Report

The Asia Pacific Strategic Consulting Services Market is expected to register a CAGR of 6.3% during the forecast period.

Asia Pacific Strategic Consulting Services Market is expected to grow due to increasing regional business diversities. Demand for skilled-driven consultations and operations is expected to drive the strategic consulting services market in the Asia Pacific. The Asia Pacific Strategy consulting market is fragmented owing to the presence of several industries, and the ongoing competitive dynamics in the market are anticipated to change during the upcoming years. In addition, governmental bodies undertake numerous initiatives to accelerate the Asia Pacific Strategy consulting market.

Key Highlights
- Adopting BI and advanced data management strategies across multiple end-users will boost market growth. The increasing competition among players to launch a new product, enter a new market, and expand in different regions are some factors aiding the market growth. Additionally, a growing number of new businesses in the Asia Pacific, demand to overcome cyber security challenges, growing digital transformation among the enterprises, and increasing business model transformation across industry verticals has boosted the demand for the market.
- Emerging technologies are shaping the most successful businesses of tomorrow. Technologies such as blockchain, AI, and quantum computing are poised to transform the way companies work today. The constant emergence of new and disruptive technology has made it difficult for business owners to decide where and when to invest. These factors are expected to support growth for strategic consulting in the Asia Pacific. The Integration of AI in numerous businesses to analyze the trend and patterns to make suitable investments and change business models, among other things, to bolster future growth will support market growth. For instance, According to MIT Technology, the share of respondents using AI technology in their businesses is expected to increase majorly in IT management from 62% in 2019 to 72% in 2022, and customer service grew by 18% in 2022 from 61% in 2019.
- However, factors such as the increasing in-house consulting divisions and the increasing number of independent or freelancing consultants are anticipated to be some of the major restraining factors hindering the strategy consulting market growth.
- The COVID-19 pandemic has negatively impacted numerous industries; it gave some consulting firms opportunities as some companies may seek the guidance and expertise of such firms to map their future strategies and business scenarios. While some firms will also need the strategic knowledge to restructure their operations to respond, recover, and thrive in the current environment., thereby ensuring business continuity and resiliency.


Asia Pacific Strategic Consulting Services Market Trends

Economic Growth to Drive Market Demand


- The region's economic growth is expected to drive market demand in the coming years. For instance, as per IMF, the GDP of Asia will increase by 5.67 % in 2021. The increase came after the year of decline caused due to COVID-19 pandemic.GDP is expected to reach 3.52% by 2027.
- Several developing countries in the region are experiencing economic growth, likely due to the advent of eCommerce companies. Increased customer spending can drive the demand for the strategy consulting market. The growing competition among numerous e-commerce companies such as Alibaba, Amazon, Flipkart, Myntra, and Nykaa, along with the rapid changes in consumer buying patterns, will create demand for experts.
- The rising demand for a highly flexible and multidimensional model provides companies with trusted data to make decisions based on strategic investment, business model transformation, corporate strategy, mergers & acquisitions, economic policy, organizational strategy, functional strategy, strategy & operations, and digital strategy, and future growth. This will propel the demand for strategic consulting in the region.
- Numerous companies are investing in expanding in other regions. They are trying to enter international markets other than their local market to understand the needs and requirements of the consumer, as it is highly crucial for a business. The internal team of experts of the company might not be well acquainted with the region's demographics that the company aims to tap for future business. All this is expected to propel the demand for the strategic consulting market in the region.


China is Expected to Witness Significant Growth


- China is expected to lead the strategy consulting market in the Asia Pacific region in the forecast period. The increasing requirement for strategy consulting for IT management, finance, life science and healthcare, retail, government, and energy is also expected to propel growth.
- With the government's support in funding in China, the market for strategy consulting is progressing. Also, the government is supporting the start-ups coupled with the relaxation in policies, making it favorable for start-ups to breed and survive, strengthening the strategy consulting market. The China market is very volatile; the product that sells in other countries might not necessarily sell in China; this makes design consulting more important for companies to use a performance-based billing business model to a time-based business model instead of a time-based business model.
- Additionally, technology penetration is making its mark as a core capability within strategic consulting models. The rising demand for AI in numerous end-user industries is expected to propel growth. The AI-driven data helps the company take actionable decisions and stay ahead of its competition in the rapidly changing market. The increasing number of AI enterprises in China to support the growing need for strategy consulting is expected to support growth.
- The market players aid the business transformation and help unlock the full potential. Whether the retailer is seeking business model reinvention, digital transformation, or a re-defined go-to-market strategy, strategy consultancy can work with the retailer to help make the right corporate and growth strategy choices. Also, the Cross-border M&A advisory and capital raising focus on the intersection of Greater China inbound and outbound relationships and transactions wherein businesses, strategic investors, and leading-edge technologies converge will propel the demand for strategy consulting in the Retail sector in China. For instance, according to the national bureau of statistics of China, the total consumer goods retail sales in China amounted to CNY 44.1 trillion in 2021 from CNY. The total retail sales in urban China amounted to CNY38.2 trillion, whereas sales in rural China Totalled CNY 5.9 trillion.


Asia Pacific Strategic Consulting Services Industry Overview

The Asia Pacific consulting service market is highly competitive. It consists of many regional players, accounting for a considerable market share and focusing on expanding its client base. They aim to focus on research and development activities, strategic alliances, and other organic and inorganic growth strategies to stay in the market for years.


- May 2021: Altman Solon, a Boston-headquartered telecom, media, and technology (TMT) sector consulting firm, has entered Australia by acquiring Sydney-based TMT specialist Venture Consulting. The global consultancy also last week announced the launch of a Singapore office.


Additional Benefits:

- The market estimate (ME) sheet in Excel format
- 3 months of analyst support