In the digital era, well designed, well-informed, and activated business strategies are very crucial and inevitable for any business, thus generating the need of digital transformation consulting market. Digitization alters the consumer needs and behavior, as a ripple effect, the nature of business and competition also needs to change at a great speed and scale. Digital strategy consulting services helps in building enterprise leadership and business goals, talent requirements, business structure and organizational models, and data & technology primacies necessary to execute a business successfully. While efficiency remained a top priority for investments in digital, the major driving force behind digital investments was the requirement for growth.
Ongoing trends of simplification of operating models and simplification of processes engenders the demand for consulting services in the digital transformation age is expected to drive the global market during the forecast period. The similar demand traction in digital transformation consulting is anticipated to be observed after the forecast period as well. Additionally, migration of traditional IT infrastructure to the new age mobile computing solutions and IT infrastructure migration to cloud infrastructure and digital infrastructure are some of the important drivers responsible for the boom in digital transformation consulting market globally. However, data safety and reliability anxieties among the customers are anticipated to work as a restraint in the growth of global digital transformation consulting market across.
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The global IT consultancy services market is segmented based on type of service, enterprise size, and end use industry. The services type segment is classified as professional services and managed or outsourced services. Based on enterprise size, the digital transformation consulting market is categorized into small & medium sized enterprises and large enterprises. Large enterprises are expected to hold a dominant share in the market while small & medium sized enterprises are expected to have a relatively small share at present, however, it is expected to grow at a decent rate. The end use industry segment of digital transformation consulting market is sub segmented into transportation and logistics, banking financial services and insurance (BFSI), healthcare and pharmaceuticals, oil & gas, manufacturing, IT & telecom, automotive, government & defense, and others which includes chemicals, education.
Currently, the ‘big four’ professional service firms including Deloitte LLP, Ernst & Young, KPMG International and PricewaterhouseCoopers LLP collectively hold majority of shares in the global digital transformation consulting market. While firms with a strong technology and strategy services background, seems to be well-placed for the next phase of the digital transformation consulting market. However, Deloitte is anticipated to be holding more of such consulting work than any other global consulting firm in market.