Industry Awareness Project Report

Management Consulting

Section F | Group 5

Ajay Simha Reddy (2020IPM013)

Kruti Kunverji (2023PGP177)
Kushal Safadale (2023PGP292)
Rohan Parvasthu (2023PGP235)
Yashasvi Dave (2023PGP428)
 Executive Summary
Global management consulting is a contracting profession in which business experts assist other
multinational corporations in improving their cross-border operations. To build the best possible
organizational structure, global management consulting combines numerous specialties, including
human resources, strategic planning, information technology, marketing, and engineering.

Growing demand: The global market size of this industry was calculated at USD 307.62 billion in
2022. The growth of the industry is reported to be at a CAGR of more than 9% for the period of
2023-2028.

Major Players in India: MBB - McKinsey and Company, Boston Consulting Group, Bain and
Company, Big 4 - Deloitte Touche Tohmatsu (Deloitte), KPMG International (KPMG),
PricewaterhouseCoopers (PwC), and Ernst & Young (EY). The consulting industry in India
touched revenues of Rs. 30,000 crore in 2022 and is growing at a CAGR of 30%.

Emerging technologies: Generative AI has the potential to improve the efficiency, effectiveness,
and originality of consulting, it can assist consultants in analyzing massive datasets and uncovering
concealed patterns, correlations, and trends.

Challenges: For Indian consulting firms, the greatest challenge is competing with large global
market participants. There is a need for Indian consulting sectors to define and differentiate their
specializations.

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 Table of Contents

A) Industry Profile .......................................................................................................................... 4

B) Players’ Profile......................................................................................................................... 10
C) Macroeconomics Analysis ....................................................................................................... 15
References ..................................................................................................................................... 19

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A) Industry Profile
The act of providing consulting assistance to organizations is called management consulting. This
is done with the motive of improving the efficiency of organizations or helping organizations
achieve their missions. The management consulting industry can be segregated into six main
domains namely Strategy, HR, Financial Advisory, Operations, Technology.

The global market size of this industry was calculated at USD 307.62 billion in 2022. The growth
of the industry is reported to be at a CAGR of more than 9% for the period of 2023-2028. It is
projected to reach the value of USD 511.88 billion by 2028. The consulting industry in India
touched revenues of Rs. 30,000 crore in 2022 and is growing at a CAGR of 30%. There are more
than 6000 firms providing consulting services in metropolitan cities. The service industry
contributes more than 50% to India’s GDP.

Past Growth
The consulting industry has reached billions of dollars in revenues in the past decades. The journey
started with management coming up as a field of study through which management consulting
made its way into people’s lives.

The first firm to offer consulting services was Arthur D. Little Inc., established in 1886. They
mostly dealt with technical services. The first management consulting firm was founded by
Frederick Winslow Taylor in 1893. He invented Scientific Management which came to be known
as Taylor’s method. During the late 1980s, value-based management (VBM) was popularized by
firms like Mckinsey and BCG. This resulted in immense growth for the industry, with firms

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gaining traction in international markets. In 2001, the industry experienced stagnated growth, but
recovered with sustained growth of double-digit revenues after 2003. The financial crisis of 2008
hit these growing revenues hard, as their biggest clients - financial institutions and government -
were hit the hardest.

Present Trends
Consulting services have been witnessing growing demands with the firms providing subject-
matter expertise. There has been increased focus on making industries compliant with the
regulations that are being set nationally and internationally. Organizations have been employing
management consulting firms to protect themselves from violations and lawsuits. With increasing
focus on ESG, it is imperative that organizations focus on Environment, Sustainability and
Governance. Employing management consulting firms makes it easier for these organizations to
achieve these goals with the help of their SMEs and industry specialists.

There has been increased employment of technologies like machine learning and artificial
intelligence to help firms provide better services to their clients. Predictive analytics has enabled
the firms to forecast the future behavior of their clients. It can also help companies predict the
behavior of their clients’ customers, resulting in better business strategies and marketing efforts.

Since the foundation for the Modi government was set in 2014, the Indian economy has seen
immense growth. Policies that ensure smooth business operations have been adopted. The
technology industry has also seen a boom. These policies have helped bring in greater Foreign
Direct Investments (FDIs). This has helped foreign and domestic consultancy firms to start
providing advisory services to the MNCs being established in India.

Future Trends
Healthcare industry will experience exponential growth. Healthcare expenditure is forecasted to
grow by more than 60% from 2023 to 2028. It currently is at more than USD 11 trillion. It is
constantly facing challenges with respect to the policies, regulations and privacy. To overcome
these challenges, expertise from the consulting firms would need to be employed to curb the rising
costs related to healthcare and the increasing aging population. The healthcare reforms are

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constantly evolving, hence it has become crucial for the players in the healthcare industry to be
strategic so as to receive returns on their financial and operational services employed. These
companies are employing consulting firms that specialize in the healthcare sector to enhance their
performance.

The APAC region is forecasted to witness the fastest growth overall. With respect to the
management consulting industry, the increased growth can be attributed to several factors. There
has been an increased requirement for consulting services from organizations involved in finance,
IT and healthcare as these industries experience speedy growth. Organizations are moving towards
digital transformation and are employing technologies like cloud computing, big data analytics
and artificial intelligence. They are seeking the advice of consulting firms to integrate these
technologies in their daily operations.

APAC has also been witnessing economic growth and increasing foreign investments, which in
turn is increasing the demand for consulting services. They are providing organizations assistance
with ESG reporting, diversity research, net-zero carbon goals, regulatory compliance etc. These
challenges are currently of the utmost importance to be solved.

In India, management consulting in technology registered a growth of 7.1%. There is a huge

demand for technological innovations which India is in abundance of with respect to the manpower
available. The Indian market is also capable of providing low-cost consulting services, which
would attract more firms to establish business in India. These firms would be able to reduce costs
and increase profits.

Major Trends
During the COVID-19 pandemic, various industries were impacted, not excluding management
consulting. There was a steep decrease seen in the revenues as organizations closed down
operations, which in turn reduced the demand for advisory services. But with the increased need
for digitalisation, consulting firms have been able to increase their clientele and revenues.
Consulting firms are looking for ways to adopt Metaverse and all emerging technologies.
Accenture Strategy launched an advisory division that would cater to strategies related to

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companies wanting to grow in the Metaverse. EY provides consulting services for IoT adoption to
help link devices and provide holistic solutions to organizations.

Hiring Trends
Management Consulting firms’ inclination towards specialized knowledge is rising rapidly. Firms
are looking for people with very specific knowledge in areas like logistics management,
knowledge management, data warehousing, etc. Consulting firms nowadays, also hire students
with other prestigious degrees like PhDs, lawyers, and engineers and put them through business
training. McKinsey has a three-week mini-MBA course and reports that only 44 percent of their
consultants hold an MBA, while 24 percent have a master’s degree in another field and 22% have
an M.D. or PhD.

Technological Trends
As per the report of McKinsey & Company, up to 80% of management consulting work can be
automated using technologies like artificial intelligence and advanced analytics. It is believed that
in the near future, even the elite consultants face the risk of getting replaced by artificial
intelligence. Several corporations have made intensive investments in advanced data analytics to
make business decisions. However, the other end projects the idea that, by utilizing advanced
analytics, artificial intelligence, and automation, consultants can develop deep insights, optimize
operations, and drive growth to unprecedented levels.

McKinsey’s acquisition of QuantumBlack and BCG setting up Gamma are viewed as an attempt
to take their share out of the growing AI consulting market. Consulting firms like EY have started
to leverage the technology of process mining by offering better services and optimizing their
processes. Process mining vendor claims that EY can currently analyze business processes in less
than one week.

Candidates with strong data science skills will be more successful in the future. Also, consultants
won’t have to spend weeks collecting and analyzing data and hence, the duration of consulting
projects will get shorter and faster. AI cannot replace the identity and trust of consultants as
problem solvers. Many of the AI technology companies will be acquired by big consulting firms

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anyway. Conclusively, AI cannot replace consultants. However, it will surely bring a paradigm
change in the way the consulting world works.

Key Drivers of Market Growth

Digital Automation and AI have accelerated the data analysis capabilities of management
consultants. These enable management consultants to process and analyze enormous amounts of
data more quickly and efficiently. Additionally, it offers crisp and to-the-point information about
business aspects such as sales, operations, supply chains, and more. The increasing demand for
consulting services from various corporations, charitable organizations, and governmental
organizations fosters the development of the market for business management consulting services.
The market for business management consulting services is expanding due to other drivers of
development of new business models that require innovative strategies.

Analyst’s Views
Gaurav Mittal, CEO - MD, ITCONS e-Solution, in an article to consultants Review mentioned
The significance of management consulting in India can’t be undervalued. In India, Management
consulting is estimated to be a Rs. 30,000 crore industry, which is growing at a CAGR of 30
percent. Consulting firms are also aware of industry “Best Practices” due to their relationships
with several organizations. They also provide services like change management assistance,
technology implementation, strategy development, operational improvement services, and
development of coaching skills. Breaking into top Management Consulting firms is difficult. They
usually hire from top B schools and engineering colleges of India like IIT, IIMs. The requirement
for specialized knowledge is rising rapidly. Firms are looking for consultants with very specific
knowledge in areas like logistics management, knowledge management, data warehousing,
multimedia, client-server development, sales force automation, electronic commerce, brand
management and value management.

While consulting firms normally hire MBA students, they are now willing to hire students with
other prestigious degrees like, Ph.D, lawyers and engineers and put them through business training.
In India, since the consulting industry is growing at a CAGR of 30 percent, hiring activities are
also expected to rise.

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Mergers and Acquisitions
The term mergers and acquisitions (M&A) refers to the consolidation of companies or their major
business assets through financial transactions. In recent years, consulting firms have focused on
acquisitions activities to improve their capabilities in specific sectors such as digital marketing,
data analytics, etc. Along with organic growth, many consulting firms like Mckinsey, BCG,
Deloitte, PwC are using these acquisitions as a way to aggressively grow their business in these
fields.
Following are a list of acquisitions in the consulting industry recently:
1. Accenture has completed its acquisition of Flutura, an industrial artificial intelligence (AI)
company, headquartered in Bangalore on June 23, 2023. Flutura strengthens Accenture’s
industrial AI services for clients in the energy, chemicals, metals, mining, and
pharmaceutical industries. Also, Flutura will strengthen. Accenture’s industrial AI services
to increase the performance of plants, refineries, and supply chains while also enabling
clients to accomplish their net zero goals faster
2. Accenture completed the acquisition of The Beacon Group in September 2022, Beacon
group is a consultancy firm focusing on growth strategy, serving Fortune 500 companies
across technology, aerospace, industrial, healthcare and life sciences industries.
3. Pwc acquired Venerate to strengthen Salesforce capabilities in June 2022: PwC has
expanded its Salesforce capabilities and technology consulting practice in India with the
acquisition of Venerate, a Salesforce platinum partner with 150 employees.
4. Mckinsey completed its acquisition of Madrid-based S4G Consulting (S4G) in May 2022.
With this acquisition, McKinsey will be able to provide its clients with the best strategy,
design, and analytical capabilities along with Salesforce CRM implementation capabilities,
and thus allow them to accelerate their growth even further.
5. Deloitte completed the acquisition of Intellify in May 2022. Intellify, headquartered in
Sydney, Australia, has personnel specializing in providing AI/ML capabilities to clients in
industries like banking, insurance, energy, government and retail.
6. In March 2022, EY acquired the Indian practice of The Christensen Advisory, headquarters
in China, which is a strategic communications consultancy specializing in investor and
media relations to publicly listed and pre-IPO companies in the capital markets landscape.

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B) Players’ Profile
The exhibit shows the market shares of leading consulting firms. This section will cover the
profiles of these firms in detail.

Deloitte
Deloitte is a multinational professional services network based in London. It is one of the world's
largest consulting firms both in terms of revenue and the number of professionals. Deloitte is part
of the renowned group of Big Four accounting firms, which includes EY, KPMG, and PwC.
Deloitte’s market share is 11% and has outgrown the market with 19.9% growth per year.
Deloitte provides a wide range of services that cater to different business needs. These include
auditing and assurance, tax consulting, legal advisory services, risk management, technology
consulting, and mergers and acquisitions consulting. Their services are designed to address the
diverse challenges faced by clients across sectors. Deloitte reported aggregate global revenue of
US$59.3 billion for the year 2022, a 19.6% increase from 2021. With 415,000 employees, it is also
the largest consulting firm in terms of employees, with about a fourth of its workforce in India.

PwC
PricewaterhouseCoopers, commonly known as PwC, is a multinational professional services firm.
With a presence in 157 countries and 742 locations, PwC employs 328,000 people, with over
50,000 professionals working in India. In 2022, the company generated $50.3 billion in global
revenue, with $18.0 billion from Assurance, $11.6 billion from Tax and Legal, and $20.7 billion
from Advisory practices. Geographically, PwC's operations are spread across Europe (36%) and
the Americas (44%). The company's most significant growth occurred in Asia (15%) and the
Middle East/Africa (12%) in FY18. PwC's services are categorized into three main lines:
1. Assurance (41% of revenue): Associated with financial audits.
2. Advisory (33% of revenue): Encompassing actuarial consultancy and human resource
services. The firm has also expanded into digital media and advertising.
3. Tax (25% of revenue): Focused on international tax planning.

EY

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Ernst & Young Global Limited, known as EY, is a British multinational professional services
partnership headquartered in London. It specializes in providing assurance, tax, consulting, and
advisory services to clients. EY operates as a network of member firms, with over 312,250
employees in more than 150 countries and 700 offices worldwide. Similar to PwC, EY has about
15% of its workforce in India. In the fiscal year 2022, EY reported global revenues of $45.4 billion.

In response to evolving market conditions, EY has diversified its services and business model over
the past decade. The company's growth is driven by a high level of competition in the sector,
including new markets like investment banking and strategic consultancy. EY's service offerings
are categorized into four main areas:
1. Assurance: Encompasses Financial Audit, Financial Accounting Advisory Services,
Climate Change and Sustainability Services (CCaSS), and Forensic & Integrity Services.
2. Tax: Includes International Tax Services, Business Tax Compliance, Global Trade,
Indirect Tax, Tax Accounting & Risk Advisory Services, Tax Technology and
Transformation.
3. Consulting: Divided into Business Consulting, Technology Consulting, and People
Advisory Services sub-service lines.
4. Strategy and Transactions (SaT): Focuses on capital transformation for companies,
including Valuation, Due Diligence, Real Estate Advisory, M&A and Corporate Finance.

KPMG
Headquartered in the Netherlands, with incorporation in London, KPMG is a network of firms
spanning 145 countries, employing over 265,000 individuals, including 40,000 in India. Its range
of services includes financial audit, tax, and advisory services. KPMG reported revenues of $35
billion globally in the year 2022. KPMG's structure is centered around three core service lines,
with revenue breakdown for 2022 as follows:
1. Audit (33.9% - $11.85 billion)
2. Advisory (44.1% - $15.44 billion)
3. Tax and Legal Services (21% - $7.35 billion)

Accenture

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Accenture, headquartered in Dublin, specializes in IT services and consultancy. As a Fortune 500
company, it reported a substantial revenue of $61.6 billion in 2022. Accenture's client base
includes 90 companies in the Fortune 100 and over 75% of the Fortune 500. With its workforce of
720,000 employees globally and 300,000 in India, Accenture is the world's largest consulting firm.
Accenture's organizational structure comprises the following segments:
1. Accenture Strategy and Consulting: Offering business, technology, and operations strategy
services, as well as management and technology consulting services.
2. Accenture Song (formerly Digital and Interactive): Focusing on digital marketing and
analytics to enhance client digital experiences.
3. Accenture Technology: Concentrating on technology software, implementation, delivery,
and R&D, including pioneering efforts in emerging technologies via its Technology Labs.
4. Accenture Operations: Operating under an "as-a-service" model, encompassing business
process outsourcing, IT services, cloud services, and managed operations.

McKinsey
McKinsey stands as the oldest and largest among the prestigious MBB firms, renowned as the
leading strategy consulting firms globally. The firm's primary focus is to optimize clients' financial
and operational aspects.

Unlike the Big 4, McKinsey & Company does not provide auditing and assurance related services.
It specializes in delivering strategy and management consulting services, in key areas such as
acquisition advisory, sales force restructuring, business strategy formulation, and downsizing
guidance. The range of McKinsey's expertise addresses diverse client needs, providing solutions
for complex challenges and attaining strategic goals.

In terms of size, McKinsey and other MBB firms are much smaller when compared to the Big 4.
McKinsey has about 38,000 employees globally, with about 2000 of them in India. McKinsey
made about $12.5 billion in 2022, about a quarter of the revenue of the Big 4.

Boston Consulting Group

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Boston Consulting Group (BCG) is another MBB firm and one of the world’s leading management
consulting firms. It has global revenue of $11.7 billion for the year 2022. It has about 30,000
employees, with 1500 of them employed within India. BCG's core offerings include:
1. Strategy: BCG aids clients in formulating strategies by assessing market dynamics,
identifying growth opportunities, and optimizing business models.
2. Operations: The firm assists clients in streamlining operations, enhancing efficiency, and
adopting digital transformation to achieve sustainable performance.
3. Digital Transformation: BCG guides organizations through digital transformation, helping
them effectively use emerging technologies to innovate and transform customer
experiences.
4. Marketing and Sales: BCG supports clients in navigating consumer preferences, devising
effective marketing strategies, and optimizing sales channels for revenue growth.
5. People and Organization: BCG specializes in organizational design, leadership
development, and talent management to create a high-performing workforce.
6. Sustainability and Corporate Responsibility: BCG aids companies in incorporating
sustainability practices into their business strategies, addressing environmental and societal
challenges.

Bain & Company

Bain & Company is a global management consulting firm known for its strategic insights and data-
driven approach to solving business challenges. It was established in 1973 by the former Vice
President of BCG. It has about 12,000 employees, with 1000 of them employed within India. It
had global revenues of $5.8 billion for the year 2022.

Bain & Company offers management consulting services primarily to Fortune 500 companies. The
firm advises on topics including private equity investments, mergers & acquisitions, corporate
strategy, finance, operations, and market analysis. It also has specialized departments for customer
loyalty, word of mouth marketing, and digital technology.

Listed and Unlisted Companies with Market Capitalization

The below mentioned companies are listed in New York Stock Exchange (NYSE).

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 Listed (with Market Cap in USD) Unlisted

Goldman Sachs Group Inc ($107.93 billion) McKinsey and Company

Accenture ($217.72 billion) Boston Consulting Group

Booz Allen Hamilton ($15.04 billion) Bain and Company

FTI Consulting ($6.24 billion) Deloitte

Stantec ($10.08 billion) PricewaterhouseCoopers (PwC)

Gartner ($27.59 billion) Ernst & Young

KPMG

A.T. Kearney

Latest Financial Performance Indicators

Indicators Goldman Sachs Booz Allen Accenture Gartner FTI Stantec

Hamilton Consulting

Annual $47.37B $2.15B $19.7B $3.78B $0.96B $2.42B

Gross Profit

Assets $1,441.8B $6.55B $47.26B $7.3B $3.24B $5.65B

Net Income $11.26B $0.27B $6.88B $0.81B $0.24B $0.25B

EPS $30.42 $2.04 $10.87 $10.08 $6.99 $2.23

P/E Ratio 13.95 45.11 27.88 32.88 23.21 29.45

Debt/Equity 6.69 3.09 0.15 13.43 0.32 0.84

Ratio

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 Return on 0.50% 4.30% 15.20% 11.80% 7.70% 4.50%
Assets

The above-mentioned figures are for the FY ending in March 2023.

C) Macroeconomics Analysis
Government Regulations
The National Institute for Transforming India (NITI) Aayog has strengthened its supervisory role
over government entities using private-sector external consultants. The use of consultants from the
private sector has become a widespread phenomenon among governments worldwide, a pattern
that has attracted significant attention and analysis.The use of consultants by the government is
sometimes subject to scrutiny due to concerns over possible conflicts of interest, considering the
substantial scope of consulting services supplied to the private sector. The Indian government has
recently made measures to address the ethical aspect of this problem by conferring a quasi-
regulatory role onto NITI Aayog.

According to the recommendations put out by NITI Aayog, it is imperative to establish a

standardized system for documenting the appointments of consultants within various ministries,
in light of the growing number of such personnel being engaged. Within the context of this novel
regulatory structure, the first phase necessitates the submission of comprehensive data by all
government agencies and departments pertaining to the consultants they have engaged and the
specific projects for which their services have been enlisted. The proposal should include
comprehensive reasons for the selections, accompanied by thorough affirmations affirming the
lack of any conflict of interest.

The scope of the rules extends beyond government agencies only. In addition to personal and
photographic identity of the individuals involved, government-contracted consulting companies or
consultants will be required to provide a statement including a disclaimer pertaining to any

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possible conflicts of interest. NITI Aayog will also function as an intermediary between the public
sector and the consultancy business.

New and Emerging Technologies

Generative AI has the potential to improve the efficiency, effectiveness, and originality of
consulting. As technology advances, it is likely to play a larger role in this industry. Some of the
specific advantages of generative AI:
1. Generative AI can assist consultants in analyzing massive datasets and uncovering
concealed patterns, correlations, and trends. This can be used to recognize new
opportunities, enhance decision-making, and reduce hazards.
2. Many of the tasks presently performed by consultants, such as data entry, analysis, and
report writing, can be automated by generative AI. This allows consultants to concentrate
on more strategic and creative tasks.

Challenges
Some of the most significant challenges currently facing the industry are as follows:
1. Competition and differentiation: For Indian consulting firms, the greatest challenge is
competing with large global market participants. There is a need for Indian consulting
sectors to define and differentiate their specializations.
2. Client expectations have evolved, with clients now requiring more measurable and data-
driven outcomes from consulting initiatives. It was difficult to meet these expectations
while maintaining practicality.
3. Global and regional economic instabilities: Global and domestic economic fluctuations
impacted client expenditure and project budgets, making long-term planning and stability
difficult.
4. Acquisition and retention of talent: Due to the need for expertise in emerging technologies
and specialized domains, acquiring and retaining competent consultants poses a challenge.

Way Ahead
There are a number of strategies that can be implemented in the future years to promote the rapid
expansion of the Indian consulting industry. Here are some strategies:

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 1. Embrace innovation: The consulting industry is continuously evolving, and firms that
embrace innovation will be in a stronger position to succeed. This necessitates an
investment in new technologies, the development of new methodologies, and the creation
of new means of delivering value to clients.
2. Nurture talent: The Indian consulting industry is experiencing a talent scarcity, so it is
crucial to cultivate the available talent. This requires an investment in training and
development, a positive work environment, and competitive compensation and benefits.
3. Enhance consulting skills: The consulting industry is extremely competitive, so it is
essential that consultants have the skills and knowledge that clients seek. This requires
keeping up with current trends, developing strong analytical and problem-solving skills,
and communicating effectively with clients.
4. Expand into new markets: Since the Indian consulting market is still comparatively small,
firms have the opportunity to expand into new and promising markets, such as Southeast
Asia and Africa.
5. Partner with other firms: As the consulting industry becomes more collaborative, it will be
beneficial for firms to share resources and expertise through partnerships. This may include
the formation of joint ventures, alliances, or strategic partnerships.

Exhibits

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 Exhibit-1: Distribution of Consulting Firms in India
(Source - Consulting Industry In India: Prospects & Challenges.
https://www.consultantsreview.com/ceoinsights/consulting-industry-in-india-prospects-
challenges-vid-679.html)

Exhibit-2: Market shares of leading consulting firms

(Source - Consulting firms: global market share by company 2018 | Statista. (2022).
https://www.statista.com/statistics/624204/market-share-of-leading-consulting-firms-
worldwide/)

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https://www.globenewswire.com/en/news-release/2022/08/26/2505400/0/en/At-4-10-
CAGR-Business-Management-Consulting-Services-Market-Size-to-Hit-USD-1048-9-
Billion-by-2028-Comprehensive-Research-Report-by-Facts-Factors.html

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