Technology
Consulting Services Segment Market to Grow by USD 134.9 Billion (2024-2028) as New Service Launches Drive Growth; AI-Redefined Market Landscape Report – Technavio
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2 years agoon
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NEW YORK, Oct. 31, 2024 /PRNewswire/ — Report with market evolution powered by AI – The global consulting services segment market size is estimated to grow by USD 134.9 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 7.2% during the forecast period. Launch of new services by vendors is driving market growth, with a trend towards increased focus of consulting firms on sustainability. However, cybersecurity issues in professional services poses a challenge.Key market players include Accenture PLC, Bain and Co. Inc., Boston Consulting Group Inc., Capgemini Services SAS, CGI Inc., Cognizant Technology Solutions Corp., Deloitte Touche Tohmatsu Ltd., Ernst and Young Global Ltd., FTI Consulting Inc., Gartner Inc., HCL Technologies Ltd., Infosys Ltd., International Business Machines Corp., KPMG International Ltd., McKinsey and Co., NTT DATA Corp., PricewaterhouseCoopers LLP, Roland Berger Holding GmbH and Co. KGaA, Tata Consultancy Services Ltd., and Wipro Ltd..
Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report
Consulting Services Segment Market Scope
Report Coverage
Details
Base year
2023
Historic period
2018 – 2022
Forecast period
2024-2028
Growth momentum & CAGR
Accelerate at a CAGR of 7.2%
Market growth 2024-2028
USD 134.9 billion
Market structure
Fragmented
YoY growth 2022-2023 (%)
6.5
Regional analysis
North America, Europe, APAC, Middle East and Africa, and South America
Performing market contribution
North America at 38%
Key countries
US, China, Japan, Germany, UK, France, South Korea, Spain, India, and Brazil
Key companies profiled
Accenture PLC, Bain and Co. Inc., Boston Consulting Group Inc., Capgemini Services SAS, CGI Inc., Cognizant Technology Solutions Corp., Deloitte Touche Tohmatsu Ltd., Ernst and Young Global Ltd., FTI Consulting Inc., Gartner Inc., HCL Technologies Ltd., Infosys Ltd., International Business Machines Corp., KPMG International Ltd., McKinsey and Co., NTT DATA Corp., PricewaterhouseCoopers LLP, Roland Berger Holding GmbH and Co. KGaA, Tata Consultancy Services Ltd., and Wipro Ltd.
Market Driver
The consulting services market is experiencing a notable transition towards sustainability, as businesses increasingly prioritize environmentally responsible practices. This trend is reflected in recent strategic moves by leading consulting firms. In September 2024, CBRE Romania strengthened its Environmental, Social, and Governance (ESG) and Sustainability Solutions division through a partnership with Access4you, a Hungarian company known for building accessibility certification. Similarly, global professional services firm EY expanded its sustainability consulting offerings with the acquisition of Denkstatt in April 2024. This acquisition allows EY to provide extensive support on sustainability matters, from business alignment to regulatory compliance and report review. Synergies in key megatrend areas, including artificial intelligence, blockchain, and data science, further bolster EY’s sustainability solutions. The market’s heightened focus on sustainability stems from the need to help businesses adopt eco-friendly and socially responsible practices. Strategic partnerships and acquisitions are essential for consulting firms to expand their sustainability capabilities and deliver comprehensive solutions, a trend that is anticipated to persist, fueling the growth of the global consulting services market.
Consulting services continue to be in high demand as businesses seek external expertise for strategic decision-making during digital transformations. Technology-driven consulting, including AI, machine learning, automation, and cloud-based platforms, are key trends. Cybersecurity, remote working, and operations consulting are also important areas of focus. Climate control and net zero strategy, decarbonization consulting, and human resources are also growing segments. Consulting firms offer services in various industries such as life sciences, financial services, energy, and technology. Client expectations prioritize operational performance, strategic planning, and IT consulting. Independent consultants and boutique businesses also play a significant role in providing specialized expertise. ML and technology advisory are essential for businesses aiming to stay competitive.
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Market Challenges
The consulting services market faces a growing vulnerability to cybersecurity threats, with an increasing number and complexity of incidents targeting businesses in this sector. Consulting, accounting, and legal services are prime targets due to the sensitive information they handle, such as intellectual property, legal documents, and client personally identifiable information (PII). Cybersecurity breaches can result in severe consequences, including financial losses, reputational damage, operational disruptions, employee stress, and regulatory scrutiny. Consulting firms, in particular, face unique challenges due to their complex vendor ecosystems and stringent regulatory requirements. Ransomware attacks have become prevalent, with law firms accounting for 46% of incidents. Consulting firms are at risk due to the highly sensitive nature of their data and their reliance on third-party vendors. The digitization of operations in the professional services sector offers efficiency and convenience but also heightens the risk of cyber threats. To mitigate these risks, professional services firms must adopt comprehensive cybersecurity strategies. This includes understanding specific threats, implementing security measures, continuous monitoring and response capabilities, investing in advanced cybersecurity technologies, fostering a culture of security awareness among employees, and developing strong vendor management practices. Compliance with regulatory requirements is also crucial in protecting against cyber threats. Cybersecurity challenges pose a significant risk to the growth of the consulting services market during the forecast period.In today’s business landscape, consulting services play a vital role in helping organizations overcome various challenges. Remote working, a new norm, brings unique complexities to operations consulting, supply chain management, and process management. Ensuring resilient supply chains, climate control, net zero strategy, and decarbonization consulting are essential for businesses in various sectors like life sciences, financial services, energy, and more. Human resources, IT and telecommunications, technology advisory, and ML require strategic planning and operational performance improvement. Client expectations demand technology investment in areas like cloud computing and ESG activities. Consulting firms offer management, technology, and strategy consulting services to meet these needs. Independent consultants and boutique businesses also play a role in providing specialized expertise. Overall, consulting services help businesses navigate operational efficiency, technology investment, and industry-specific challenges.
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Segment Overview
This consulting services segment market report extensively covers market segmentation by
Type 1.1 Management consulting1.2 IT Consulting1.3 Financial Consulting1.4 Marketing Consulting1.5 OthersConsumer 2.1 Large enterprises2.2 Small and medium enterprisesGeography 3.1 North America3.2 Europe3.3 APAC3.4 Middle East and Africa3.5 South America
1.1 Management consulting- The management consulting segment within the global consulting services market plays a pivotal role in addressing the strategic and operational needs of businesses across diverse sectors. This segment focuses on enhancing organizational performance by analyzing existing business issues and proposing improvement plans. Management consulting services encompass strategy, operations, and technology consulting. Strategy consulting assists organizations in defining long-term goals and identifying optimal paths to reach them, offering insights on market entry strategies, competitive analysis, and business model innovation. Operations consulting optimizes internal processes, such as supply chain management, process improvement, and efficiency enhancement, to streamline workflows, reduce costs, and boost productivity. In July 2024, Accenture announced its intention to acquire Camelot Management Consultants, a German firm specializing in SAP-focused management and technology consulting. This acquisition aims to strengthen Accenture’s capabilities in SAP and AI-driven supply chain solutions. By integrating Camelot’s expertise, Accenture intends to help clients develop intelligent and resilient supply chains, which are essential in today’s competitive business landscape. The management consulting segment’s continuous advancements and acquisitions position it for sustained growth and innovation, contributing to the expansion of the global consulting services market.
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Research Analysis
Consulting services refer to professional expertise provided by external firms to organizations for strategic decision-making and implementation. These services cover various industries, including technology, finance, energy, healthcare, and life sciences, among others. Consulting can help businesses navigate digital transformations through technology-driven consulting, data analytics, AI, machine learning, automation, virtual reality, and augmented reality. Cloud-based platforms, cybersecurity, human resources, legal firms, and labor laws are also common areas of consulting. Technology advisory, IT and telecommunications, and operations consulting are crucial for operational performance and efficiency. Strategy consulting, management consulting, and banking consulting offer valuable insights for long-term growth and success.
Market Research Overview
Consulting services refer to professional expertise provided by external firms or independent consultants to organizations for strategic decision-making and operational improvement. These services cover various domains such as digital transformations, technology-driven consulting, data analytics, AI, machine learning, automation, virtual reality, augmented reality, cloud-based platforms, cybersecurity, and more. Consulting firms offer expertise in areas like digital transformation, remote working, operations consulting, supply chain management, process management, resilient supply chains, climate control, net zero strategy, decarbonization consulting, human resources, IT and telecommunications, technology advisory, life sciences, financial services, energy, and more. Client expectations include operational performance, technology investment, cloud computing, ESG activities, and more. Consulting services help organizations navigate complex business challenges, leverage technology, and optimize operations.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
TypeManagement ConsultingIT ConsultingFinancial ConsultingMarketing ConsultingOthersConsumerLarge EnterprisesSmall And Medium EnterprisesGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio
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Samsung Selects Chandigarh University Student as ‘Punjab AI State Topper’
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CHANDIGARH, India, July 18, 2026 /PRNewswire/ — A Bachelor of Computer Applications (BCA) student of Chandigarh University, Devesh Panwar, has been named the “Punjab State Topper” in the Artificial Intelligence (AI) under the Samsung Innovation Campus (SIC) AI Program organised by Samsung in collaboration with Telecom Sector Skill Council (TSSC) and training partner Focal Skill Development (Focalyt) to equip Indian youth with industry-relevant in-demand skills in AI, loT, Big Data, and Coding & Programming, preparing them for future careers.
A final-year student of Bachelor of Computer Applications (BCA) at University Institute of Computing (UIC) of Chandigarh University, Devesh Panwar also won a cash award of Rs 1 lakh along with a laptop, and exclusive Samsung rewards for achieving this remarkable milestone under the Samsung Innovation Campus AI Program.
“Being named ‘AI State Topper’ was a moment of profound pride and validation for me. Hard work, intense technical training and a passion for AI culminated in the immense honor of the Punjab State Topper title. Besides getting access to state-of-the-art tools to fuel my future research and development endeavor, I gained world-class knowledge during the Samsung Innovation Campus (SIC) AI Program. It helped me in gaining hands-on experience and applied AI to solve real-world challenges, especially in aeronautical and technical domains,”
During Samsung Innovation Campus (SIC) AI Program, Devesh and his team worked on innovative AI capstone project which was presented before the jury panel as part of the final assessment.
“Our team developed the advanced AI-powered system AI Research Agent, a Retrieval-Augmented Generation (RAG) platform designed for intelligent querying of private document collections. Organizations, researchers, legal professionals, and HR teams often work with large collections of documents. Traditional search methods rely heavily on keyword matching and require significant manual effort to locate relevant information. The project was developed to address the limitations of traditional document search systems, which often struggle with contextual understanding, retrieval accuracy, learning adaptability, and response speed,” said Devesh.
“The developed system demonstrated significant improvements over traditional document retrieval approaches with faster response generation with integration of modern AI techniques, full-stack development, database systems, and intelligent automation into a single practical solution. By combining modern RAG architecture with innovative retrieval and reasoning mechanisms, this system provides a fast, intelligent, and user-friendly solution for knowledge discovery and resume evaluation. This project not only enhanced our technical expertise in Artificial Intelligence and Full-Stack Development but also strengthened our problem-solving, teamwork, and professional communication skills. It stands as a significant achievement of our Samsung Innovation Campus 2025 journey and reflects our commitment to building impactful AI solutions for real-world challenges,” he added.
Congratulating Devesh Panwar for being named “Punjab State Topper” AI under the Samsung Innovation Campus Samsung Innovation Program, Deepinder Singh Sandhu, Senior Managing Director, Chandigarh University, said, “Devesh’s achievement reflects Chandigarh University’s focus on experiential learning and industry-academia collaboration. Through the Samsung Innovation Campus AI Program, CU students gain practical exposure to AI and building solutions for real-world challenges. This accomplishment reflects not only Devesh’s commitment to excellence but also the growing culture of innovation and industry-oriented learning at Chandigarh University,”.
“Since its inception, Chandigarh University has set benchmarks for world-class education with its dynamic hands-on experiential learning model, industry-aligned programs, dynamic fraternity, state-of-the-art infrastructure facilities and impeccable placements. Samsung Innovation Program is also part of our initiatives to develop a future-ready talent pool equipped with advanced capabilities in AI, loT, Big Data, and Coding and Programming. By bridging the gap between theoretical learning and real-world application, this collaboration helps in providing CU’s computer science and computing students exposure to cutting-edge and emerging technologies. CU’s this partnership with Samsung is focused on building future-ready talent equipped with industry-relevant skills in AI and emerging technologies,” Sandhu said.
He said Chandigarh University’s Institute of Computing (UIC) prepares students for a successful career in computing, to create and disseminate computing knowledge and technology. “Chandigarh University carries a vision of crafting next-gen IT professionals who can take up industry challenges effectively and our Institute of Computing (UIC) prepares students for a successful career in computing, to create and disseminate computing knowledge and technology. UIC’s hands-on approach paves the way for a smooth transition to the workforce after graduation. Our students are equipped with the best knowledge, skills and passion to succeed in any number of computing careers. CU’s Institute of Computing renders cutting-edge education ranging from the expertise in traditional software development -to- modern computing technologies. Fully-equipped industry-sponsored labs, industry-aligned curriculum, and accreditations and validations by top companies such as Intel, Microsoft, Google Android, Red Hat etc. give our students an exclusive edge over others,” the Chandigarh University CMD said.
Sandhu said the latest edition of QS World University Rankings has yet again reaffirmed Chandigarh University global standing as a top educational institution. “Continuing its remarkable rise among the world’s leading higher education institutions, Chandigarh University (CU) has made impressive strides in the latest edition of prestigious QS World University Rankings 2027 by securing an overall world rank of 526, an increase of 49 ranks as compared to 575th rank in QS’ 2026 Rankings. This is for the fifth consecutive year that Chandigarh University’s global rankings have witnessed an impressive surge with CU’s world rank going up by an impressive 274 ranks — from the 800th rank in 2023 to 526th in 2027’s Rankings,”.
“As per the latest QS World University Rankings, with All India Rank of 13 among all universities in the country as compared to 16th rank in 2026’s rankings, Chandigarh University now ranks among the top 1% of universities in India and the top 2% of universities in the World, underscoring its growing reputation as a leading institution of higher learning, both in India and globally,” he added.
About Chandigarh University
Chandigarh University is a NAAC A+ Grade University and QS World Ranked University. This autonomous educational institution is approved by UGC and is located near Chandigarh in the state of Punjab. It is the youngest university in India and the only private university in Punjab to be honoured with A+ Grade by NAAC (National Assessment and Accreditation Council). CU offers more than 109 UG and PG programs in the field of engineering, management, pharmacy, law, architecture, journalism, animation, hotel management, commerce, and others. It has been awarded as The University with Best Placements by WCRC.
Website address: https://www.cuchd.in/
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