Business Consultancy and Audit Industry: Market Research Reports, Statistics and Analysis

Key Market Segments

• The world business continuity and disaster recovery (BC/DR) solutions and services industry is expected to reach almost $62 billion in 2017, reports Global Industry Analysts. Market growth in the coming years will be fuelled by corporate exposure to risks and the need for risk management services in order to gain and retain a competitive edge in the long term.

• Companies are increasingly reliant on IT services to manage data. Concerns over potential internal and external risks and data loss arising from man-made or natural disasters and system failures are pushing companies from various sectors to take advantage of BC/DR solutions and services to ensure the safe management of their data.

• The provision of BC/DR services was traditionally a back-office enterprise used for various purposes such as protection and storage of vital data, ensuring a faster rate of return to business following system failures, and retrieval of stored information. The sector of corporate risk management has become far more central over recent years, increasingly integrated into strategic business planning. BC/DR solutions are particularly important for businesses whose activities involve sensitive information, for example in the finance, government and healthcare sectors.

• The global business process management (BPM) market is expected to surpass $5 billion in 2017, according to research from Global Industry Analysts. BPM refers to the processes by which companies adapt and optimize their day-to-day activities through the use of software tools. The financial crisis has had a positive impact on the industry as companies view BPM as a way to tackle declining profits. Weakening customer relationships mean that companies are now obliged to adopt customer-centric processes. The EU and the US dominate the BPM market, though Asia-Pacific is set to record the fastest rate of market growth. The market is fuelled by demand for IT infrastructure and business expertise.

Regional Market Share

There are around 130,000 outfits operating in the US business consulting services market, generating combined yearly revenue of around $140 billion, reports Hoovers. Leading players in the business consulting services industry include: IBM Global Services, Booz Allen, Deloitte Consulting, Accenture, and Bain. The US market is characterized by fragmentation, with the 50 leading businesses generating less than 30% of overall market revenue.

Market Outlook

Businesses under increasing pressure to differentiate themselves and their products due to commoditization, strong competition and globalization are turning more and more to business consultancy services. Enlisting experts is hoped to help companies gain a competitive advantage over rivals to protect their market share.

Companies are seeking to streamline business activities by boosting efficiency, innovation and productivity, and by cutting costs. BPM focuses on achieving these goals to grant companies competitive advantages.

Moving forward, cloud computing will become increasingly important to BPM activity as it produces essential up-to-date information. Market growth will be driven by developments in cloud computing and web-based applications.

Leading Industry Associations

• The Institute of Internal Auditors www.theiia.org
• Association of Management Consulting Firms www.amcf.org/amcf
• Institute of Management Consultants USA www.imcusa.org
• Management Consultancies Association (UK) www.mca.org.uk
• Canadian Association of Management Consultants www.cmc-canada.ca