shaping the most successful businesses of tomorrow. Technologies such as blockchain, AI, and quantum computing are poised to transform the way companies work today. The constant emergence of new and disruptive technology has made it difficult for business owners to decide where and when to invest. These factors are expected to support growth for strategic consulting in the Asia Pacific.

The Asia Pacific consulting service market is highly competitive. It consists of many regional players, accounting for a considerable market share and focusing on expanding its client base. They aim to focus on research and development activities, strategic alliances, and other organic and inorganic growth strategies to stay in the market for years.

China is expected to lead the strategy consulting market in the Asia Pacific region in the forecast period. The increasing requirement for strategy consulting for IT management, finance, life science and healthcare, retail, government, and energy is also expected to propel growth. Despite the slowdown in China, Asia will continue to drive global growth stabilized at around 6 percent. But at the same time, the region shows significant differences across the various countries. India is spearheading the region north of 7 percent, with Japan close to 1 percent and South East Asia accelerating thanks to the robust local demand.

The rising demand for consultants seems to be driven by multinational corporations increasing their investments in the country. Also government initiatives including the $4 trillion ‘Belt and Road’ infrastructure investment plan is also transforming the landscape for domestic companies.

As a result, an analysis of the past five decades shows that the development of the consulting industry is closely tied to the developments of the global economy.