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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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SOURCE Technavio

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AIRS Medical to Showcase Latest AI Innovations at RSNA 2024

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SEOUL, South Korea, Nov. 26, 2024 /PRNewswire/ — AIRS Medical, a leader in AI-driven diagnostic imaging solutions, is excited to present its latest innovations at the 2024 Radiological Society of North America (RSNA) conference at McCormick Place in Chicago. Visit us at South Hall Booth #4721 to learn more about SwiftMR®, our award-winning MRI acceleration solution, and other breakthroughs in diagnostic imaging.

What to expect at RSNA

We’ve packed an exciting agenda for RSNA 2024, including:

Lunch & Learn (December 1st, 11:45am) — Discover how SwiftMR enhances MRI image quality, increases revenue potential, and elevates the patient experience.AI Theater Presentation #1 (December 1st, 3pm) — Hear from Seung-Hong Choi, MD, PhD, Professor in the Department of Radiology at Seoul National University, as he discusses the clinical validation of SwiftMR and its impact on diagnostic accuracy and efficiency.AI Theater Presentation #2 (December 2nd, 11am) — Find out from Daryl Eber, MD, co-founder of 3T Radiology & Research, how his practice generated over $200,000 in just two months using SwiftMR.

We will also hold Meet the Experts sessions on December 1st (1pm), December 2nd (11:15am), and December 3rd (10:30am), featuring radiology experts who have successfully integrated SwiftMR into their practices.

For more details and to register, visit our website.

Expanding access to care through strategic partnerships

In 2024, AIRS Medical partnered with industry leaders including Bayer and RAYUS Radiology to expand access to AI-powered healthcare solutions. By collaborating with these distinguished organizations, we’re accelerating SwiftMR’s adoption and expanding access to care worldwide, transforming MRI workflows and facilitating a smoother patient journey.

2025 and beyond

As we look to the future, AIRS Medical remains committed to expanding access to diagnostic imaging services and pioneering AI innovations. Building on the momentum of 2024, we will continue to empower healthcare providers worldwide with solutions that redefine what’s possible in medical imaging. We’re excited to broaden SwiftMR’s reach and introduce new technologies in the coming year.

About AIRS Medical

AIRS Medical is a recognized leader in AI-powered diagnostic imaging and has been named one of the world’s top digital health companies. Our flagship product, SwiftMR, has earned multiple awards for its speed in MRI, and our team has been celebrated as innovators in AI. Driven by a mission to expand access to preventive healthcare, AIRS Medical is at the forefront of MRI efficiency, enabling imaging centers to serve more patients and deliver essential care to their communities.

To learn more about AIRS Medical, visit airsmed.com/en.

Ashley Guidace
AIRS Medical
Director of Global Marketing
ashley.guidace@airsmed.com
+1 (847) 306-8731

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SOURCE AIRS Medical

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BMO Ranks First in J.D. Power 2024 Canada Wealth Management Digital Experience Study

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TORONTO, Nov. 26, 2024 /CNW/ – BMO today announced it has received the highest score for wealth management digital experience among full-service investors in the J.D. Power 2024 Canada Wealth Management Digital Experience Study.

The study evaluates customer satisfaction among full-service investors with their wealth management digital experience, inclusive of both apps and websites, based on four factors:

Visual appealNavigationSpeedInformation/content

“We are incredibly proud of our colleagues for their dedication to improving and modernizing our Private Wealth platform over the last two years. This recognition reflects BMO Private Wealth’s significantly enhanced digital capabilities, including on-demand performance reporting and market leading equity research and our commitment to meeting our clients where they are in their wealth management journey,” said Kevin Barnes, North American Head, BMO Private Wealth. “Across BMO Wealth Management, we are putting our clients at the centre of all we do. Leading with a digital-first mindset, we will continue to improve the ease and simplicity of our platform to meet our clients’ evolving needs, help them make real financial progress and enjoy the opportunities that come with achieving their goals.”

For more information about BMO Private Wealth, please visit: https://www.bmo.com/en-ca/main/privatewealth.

The 2024 Canada Wealth Management Digital Experience Study evaluates customer satisfaction with the wealth management digital experience, inclusive of both apps and websites. This year’s study is based on responses from 4,860 full-service and self-directed investors and was fielded from June through August 2024.

About BMO Financial Group
BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.4 trillion as of July 31, 2024. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and inclusive society.

J.D. Power Award Disclaimer
BMO received the highest score in the Full-Service Investors segment of the J.D. Power 2024 Canada Wealth Management Digital Experience Study, which measures client satisfaction with wealth management websites and mobile apps among those who invest through a dedicated advisor. For more information, visit jdpower.com/awards for more details.

SOURCE BMO Financial Group

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Palm Beach County Upgrading to Latest Siyata Technology

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Deployment to begin in fourth quarter of 2024

VANCOUVER, BC, Nov. 26, 2024 /PRNewswire/ — Siyata Mobile Inc. (NASDAQ: SYTA, SYTAW) (“Siyata” or the “Company”), a global vendor of Push-to-Talk over Cellular (“PoC”) devices and cellular signal booster systems, announced today that the School District of Palm Beach County, in Florida, a current Siyata customer, and one of the ten largest school districts in the United States, is upgrading its existing Siyata communications solution to Siyata’s latest generation SD7 handsets and VK7 Vehicle Kits with AI-enabled noise cancelling speaker microphones.

Marc Seelenfreund, CEO of Siyata, stated, “For more than five years, the School District of Palm Beach County has been a customer of Siyata using our UV350 In-Vehicle devices, and has experienced the many benefits of our smartphone technology. Upgrading to newer devices with our noise cancelling remote speaker microphones will make communications even clearer for school bus drivers, and safer for both their drivers and their students.”

Shane Searchwell, Director of Transportation Services for The School District of Palm Beach County, commented, “Siyata’s solutions have served us well over the last several years, and we are eager to upgrade to the latest technology to further improve communications for our bus drivers. There can be a lot of background noise on school buses, so the AI-enabled noise cancelling feature in Siyata’s devices will undoubtedly further improve the clarity of communications in our bus operations.”

About Siyata Mobile

Siyata Mobile Inc. is a B2B global developer and vendor of next-generation Push-To-Talk over Cellular handsets and accessories. Its portfolio of rugged PTT handsets and accessories enables first responders and enterprise workers to instantly communicate over a nationwide cellular network of choice, to increase situational awareness and save lives. Police, fire, and ambulance organizations as well as schools, utilities, security companies, hospitals, waste management companies, resorts and many other organizations use Siyata PTT handsets and accessories today.

In support of our Push-to-Talk handsets and accessories, Siyata also offers enterprise-grade In-Vehicle solutions and Cellular Booster systems enabling our customers to communicate effectively when they are in their vehicles, and even in areas where the cellular signal is weak.

Siyata sells its portfolio through leading North American cellular carriers, and through international cellular carriers and distributors.

Siyata’s common shares trade on the Nasdaq under the symbol “SYTA”, and our public warrants trade on the Nasdaq under the symbol “SYTAW”.

Visit www.siyata.net and unidencellular.com to learn more.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. Because such statements deal with future events and are based on Siyata’s current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of Siyata could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading “Risk Factors” in Siyata’s filings with the Securities and Exchange Commission (“SEC”), and in any subsequent filings with the SEC. Except as otherwise required by law, Siyata undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites and social media have been provided as a convenience, and the information contained on such websites or social media is not incorporated by reference into this press release.

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SOURCE Siyata Mobile Inc.

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