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The marketing consulting market size is estimated to grow at a CAGR of 4.93% between 2022 and 2027. The market size is forecast to increase by USD 41.56 billion. The growth of the market depends on several factors such as the rising need for improved customer digital experience, custom-made solutions provided by marketing consulting firms, and subscription-based consulting models gaining traction. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
This report extensively covers market segmentation by service (marketing strategy market development and implementation consulting services, sales management and development consulting services, and others), application (automotive, chemicals, machine industry, and others), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges.
Marketing Consulting Market Forecast 2023-2027
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Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
Marketing consultants are adopting subscription-based models, where customers pay a frequent fee for ongoing advice and support, thereby fostering long-term relationships. Subscription consulting usually includes a comprehensive approach to meeting the client's requirements. Customers using a subscription model often benefit from priority service, which can contain quicker response times and reliable attention from consultants.
Furthermore, advances in technology, including virtual meetings and project management tools, have made it easier for consultants to deliver ongoing support under a subscription model, yet of a geographic location. Therefore, the rising popularity of subscription-based models will have a positive impact on the growth of the market during the forecast period.
Marketing consulting companies have now changed their consultant selection process. Customers have changed the way they evaluate and select advisors. They are now using online services to research and determine what advice best suits their requirements. The speed of these services and the low cost of using Internet databases affect many large consulting firms.
Moreover, an established business with a reputation that took decades to build can be handed over to a smaller company with specific knowledge. A parallel trend is the creation of an internal team of former consultants. These internal teams eliminate the need for exterior consultants. Therefore, the global marketing consulting market is expected to grow significantly during the forecast period.
The global marketing consulting market is unanticipated and new companies appear regularly, changing the level of competition and the market scenario. In addition, all kinds of political or economic changes must be carefully accounted for by the consulting firm's collaborators. Owing to its unpredictable nature, it is essential that the investigation work is carried out at a very high level and seriously and that the proposed solution can target the problem area.
Moreover, the consulting market is rapidly evolving from one that depended heavily on person-to-person contact to develop new business activities, such as networking and personal referrals, to open an online space. There have been many mergers and acquisitions (M&A) and the entire landscape of the global marketing consulting market is changing rapidly. Thus, such factors may impede the growth of the market during the forecast period.
The marketing consulting services segment will account for a major share of the market's growth during the forecast period.?The main services provided by marketing consulting services contain advice and guidance related to marketing strategies. This includes planning and organization, competitive analysis, customer analysis, marketing audits, and market assessments. Consultants specify external possibilities and challenges for enterprises and government organizations that can be managed via marketing strategies.
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The marketing consulting services segment was valued at USD 107.34 billion in 2017. Consultants can analyze internal strengths and weaknesses and determine what types of goods and services can be offered to different demographic groups. Rising consumer spending offers smart businesses the opportunity to increase market share, and consultants can help these businesses maximize brand recognition and sales through consulting services. Therefore, this segment as well as the market is expected to grow significantly during the forecast period.
Based on application, the market has been segmented into automotive, chemicals, machine industry, and others. The automotive segment will account for the largest share of this segment.?Marketing consultancy in the automotive industry involves providing specialist advice and strategies to car manufacturers, including manufacturers, dealers, suppliers, and after-sales service providers. The auto industry is undergoing a significant transformation, driven by factors such as the growing adoption of electric vehicles, automated driving technology, growing consumer preferences, and environmental concerns. This transformation has made a growing demand for marketing consulting services in the automotive sector, which will drive the growth of the global marketing consulting market during the forecast period.
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North America is estimated to contribute 36% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. With the development of new research companies and the availability of various databases and business analytics tools, this region is a major contributor to the global marketing consulting market. This allows businesses to collect meaningful, useful data at a fraction of the cost that marketing consultants pay.
Additionally, the ease of scaling virtualization and automating administrative tasks dynamically will increase SaaS adoption. Due to digitalization, various businesses and organizations in this region are adopting SaaS solutions, which help improve a range of operations such as business planning, order fulfillment, and customer service. Hence, such factors are expected to drive market growth in this region during the forecast period.
In 2020, the outbreak of the COVID-19 pandemic had a negative impact on the regional marketing consulting market. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown restrictions, which led to the resumption of supply chain activities. The emergence of digital consulting in the marketing consulting market and the rise of globalization are anticipated to drive regional market growth. Therefore, the regional marketing consulting market is expected to grow significantly during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Alvarez and Marsal Holdings LLC, Bain and Co. Inc., BearingPoint Holding BV, Boston Consulting Group Inc., Cedar Management Consulting International LLC, Deloitte Touche Tohmatsu Ltd., Elixirr International plc, Ernst and Young Global Ltd., INNOPAY B.V., KPMG International Ltd., L.E.K. Consulting LLC, McKinsey and Co., Nextcontinent, OC and C Strategy Consultants, PricewaterhouseCoopers LLP, RGA Media Group Inc., The Nielsen Co. US LLC, The North Highland Co., YCP Solidiance, and ZS Associates Inc.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The marketing consulting market report forecasts market growth by revenue at global, regional & country levels and analyzes the latest trends and growth opportunities from 2017 to 2027.
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Marketing Consulting Market Scope |
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Report Coverage |
Details |
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Page number |
170 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.93% |
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Market growth 2023-2027 |
USD 41.56 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
4.35 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
North America at 36% |
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Key countries |
US, Canada, China, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Accenture Plc, Alvarez and Marsal Holdings LLC, Bain and Co. Inc., BearingPoint Holding BV, Boston Consulting Group Inc., Cedar Management Consulting International LLC, Deloitte Touche Tohmatsu Ltd., Elixirr International plc, Ernst and Young Global Ltd., INNOPAY B.V., KPMG International Ltd., L.E.K. Consulting LLC, McKinsey and Co., Nextcontinent, OC and C Strategy Consultants, PricewaterhouseCoopers LLP, RGA Media Group Inc., The Nielsen Co. US LLC, The North Highland Co., YCP Solidiance, and ZS Associates Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Service
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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