The ongoing crisis also affects the Scandinavian consulting market. The growth of the consulting industry in Norway, Sweden, Denmark and Finland has decreased in the last twelve months from 8% to 2%. This is shown by a market analysis of research firm Source. The total Scandinavian consulting market is estimated to be worth almost €2.2 billion.
The biggest growth in the consultancy market in Norway, Sweden, Denmark and Finland accounts for consulting services in the field of marketing and sales (up 9.6 percent), operational improvements (6.6 percent) and technology (3.9 percent ).
The advisory practices of the Big Four business service providers (PwC, Deloitte, Ernst & Young and KPMG) dominate the market both in terms of market share and at the rate in which they’re growing. Amongst strategy consulting firms, McKinsey & Company and Boston Consulting Group are the firms that clients are most likely to mention. In the IT consulting segment Accenture and IBM lead the pack.
Global vs local
According to Source the Scandinavian market is next to the impact of the crisis facing a challenge that is typical to many smaller markets. Clients are increasingly demanding global coverage and larger scale and flexibility from consulting firms, yet at the same time a greater degree of specialization. “Because of the structure of the consulting market in small markets – such as the Nordics – this feels like conflicting demands” says Edward Haigh, Director of Source. According to Alisdair Munro of the Norwegian association of management consultants, consultants will have to find ways to the opportunities and threats of the ongoing globalization and must continue to prove their added value.