Convergence and Diversification in Professional Services
The market for traditional consulting services is shrinking. Don’t get us wrong; overall, the global management consulting industry has grown, but this has masked a seismic shift away from traditional services, and towards multidisciplinary ones. In fact, the digital transformation market grew a whopping 36% in 2018, while the rest of the market contracted by 7%. Additionally, our research has shown that being able to provide multidisciplinary services also has a significant and positive impact on a firm’s perceived ability to add value in the eyes of clients.
And as you might expect, everyone wants a bigger piece of the pie that is multidisciplinary services. As a result, the competitive landscape has come to be dominated by one overwhelming theme: convergence. Everyone is doing everything.
Our latest white paper attempts to track exactly which direction professional services providers are moving in, and why.