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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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Lafaye tte Square Financing Supports NewSpring Holdings Acquisition of C Speed

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MIAMI, Nov. 26, 2024 /PRNewswire/ — Lafayette Square announced today that it has provided debt capital to support the NewSpring Holdings, LLC (“NewSpring”) acquisition of C Speed, LLC (“C Speed”), a leading provider of advanced radar systems and engineering solutions for civilian and military use globally.  

Founded in 1996 and headquartered in Liverpool, New York, C Speed manufactures radars, provides surveillance products as well as surveillance-as-a-service offerings through its software defined radio IP, and supports the modernization of legacy ground-based radars. With this acquisition, NewSpring intends to provide C Speed with strategic guidance, greater resources and human capital to meet the advanced needs of the U.S. Government.

“With increasing demand for innovative, cost-effective security and surveillance solutions, C Speed’s expertise in radar systems and technology integration presents a unique investment opportunity,” said Tom Mullin, Director, Lafayette Square. “C Speed understands the value of partnering with government, given its long-standing relationships in the federal services sector. We look forward to partnering with NewSpring to help drive the company’s future growth.” 

“We are excited to embark on this next chapter with support from NewSpring and Lafayette Square,” said David Lysack, President & CEO of C Speed. “By partnering with NewSpring and Lafayette Square, we can continue to advance our technology and expand into markets that truly need our solutions.” 

“C Speed’s proven expertise in radar systems and solutions is aligned with our strategic growth within the government services sector,” said Lee Garber, General Partner, NewSpring. “With funding from Lafayette Square and a shared commitment to supporting and empowering C Speed’s talented workforce, we are well-positioned to enhance our technological offerings, drive innovation, and broaden our impact across key sectors.” 

In addition to financing, Lafayette Square offers its portfolio companies access to Worker Solutions™, a custom-built platform that seeks to measurably improve employee retention, well-being, and productivity by connecting management teams to a curated list of third-party service providers that offer nontraditional benefits for their employees. By delivering these solutions, Lafayette Square aims to reduce operational risk for its portfolio companies, help them attract and retain talent, and improve job quality. 

About C Speed, LLC

C Speed is a leading provider of advanced radar systems and engineering solutions for both civilian and military applications. The company specializes in the design, prototyping, and manufacturing of state-of-the-art radar systems, with a particular focus on radar receivers, exciters, and signal processors. C Speed has built a strong reputation through its collaborations with major defense contractors and government agencies, including the U.S. Air Force, U.S. Army, U.S. Navy, Department of Homeland Security (DHS) and NATO. Their product portfolio includes the “LightWave Software Defined Radar Platform,” designed as a cost-effective, software-based, alternative for legacy radar modernization while also providing new surveillance radars to their customers. With over 30 years of experience in the radar industry, C Speed continues to innovate, providing essential support to national and international defense initiatives.

About NewSpring

NewSpring is a lower-middle market focused private equity firm that partners with the innovators, makers, and operators of high-performing companies in dynamic industries to catalyze new growth and seize compelling opportunities. The Firm manages approximately $3.5 billion across five distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt. Having completed over 250 investments, NewSpring brings a wealth of knowledge, experience, and resources to take growing companies to the next level and beyond. Partnering with management teams to help develop their businesses into market leaders, NewSpring identifies opportunities and builds relationships using its network of industry leaders and influencers across a wide array of operational areas and industries. To learn more, visit www.newspringcapital.com

About Lafayette Square

Lafayette Square invests in middle market companies while positively supporting people and communities. We believe the demand for capital in businesses headquartered outside of high-income places is an overlooked opportunity. We seek investment opportunities that stimulate economic growth across the United States through the creation and preservation of working-class jobs. For more information, please visit www.lafayettesquare.com.

Media Contact:
Jansel Murad
Dukas Linden Public Relations
646-722-6537
lafayettesquare@dlpr.com

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SOURCE Lafayette Square Holding Company

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Empowering Knowledge Monetization, Baijiayun’s “DuanXunBao” Has Completed Its Autumn Upgrade

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BEIJING, Nov. 26, 2024 /PRNewswire/ — Baijiayun Group Ltd (“Baijiayun” or the “Company”) (NASDAQ: RTC), a one-stop AI video solution provider, recently announced it has completed autumn upgrade of “DuanXunBao”.

Recently, the new-generation knowledge delivery tool, “DuanXunBao”, has completed its autumn refresh and upgrade. “DuanXunBao” is a lightweight yet feature-rich product launched by Baijiayun, a US-listed company. Based on the model of training camps (short-term series of courses), it enables clients to build a knowledge payment platform with just one click and achieve high-quality online classroom delivery in the forms of live broadcasts, video-on-demand, etc., providing convenient ways for knowledge monetizers to create teaching platform and meeting their needs in multiple scenarios such as online teaching, user attraction, marketing conversion, commercial monetization, and brand promotion.

From the comprehensive optimization of the distribution function to the seamless connection of storefront business and then to the real-time monitoring of back-end data, this upgrade of “DuanXunBao” has provided more efficient and convenient operation solutions for knowledge monetizers.

By this upgrade, distributors can obtain their exclusive live broadcast promotion links in the C-end stores. This mechanism effectively tracks customers’ purchasing behaviors and enables timely adjustments to sales strategies, effectively promoting the growth of product sales.

In the brand-new version of “DuanXunBao”, data management and analysis have become another important upgrade direction. Knowledge monetizers can view the order status of different stores and different products in real time in the back-end, so as to better manage inventory. The realization of this function helps stores accurately grasp market dynamics and provides a powerful basis for subsequent inventory adjustments.

About Baijiayun Group Ltd 

Baijiayun is a one-stop AI video solution provider with core expertise in SaaS/PaaS solutions. Baijiayun is committed to delivering reliable, high-quality video experiences across devices and localities and has grown rapidly since its inception in 2017. Premised on its industry-leading video-centric technologies, Baijiayun offers a wealth of video-centric technology solutions, including Video SaaS/PaaS, Video Cloud and Software, and Video AI and System Solutions. Baijiayun caters to the evolving communications and collaboration needs of enterprises of all sizes and industries. For more information, please visit ir.baijiayun.com.

Safe Harbor Statement

This press release contains certain “forward-looking statements.” These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the parties’ perspectives and expectations, are forward-looking statements. The words “will,” “expect,” “believe,” “estimate,” “intend,” and “plan” and similar expressions indicate forward-looking statements.

Such forward-looking statements are inherently uncertain, and shareholders and other potential investors must recognize that actual results may differ materially from the expectations as a result of a variety of factors. Such forward-looking statements are based upon management’s current expectations and include known and unknown risks, uncertainties, and other factors, many of which are hard to predict or control, that may cause the actual results, performance, or plans to differ materially from any future results, performance or plans expressed or implied by such forward-looking statements. The forward-looking information provided herein represents the Company’s estimates as of the date of this press release, and subsequent events and developments may cause the Company’s estimates to change.

The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company’s estimates of its future financial performance as of any date subsequent to the date of this press release.

A further list and description of risks and uncertainties can be found in the documents the Company has filed or furnished or may file or furnish with the U.S. Securities and Exchange Commission, which you are encouraged to read. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements relate only to the date they were made, and the Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation.

For investor and media enquiries, please contact:

Company Contact:

Ms. Fangfei Liu 
Chief Financial Officer, Baijiayun Group Ltd
Phone: +86 25 8222 1596
Email: ir@baijiayun.com

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SOURCE Baijiayun Group Ltd

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Hurricane Milton Sheds Light on Inequity in Healthcare

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WOBURN, Mass., Nov. 26, 2024 /PRNewswire/ — Report by Parlance: In October 2024, Hurricane Milton ravaged Florida’s Gulf Coast, leaving more than three million Floridians without power. Utility companies were unable to quickly repair electrical lines due to the damage/flooding — 1.9 million people remained powerless for over 48 hours.

CIOs must prioritize the ease of healthcare access.

Countless households lost access to the internet, left with only the phone. Florida health systems that require the use of online portals create a barrier for patients.

Health equity begins at an organization’s digital front door. CIOs must prioritize the ease of healthcare access. No one asks to be sick. No one asks for a hurricane. Health systems need to meet people where they are.

For many Floridians, the internet is a barrier:

Florida has the third-lowest literacy rate in the country. 20% of adults lack basic reading skills and won’t use web chats or portals.

Florida has the second-highest population of senior citizens per capita.

71% of Baby Boomers prefer to contact their doctor over the phone.
– 28% of Americans age 71+ are visually impaired and struggle to read small text.
21% of Americans suffer from osteoarthritis in their hands, making the use of computer keyboards painful.

About 30% of Floridians don’t speak English at home. Non-English speakers struggle to understand the complex language in a healthcare portal.

While these hurdles are distinctly present in Florida, inequity at the healthcare front door affects tens of millions of Americans.

How Healthcare Organizations Can Improve Equity and Access to Care 

When hospitals and clinics use conversational AI to modernize phone-based communication, it benefits the greatest percentage of healthcare consumers.

The Parlance IVA (intelligent virtual assistant) enables callers to self-serve by speaking on the phone. The IVA handles appointment management tasks, FAQs, and other routine calls. This prevents long hold times and enables agents to assist people who need urgent help.

72% of consumers pick up the phone first when they want fast service. For many people – whether due to disability, literacy, language barriers, or a hurricane – the phone is the only option.

Digitizing and automating the voice channel with the Parlance IVA ensures that all patients can engage with hospitals and clinics effortlessly, no matter their circumstances.

Parlance Promotes Health Equity

For over 25 years, Parlance has been a leader in voice-first technologies. Hundreds of health systems rely on us to improve patient experience and business operations.

Media contact:
Alexandra Karasic
info@parlancecorp.com
781-306-2200

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SOURCE Parlance

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