Accenture(ACN) GlobeNewswire News Room·2024-09-09 13:02Core Insights - The management consulting industry in China has experienced a compound annual growth rate (CAGR) of 5.2% over the past five years, reaching an estimated revenue of $39.2 billion in 2024 [1] - The industry is still relatively small compared to similar industries in other countries, despite its establishment over two decades ago [1][2] - The growth of the industry is driven by increasing market demand as Chinese enterprises seek to improve management efficiency and reduce costs [2][3] Industry Performance - The market size is small due to the short development time of the industry, and there is a lack of emphasis on management consulting among Chinese enterprises [3] - Large enterprises are more likely to engage in management consulting, which is expected to generate the largest share of industry revenue [3] - The operations of consulting firms are concentrated in economically developed coastal provinces such as Shanghai, Jiangsu, Zhejiang, Beijing, Guangdong, and Shandong [3] Trends and Insights - There is a growing demand for management consulting services as enterprises recognize the need for better development strategies [3] - Consulting companies must develop knowledge products and systems that address practical problems and are recognized by customers [3] - The continuous growth of the Chinese economy is anticipated to further promote the development of the management consulting industry [2][3] Major Companies - Key players in the industry include McKinsey & Company, Boston Consulting Group, Accenture (China) Co., Ltd., and Alliance PKU Management Consultants Ltd. [8] Operating Conditions - The industry is characterized by capital intensity, reliance on technology and systems, and varying revenue volatility [9]