Worldwide Business Consulting Services Market Shares, 2023: The Rise of GenAI

This IDC study discusses the performance of business consulting services firms for 2023."2023 was a transition year out of the temporary post-COVID-19 pandemic boost that did not last through 2023 for most business consulting service providers. The business consulting services market experienced growth, despite economic challenges, driven by digital business and GenAI-related consulting. Inflation and high CPI influenced spending, shifting focus to cost cutting, risk management, and strategic investments. The trend toward shorter, more intense projects emerged, with provider GenAI/AI investments significantly shaping the market. GenAI's promise of better outcomes with fewer resources reshaped the 2023 business consulting landscape, driving growth despite economic challenges," said Bill Latshaw, lead researcher, Worldwide Business Consulting Services, IDC.