Consulting in Transition: Artificial Intelligence as a Game Changer for the Industry

The consulting sector is facing a significant transformation, driven by the rapid integration of artificial intelligence. A recent analysis by Mordor Intelligence forecasts that the consulting market will grow from a value of 354.01 billion USD in 2024 to an impressive 447.72 billion USD by 2029, with an annual growth rate of 4.81%. This development is the result of increasing complexity in business operations and an intensified focus on strategic decision-making. Particularly, the incorporation of modern technologies in consulting services proves to be groundbreaking. A report by the New York Times highlights how AI is revolutionizing the consulting landscape. Companies are generating substantial revenues through AI strategy consulting, implementation of generative AI, and language processing solutions. The emphasis on AI in the offerings of consulting giants is evident: Boston Consulting Group (BCG) increased its AI-based revenue to one-fifth of total revenues within two years, while McKinsey predicts that soon 40% of its business will be AI-related. A notable aspect is the efficiency enhancement through AI, as illustrated by the example of PwC. AI-supported tools optimize document searches and analyses in government projects, minimizing manual efforts and enabling deeper insights. PwC is also investing 1 billion USD over three years in AI, underscoring the significance of this technology for business strategy. AI not only offers efficiency-enhancing benefits but also opens up innovative business models, such as subscription-based services for continuous AI insights. According to BCC Research, the market for global AI consulting services is experiencing rapid growth, with an annual growth rate of 34.2% from 2023 to 2028.