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(USGovernment-News.Com, December 12, 2018 ) The global management consulting services market, a part of the Professional services industry, grew at a compound annual growth rate (CAGR) of around 6% during the historic period. The professional services industry showed a steady growth. The growth is mainly due to the rise in stringent laws and regulations in the finance and labor markets has driven demand for professional management consulting services. In this period, governments introduced and implemented new rules and regulations affecting the business environment. Organizations were compelled to work with management consultancies that provided know-how and expertise in such divisions.
In the forecast period, the global management consulting services market size is expected to be over $900 billion by 2021, growing at a CAGR of nearly 5%. This is expected due to the integration of analytics, cloud, media and social media with business models will drive the market in mature and developing markets. Furthermore, rising population, increase in dispensable income, and increasing per capita incomes are expected to drive the global management consulting services market in the future.
Companies in the management consulting services market are shifting from the traditional per-hour and per-month revenue model to a value oriented revenue model. In line with increasing wages and pressure from clients to decrease pricing, many companies are shifting towards value-oriented billing. Value-oriented billing is easy to apply in the management consulting services industry since the value (such as tax savings, damage awards, ad placements or the size of an acquisition or merger) is often explicit.
Major companies in the management consulting services market, offering telematics technology include Deloitte LLP, IBM Global Business Services, PwC LLP, Ernst & Young LLP, KPMG LLP.
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