Arabian Business  billion market value

The Arabian Business newspaper reported that the Gulf consultancy market is growing at its fastest rate in seven years to exceed $3 billion for the first time, and that although Saudi Arabia leads the Gulf Cooperation Council countries in terms of the growth of the consulting market, the United Arab Emirates, which is the second largest market in the region It recorded a strong growth of 16.6%.

The newspaper quoted the report published by Source Global Research that after contracting for the first time in its history in 2020, the consultancy market in the Gulf Cooperation Council countries rebounded strongly, recording an overall growth rate of 17.7% in 2021, which is its fastest growth rate in seven years.

The report notes that while volatile oil prices and coronavirus-related restrictions continued to cast a shadow over the market earlier this year, government efforts to boost investment and economic transformation programs across the region had a significant impact in boosting demand in the Gulf advisory market.

Commenting on this topic, Head of Market Trends, Content and Strategy at the company, Ashok Patel, said: “After a challenging 2020 year, consulting firms found ample opportunity in the GCC, benefiting from the significant improvement in 2021, and recording the fastest growth rate in the market for a period of time. Seven years. Digitization remained a major driver of demand as major pharmaceutical companies in the region sought to modernize their systems, enhance the use of machine learning and automation in the research and development function, and ensure that remote work solutions were as effective as possible. The public sector was again a very wide field for consulting firms in the Gulf markets and their revenues increased by 19.7% in 2021, while government economic diversification programs were a major driver of demand for strategic expertise in particular, as clients relied on consulting expertise to update plans related to the privatization of government institutions and promoting investments in less developed sectors.

Cyber ​​security in all Gulf countries remained the fastest growing advisory service, rising by 28.4%, in light of efforts to develop new solutions to protect various digital services.

The report also found that the demand for strategic consultancy returned strongly in all of the GCC countries, with revenues increasing by 24.2% to reach $838 million in 2021 after a 7% decline in the previous year.

Patel added that company data shows that Gulf countries are recovering rapidly from the pandemic, and nearly half of clients surveyed in the region believe their businesses are back to normal after the pandemic, a much higher percentage than other countries we analyzed as part of this year’s Market Trends program. .

The report concluded that with optimism returning to the region, and nearly two-thirds of the company’s clients expecting to spend more on advisory support this year, it expects another good year for consulting firms to exceed 2021 performance.

By Editor

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