A report carried out by ReportLinker has found that the MEA consulting services market is set to grow at a rate of 4.29% for the next five years.
The primary attributers to this growth appear to be strong economic development; regulatory changes in the financial sector and continued outsourcing. The industry appears set to continue its digital transformation in these upcoming years. This proliferation of analytics technology, however, comes with its own risks. Corporate clients, for instance, may seek to solve their problems in-house – reducing demand.
Whilst this may prove a cause for concern, it’s encouraging to note that most industries affected by the pandemic understand the value of management consulting (particularly when certainty is anything but guaranteed). Firms that were assisted during the beginnings of the technological transition realised the benefits of having their spending and management scrutinized by an outside source.
Saudi Arabia still holds a pronounced portion of the market – partially due to the large presence of established multinational firms it hosts, and recently bolstered by the significant investment drive publicised by its government. Development projects such as Saudi Arabia’s Vision 2030 are drawing in plenty of competition for who can best strategize and implement the country’s broader goals.
In a global economy mired by talk of recession and negative growth, the MEA region seems to be sheltered from these broader trends – presenting a unique opportunity for the management consulting sector.
- by John Barker