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Challenges and trends faced in consulting in india

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Trends and challenges in the management consulting industry

 20 February 2017 Authored byConsultancy.uk

These are tough times for firms in the management consulting industry, who must embrace change and quickly adapt to the changing landscape in order to retain clients in a newly digitised world.

Management consulting is a client-driven industry, and as clients’ needs change, the sector – and the consulting firms within it – must adapt quickly in terms of services, structure and operations. The past few years have seen significant transition, particularly in terms of technology and legislation, and management consulting firms have had to respond rapidly, while maintaining their competitive edge and ensuring their own long-term growth.

On the surface, things are looking good for the UK management consulting industry. Figures published recently by Source Global Research, a provider of market intelligence on the sector, revealed that UK consulting grew almost four times faster than the economy in 2015, up 8.2% from  £6.02 billion to £6.79 billion. The report also found that the Big Four (Deloitte, EY, KPMG and PwC) outperformed the market, growing 11.5% to £2.55 billion – a position bolstered by a busy regulatory environment, especially in financial services.