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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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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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Tech Mahindra Inks MoU with The Open University to Advance AI-Driven Innovation, Entrepreneurship and Skill Development

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MILTON KEYNES, England, March 11, 2025 /PRNewswire/ — Tech Mahindra (NSE: TECHM), a leading global provider of technology consulting and digital solutions to enterprises across industries, has signed a Memorandum of Understanding (MoU) with The Open University (OU), the UK’s largest university to drive innovation, skills development, and entrepreneurship. This strategic collaboration aims to bridge the gap between cutting-edge technology advancements and their real-world application, addressing global societal challenges like digital divide and sustainable urban development through research-driven solutions.

Through this collaboration, Tech Mahindra and OU will work together to advance research in Artificial Intelligence (AI), Extended Reality (XR), Generative AI (GenAI), and High-Tech solutions, fostering responsible and ethical technology development. The collaboration will expand OU’s Open Societal Challenges program, addressing inequality, sustainability, and barriers to well-being, and the Open Business Creators initiative, fostering an inclusive entrepreneurial community for aspiring business owners. It will also focus on developing high-quality higher education programs in India.

Harshul Asnani, President and Head – Europe Business, Tech Mahindra, said, “Technology is a powerful enabler of change, and by collaborating with The Open University, we are taking a significant step towards driving meaningful innovation. This collaboration will help address some of the world’s most pressing societal challenges while equipping future talent with the skills needed for embrace emerging technologies. Our shared commitment to ethical and responsible AI development will set new benchmarks for industry-academia collaboration.”

The MoU also represents a major step in Tech Mahindra’s long-term commitment to innovation, social responsibility, and talent development. The collaboration will create opportunities for students and professionals to gain expertise in AI, digital twins, and large language models (LLMs), fostering a new generation of tech-driven entrepreneurs and industry-ready professionals.

Kevin Shakesheff, Pro-Vice-Chancellor for Research and Innovation, The Open University, said, “The Open University has always been at the forefront of education, and this collaboration with Tech Mahindra aligns with our mission to provide accessible, high-quality learning opportunities that have a tangible global impact. By combining our research expertise with Tech Mahindra’s industry leadership, we will create solutions that drive innovation.”

The collaboration will also strengthen Tech Mahindra’s position as an employer of choice, offering professionals opportunities to work on next-generation technologies with a real-world impact. Additionally, the collaboration will establish OU as a technology-enabled education and research institution, boosting their research capacity on real-world challenges and expand its student base, particularly in India.

For more information on how TechM can partner with you to meet your Scale at Speed™ imperatives, please visit https://www.techmahindra.com

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Crelate Welcomes Kate Cohen as New Vice President of Marketing

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Crelate, a leading talent platform provider, has appointed Kate Cohen as Vice President of Marketing, bringing her 15 years of marketing leadership experience in technology and recruiting sectors to help drive the company’s expansion and platform enhancements for professional recruiting teams. Cohen, who previously served as Director of Marketing and Revenue Operations at Voltron Data and held leadership roles at Randstad and Aptum, joins Crelate at a strategic time as the company prepares to roll out several platform improvements for staffing and recruiting professionals.

BOISE, Idaho, March 11, 2025 /PRNewswire-PRWeb/ — Crelate, a leading talent platform provider, today announced the appointment of Kate Cohen as Vice President of Marketing.

“We’re delighted to welcome Kate Cohen to our leadership team as VP of Marketing. Her exceptional background in both technology and recruiting provides the perfect expertise to drive our marketing strategy forward,” said Jason Hoback, President at Crelate.

With 15 years of marketing leadership experience across technology and recruiting sectors, Cohen brings extensive expertise to Crelate as the company continues to expand its market presence and enhance its software platform for professional recruiting teams.

“We’re delighted to welcome Kate Cohen to our leadership team as VP of Marketing. Her exceptional background in both technology and recruiting provides the perfect expertise to drive our marketing strategy forward,” said Jason Hoback, President at Crelate. “Kate’s proven ability to build brands and accelerate growth in the B2B SaaS space will be invaluable as we continue to innovate and expand our recruiting platform solutions.”

Prior to joining Crelate, Cohen served as Director of Marketing and Revenue Operations at Voltron Data, where she helped transition the company out of stealth and launch its flagship product. During her tenure, her leadership drove significant growth in channel engagement, community expansion, and web traffic, driving pipeline and strengthening Voltron Data’s global presence. Her career also includes leadership roles at Randstad and Aptum, where she developed and executed successful marketing strategies for staffing and technology companies.

“Joining Crelate is a full-circle moment for me—bringing together my experience in recruiting and technology with a company that truly values both,” said Cohen. “I started my career in recruiting when my ATS was just resumes in manila folders, and now I have the opportunity to help scale an advanced solution that empowers staffing professionals to focus on what they do best—connecting people with opportunities. I’m excited to build on Crelate’s strong foundation and elevate marketing as a key growth driver in this next chapter.”

Cohen’s appointment comes at a strategic time for Crelate, as the company prepares to roll out several platform enhancements designed to increase efficiency for staffing and recruiting professionals. Her leadership will be instrumental as the company strengthens its commitment to providing industry-leading recruiting solutions.

To learn more about Crelate’s innovative staffing and recruiting solutions, visit https://www.crelate.com/integrations.

Media Contact

Kate Jones, Crelate, 1 4065444370, marketing@crelate.com, www.crelate.com

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The Clarice Smith Performing Arts Center at the University of Maryland Turn to Epson Projection for Six Performance Venues

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Epson’s Interchangeable Lens Laser Projectors Prove Essential for Meeting Diverse Content Needs

LOS ALAMITOS, Calif., March 11, 2025 /PRNewswire/ — The Clarice Smith Performing Arts Center at the University of Maryland, College Park (UMD) is a premier, state-of-the-art facility with six performance venues, supporting over 1,200 events a year. Fostering creativity, education and performance, The Clarice houses the School of Music; School of Theatre, Dance, and Performance Studies; The Clarice’s own artistic platform for visiting artists, Clarice Presents; and the Michelle Smith Performing Arts Library. As a hub for artistic innovation, projection plays a vital role in illuminating the center’s events, productions, educational courses, and communal spaces. Each show and event are very different, demanding a variety of projection solutions along with unique installation challenges and requirements. Epson’s extensive lineup of interchangeable lens laser projectors has been crucial for meeting the diverse projection needs across multiple venues.

The Clarice Smith Performing Arts Center at University of Maryland Uses Epson Projectors for Diverse Projection Needs

“Our team handles all the tech in-house, and I’m a big fan of Epson’s versatile lineup and wide range of lens options,” said Zach Rupp, projections coordinator, The Clarice Smith Performing Arts Center. “Every project has its own unique scope of work, and being able to use the same projectors, with lenses that can be used between models, has been crucial. The projectors’ level of adaptability and ability to completely change production with a simple lens swap has been invaluable as we manage so many different types of venues and events.”

The Clarice has used Epson projectors in multiple ways for many different productions. From using nine Epson projectors to light up the stage for an opera production with projected subtitles, to students working with the projectors in the immersive media design education program, to deploying 16 projectors to transform an entire lobby for its recent NextNOW Fest 2024. Epson’s versatile lineup has allowed the center to meet the diverse display needs of everyone.

NextNOW Fest Projection
In its eleventh year, the annual NextNOW Fest 2024 – an inspiring arts experience that celebrates imagination, creativity and community – took place in early September at The Clarice. A signature event in the University of Maryland’s Arts for All initiative, Rupp and his team used 14 Epson large venue laser projectors to cover nearly 2,000 square feet of space in the center’s Grand Pavilion, a central hub for its six performance venues. Lighting up nearly every surface in the multi-level lobby, scenes of abstract free-flowing color and form, to marketing content and a live camera feed took over the space, displaying eye-popping color and exquisite detail that wowed guests upon arrival.

Rupp and his team created and delivered the content using a combination of the projector’s built-in curved surface mapping tools, along with blending and stacking techniques and third-party management software, including WATCHOUT 6 multi-display software. The projectors were networked together, allowing for remote access and a convenient set-and-forget solution. Some of the projectors were stacked on top of one another in Epson’s projector stacking frame to increase brightness and provide redundancy. This also provided flexible stacking and peace of mind during installation and handling.

“The entryway blew attendees away right from the start,” Rupp said. “It truly set the stage for what to expect at the rest of the festival.”

Interchangeable Lenses for Diverse Applications
As an established brand and leader in the projector industry, Epson also works with several equipment rental and staging companies such as 4Wall to offer end users greater flexibility, whether they need a temporary rental or a lens swap based on specific projector requirements.

“4Wall has been a fantastic partner for Epson rentals, allowing us to own what we need and supplement our collection with rentals,” said Jeff Reckeweg, technology shop manager, The Clarice Smith Performing Arts Center. “Owning and renting within the Epson projector and interchangeable lens ecosystem has been both convenient and cost-effective.”

Epson projectors provide unmatched creative possibilities and audience experiences with state-of-the-art technology, delivering exceptional color output and durability. Featuring a single lens family that supports a wide range of projectors from 6,000 to 20,000 lumens1 from ultra-short-throw to long-throw. Advanced projection technology combined with motorized lenses enables a wide range of lens shift capabilities for added installation flexibility.

“At Epson, we prioritize outstanding image quality and reliability while offering tools that make projector installations easier,” said Ramzi Shakra, senior product manager, Epson America, Inc. “The feedback we receive from end users is extremely important to us as it plays a crucial role in shaping our product development and improvements. It’s great to see The Clarice Smith Performing Arts Center taking full advantage of Epson’s flexible lineup and versatile lens options.”

About The Clarice Smith Performing Arts Center
At The University of Maryland
The Clarice is a state-of-the-art center for the UMD School of Music; School of Theatre, Dance, and Performance Studies; and The Clarice’s own artistic platform, Clarice Presents; as well as The Michelle Smith Performing Arts Library. For nearly 25 years, The Clarice has leveraged the powerful resources of the University to inspire and support the voices and actions of artists, students and the greater Maryland community with inter-organizational and community engagement, applied scholarship and creative innovation. The Clarice strives to nurture and preserve creative and individual freedoms, to act as a leading culture change agent, and to contribute to the future of the arts on campus, locally and nationally. 

About Epson
Epson is a global technology leader whose philosophy of efficient, compact and precise innovation enriches lives and helps create a better world. The company is focused on solving societal issues through innovations in home and office printing, commercial and industrial printing, manufacturing, visual and lifestyle. Epson’s goal is to become carbon negative and eliminate use of exhaustible underground resources such as oil and metal by 2050.

Led by the Japan-based Seiko Epson Corporation, the worldwide Epson Group generates annual sales of more than JPY 1 trillionglobal.epson.com/

Epson America, Inc., based in Los Alamitos, Calif., is Epson’s regional headquarters for the U.S., Canada, and Latin America. To learn more about Epson, please visit: epson.com. You may also connect with Epson America on Facebook (facebook.com/Epson), X (x.com/EpsonAmerica), YouTube (youtube.com/epsonamerica), and Instagram (instagram.com/EpsonAmerica).

1

Color brightness (color light output) and white brightness (white light output) will vary depending on usage conditions. Color light output measured in accordance with IDMS 15.4; white light output measured in accordance with ISO 21118.

EPSON is a registered trademark of Seiko Epson Corporation. All other product and brand names are trademarks and/or registered trademarks of their respective companies. Epson disclaims any and all rights in these marks. Copyright 2025 Epson America, Inc.

 

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SOURCE Epson America, Inc.

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