Management Consulting Industry in India – A Shining Career Option

Management consulting services in India are on a steady rise and 2016 has been the best year for this industry. With a 13.9% growth in the consulting market the market size is now valued at US$2,132 million. There are many national and multinational management consultancies operating in India for more than a decade and even more boutique consultancies are cropping up in various parts of the country catering to specific set of industries that are not yet covered by the medium and large enterprises.

Globalization is a great boon for tech and financial consultants. National players such as TCS, Humanettics, Wipro and MNCs like Accenture, E&Y, Capgemini, etc., offer a tough neck-to-neck competition thus making the market all the more lucrative for newcomers in consulting sector. India is a great zone for economic development due to the friendly government regulations and a pre-established base of young talent who are technically superior as compared to European or North American demographics. Also, English is widely spoken in India, thus making it a second language for most of the Indian youth and this factor holds a lot of value to the foreign businesses who are curious to launch their business in India or want to grow bigger elsewhere in the world.

For the Indian businesses, trusting an Indian company is far better than seeking out multinational corporations since they would have a better sense of the Indian way of doing business. Another major factor for India's success in the management consulting services arena is the digital transformation that brings nearly a quarter of all consultancy revenues in India and this market share is projected to grow a lot more in the coming years.

A boutique consultancy can now partner-up with large firms that give them the trust of their clients and yet allows them to keep a share of their profits. Growth in e-commerce and digital payment solutions was yet another push for the retail industry and its corresponding management consultancies in India that grew 25% last year owing to the increased spending from the middle-class economy.

The biggest earner in India's management consultancy service seems to be the technology sector that has reported the largest gains. More and more of India wants to go digital and all the businesses are now focusing solely on offering mobile-led solutions or business exchange.

Although, India is severely lagging behind in the manufacturing sector at its current state, future projections dictate that the already booming consultancy services market will stand to gain tremendously in this high-potential economic superpower. The presence of Indian and foreign consultancy services promote a competitively healthy atmosphere that participates in knowledge sharing and maintains an equilibrium between using existing knowledge and giving rise to new information. This is why the job growth in management consultancy is pretty high given that almost every MBA and Engineer works at a consultancy firm in some capacity thus lending their expertise.