Overview
Industry driven by Singapore’s status as a key business hub
Singapore’s overall consulting industry is the largest in the South-East Asian region and accounts for around 1% of the country’s GDP. The city-state’s status as a key business and financial hub, and the influx of international investors to the country support its management consulting industry.
In order to benefit from these dynamics, most international and regional consulting firms have established their operations in Singapore. Further, in addition to management consulting, these firms also offer other business support services. Hence, operating in Singapore offers significant synergies for all their business operations.
Singapore’s management consulting industry consists of many world-renowned consulting firms such as McKinsey & Company, Bain & Company, Boston Consulting Group and FTI Consulting, the big four firms (Deloitte, Ernst & Young, KPMG and PwC) and numerous reputed boutique consulting firms. Large consultancies in the country serve both private and public sector businesses that are operating across all key industries.
As per comments from Source Global Research, among all industry sectors that seek consultancy services, financial services and manufacturing are the two largest markets in Singapore. Strategic advisory, mergers and acquisitions, restructuring and optimization are some of the key areas where management consultancy services add value in Singapore. Automation and innovation are two of the key drivers of consultancy service demand, where management generally lacks sufficient expertise. For example, strategic advisory to management on innovative IT, supply chain and marketing to accelerate automation and e-commerce offer great value.
Smaller and mature market offers stable growth prospects
Singapore’s consultancy market is at a relatively mature stage compared to its emerging and fast-growing Asian peers. Although it is considered the largest in the South-East Asian region, it is still significantly smaller than key Asia Pacific markets such as China, Japan, India, South Korea and Australia. As per estimates from GlobalData, within the Asia Pacific region, Singapore would only account for around 3% of the consultancy market share by 2024.
The consulting industry largely depends on the number of projects and growth initiatives undertaken by businesses, and the willingness of businesses to invest in these projects. In this respect, Singapore’s stable business environment and ability to attract investments provide a competitive edge for the industry against volatile fast-growing regional markets.
Further, the Singapore government’s initiatives such as Smart Nation and significant investment plans to drive the country forward, in terms of digitalization and infrastructure growth, are encouraging business growth and supporting the country’s management consultancy industry. The pro-business environment of the country makes it relatively easy to set up a management consultancy firm or practice as a management consultant with the required skill sets. This has resulted in a higher number of boutique consultancy businesses within Singapore. However, the industry is still dominated by leading, reputed, large consultancy names.
The leading consulting firms are considered among the most desired employers by graduates from Singapore’s top universities, which enables these firms to access the best talent in the country. The Singapore Business Advisors and Consultants Council (SBACC) and the Institute of Management Consultants (Singapore) (IMCS) offer certification programs in Singapore for management consultants. Within the South-East Asian region, there is greater mobility of consultancy talent, which enables management consultants in the country to work in neighboring countries on specific projects that require their expertise. The recent location-independent work culture is more favorable for the growth of emerging consulting markets with lower operating costs compared to Singapore.
Key Trends
COVID-19 has negative impact on the industry
According to data published by the Ministry of Trade and Industry (MTI) of Singapore, the business and management consultancy industry fell by 9% YoY in 2020 in real terms. As per comments from Source Global Research, the decline was largely driven by transport, leisure, and oil and gas sectors, where the demand for consultancy services fell sharply due to the cancellation or deferment of projects by clients to manage the cash flow shortages.
Revenues from financial services and manufacturing, the two largest consultancy markets in Singapore, contracted by around 3% YoY in 2020 as per the analysis of Source Global Research, which further states that during the pandemic, consultancy services aimed at small pharma and biotech, healthcare and retail sectors performed well due to increased demand for digital solutions. Healthcare sector projects aimed at digitization, COVID-19 related care and monitoring services, telehealth solutions that enable patient care, the launch or expansion of e-commerce operations and supply chain solutions for retailers have been some of the key demand drivers during the pandemic.
As per statistics from the MTI, in 2021, the business and management consultancy industry grew by 3% YoY in real terms, showing a recovery compared to 2020. However, the industry is yet to fully recover towards pre-pandemic levels as businesses are still cautious in resuming projects that require consultancy services. As per Source Global Research, compared to most South-East Asian markets, Singapore’s consultancy industry performed better during the pandemic due to the country’s stable business environment, and proper health and safety measures.
Automation and business transformation would continue to drive consultancy service demand
The need for rapid automation across most industries in Singapore would continue to drive demand for management consultancy services in the future. Further, the post-pandemic atmosphere has led to new trends and challenges that require transformation across various aspects of businesses. Once businesses resume their growth initiatives, restructuring and transformation plans, this would lead to growth in the management consulting industry.
Further, the demand for M&A advisory and consultancy support regarding new regulatory requirements would also remain solid due to the essential nature of these services and the need for expert advice. Consultancy on sustainability is emerging as a new growth opportunity in Singapore as more businesses are aiming to meet their sustainability targets. There is a growing trend of large consultancy firms acquiring small players to facilitate expansion into specific consulting services or to access international markets and expand their geographic reach. Most of these acquisitions are focused on consultancy services aimed at digitization and innovation.
Key Statistics
- Based on the statistics published by the MTI, the business and management consultancy industry of Singapore contributed around SGD 2.6 billion in 2020 and SGD 2.9 billion in 2021 to the country’s GDP.
Top Singapore MNCs in Management Consulting Sector
MCKINSEY & COMPANY SINGAPORE, PTE LTD
Mckinsey & Company Singapore, Pte. Ltd., which was founded in 1998, is part of the international management consulting organization. The Singapore office is an innovative hub that focuses on creating transformative growth in the island state. The company’s range of business includes contract or fee-based management services. Mckinsey & Company supplies ground-breaking information to help organizations in Singapore and across Asia handle their most difficult challenges through the McKinsey Innovation Campus, which was inaugurated in 2012, in cooperation with Singapore's Economic Development Board. It collaborates with a diverse spectrum of organizations, including SPRING, the government's SME agency, as well as individual businesses and social enterprises.
BAIN & COMPANY SE ASIA, INC.
Bain & Company SE Asia, Inc., which was incorporated in 1993, collaborates with colleagues in Bangkok, Jakarta, Kuala Lumpur, and Manila as Bain Southeast Asia. The management consultancy firm provides advice on a variety of topics, including private equity investments, mergers and acquisitions, corporate strategy, finance, operations, and market analysis. It caters to the industries of aerospace and defence, automobiles, conglomerates, consumer products, energy and utilities, financial services, healthcare, media, retail, services, technology, telecommunications, and transportation services. Bain & Company received Mogul’s Top 100 Workplaces with the Best D&I Initiatives Award in 2021, and was ranked #3 in Glassdoor’s Best Places to Work in 2022.
PRICEWATERHOUSECOOPERS CONSULTING (SINGAPORE) PTE. LTD.
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A.T. KEARNEY PTE. LTD.
Incorporated in 1995, A.T. Kearney Pte. Ltd. is part of the leading global management consulting business, which has over 40 offices worldwide. Kearney has a diverse set of sectors and competencies such as aerospace and automotive, chemicals, communications media and technology, consumer products and retail, healthcare, metals and mining, oil and gas, private equity, public sector, transportation, and infrastructure and utilities. At Kearney, the major service lines are strategy, analytics, mergers and acquisitions, innovation, operations, technology strategy, organization and transformation, marketing and sales, procurement, and sustainability. It collaborates with approximately three-quarters of the Fortune Global 500, as well as governmental and non-profit organizations.
OLIVER WYMAN PTE. LTD.
Oliver Wyman Pte. Ltd. was established in Singapore in 2003. It is part of the network of offices of the global management consultancy firm Oliver Wyman, which has offices in over 70 locations in 30 countries. The company combines extensive industry knowledge with specific skills in strategy, operations, risk management, and organizational transformation. The firm has specialists worldwide who work with customers to improve operations and risk profiles, and accelerate organizational performance in order to capitalize on the most appealing prospects. Oliver Wyman is one of Marsh & McLennan's four primary operating companies.
ERNST & YOUNG ADVISORY PTE. LTD.
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L.E.K. CONSULTING PTE. LTD.
Incorporated in 1989, L.E.K. Consulting Pte. Ltd. in Singapore functions as an integrated system for L.E.K. global’s Southeast Asian clients, including enterprises, financial investors and government agencies. L.E.K.'s strategic advice capabilities, along with links to the region's leading corporations, make it the ideal partner for customers looking to expand their business inSoutheast Asia. The firm's Global Education practice and the Asia-Pacific (APAC) Life Sciences Centre of Excellence are supported by the Singapore office. The office's language skills, which include English, Mandarin, Thai, Tagalog, Malay, and Bahasa Indonesia, have helped it to service these markets effectively.
THE BOSTON CONSULTING GROUP PTE. LTD.
The Boston Consulting Group (BCG) Pte. Ltd., which was established in Singapore in 1995, is part of the global network of the multinational advisory firm which was founded in the United States. BCG provides solutions through cutting-edge management consulting, technology and design, corporate and digital initiatives, and corporate and digital ventures. In Singapore, it works in a distinctively collaborative approach across the top Singaporean and Southeast Asian firms, government organizations, and global corporations. Boston Consulting USA has established an extensive international network, with 170 offices across the globe.
KPMG SERVICES PTE. LTD.
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DELOITTE CONSULTING PTE. LTD.
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Top Singapore Large Local Enterprises in Management Consulting Sector
IN.CORP GLOBAL PTE. LTD.
Founded in Singapore in 2015, In. Corp Global Pte. Ltd. is a corporate solutions firm with a presence in eight countries, including Australia, Hong Kong, India, Indonesia, Malaysia, the Philippines, and Vietnam. Among the services it offers clients are Firm Incorporation, Secretarial and Compliance, Share Registry, Outsourcing, Accounting, Taxation, Immigration, Business Advisory, Risk Assurance, and Corporate Recovery. In. Corp Global is an Accredited Training Organization, which is authorized to train and develop prospective Singapore chartered accountants in accordance with the Singapore CA Qualification.
FOO KON TAN ADVISORY SERVICES PTE. LTD.
Foo Kon Tan Advisory Services Pte. Ltd., which was established in 1968, is an advisory firm headquartered in Singapore. It offers comprehensive, one-stop business and advisory solutions. Foo Kon Tan also provides a broad range of assurance, tax, and advisory services to assist clients in navigating the ever-changing dynamics of the domestic and worldwide business and regulatory contexts. Foo Kon Tan is a principal member of HLB International, a network of independent professional accounting firms and business advisers. The company has access to the vast on-the-ground experience of over 130 independent peer member firms.
Top Singapore SMEs in Management Consulting Sector
FT CONSULTING PTE. LTD.
FT Consulting Pte. Ltd., which was founded in 2004, is a Singapore-based, Asia-focused business consulting organization that assists businesses to make their growth strategy a reality. It offers specialized consulting, combined with consulting experience, as well as a global network of offices and associates in Malaysia, Indonesia, Vietnam, the United States, Australia, Europe, China, India, Japan, Thailand and the Middle East. It serves clients in a diverse range of sectors, which include food and beverage, retail, education, hospitality, logistics, technology, and industrial services. Growth Strategies & Go-to-Market, Innovation & Intellectual Property Management, Transformation, and Mergers & Acquisitions are some of the services offered by FT Consulting.
108 GROWTH PARTNERS PTE. LTD.
Established in 2017, 108 Growth Partners Pte. Ltd. is a firm that provides growth, productivity, and organizational advisory services. It assists enterprises, governments, and non-profit organizations to overcome difficulties relating to growth, efficiency, and organizational improvement. 108 Growth Partners collaborates with Legacy Innovation to address innovation challenges and host innovation workshops for its global clients, and it uses Miller Heiman's tried-and-true approaches in its toolkits and training. 108 Growth Partners also provides customized training and resources to an exclusive group of clients.
EDEN STRATEGY INSTITUTE LLP
Eden Strategy Institute LLP, which was incorporated in 2010, is a Social Innovation Firm. It assists multinational corporations, non-profit organizations and governments to achieve long-term economic, environmental and social advantages, by building and launching new growth platforms, operations, products and services. The experts at the Eden Strategy Institute specialize in social innovation, systems thinking, capability development, corporate social partnerships, inclusive business models, sustainable finance, and impact evaluation. The company’s clients are from various sectors such as healthcare, education innovation, public service reform, and the expanding middle class.
BRIGHT FOREVER CONSULTANTS PTE. LTD.
Established in 2017, Bright Forever Consultants Pte. Ltd. is a consultancy firm. It is headquartered in Singapore. Business Consulting is one of the main services offered by the company, and it focuses on linking businesses with IT in order to maximize the value of IT investments. This is accomplished through its three business units: Bright Business, Bright Digital, and Bright Events. Business strategies, branding, market analytics, market research, digital marketing tactics, coaching, and training are provided by the company. Acumatica, the Cloud ERP, has named Bright Digital as a Silver partner.
ASTREEM CONSULTING PTE. LTD.
Astreem Consulting Pte. Ltd. is a franchise consultancy firm which was incorporated in 2005. It specializes in international brands through bespoke growth strategies such as Franchise Development, Business Matching, Branding, and Business Excellence Automation. Astreem Consulting ensures that its clients gain a long-term competitive advantage, build more capable franchise organizations, and achieve long-term results. The company often deals with SMEs in the following sectors: education, fitness, wellness, food and beverage, retail, and services. It supports clients internationally, with associates in Malaysia, Indonesia, the Philippines, Vietnam, and India.
AADVANTAGE CONSULTING GROUP PTE. LTD.
AAdvantage Consulting Group Pte. Ltd., which was established in Singapore in 2002, is a business consulting firm that assists organizations in guiding their business and organizational transformations. It offers its expertise to clients to help them translate their strategies into business results. AAdvantage Consulting offers complete and tailored solutions for its clients. Since it was established 20 years ago, it has collaborated with companies such as Goodwood Park, Triumph International, Land Transport Authority, IRAS, Housing and Development Board, and Marina Bay Sands.
BIZSQUARE MANAGEMENT CONSULTANTS PTE. LTD.
Incorporated in 2013, Bizsquare Management Consultants Pte. Ltd. is a one-stop business consultancy, which aims to become the most dependable business advice firm on which SMEs rely. It provides SMEs with growth prospects and solutions such as business loan consulting, accounting and corporate secretarial, strategy management consulting, digital marketing optimization, and branding and marketing. Through social media campaigns, branding, and marketing development strategies, the Strategy Management and Branding & Marketing arms aim to release corporate potential. Bizsquare Management’s clients come from a variety of sectors, including Singapore University of Social Sciences (SUSS), Lifelong Learning Institute (LLI), and Uncle Ringo.
EXULTO CONSULTING PTE. LTD.
Exulto Consulting Pte. Ltd., which was established in 2013, is a global management consulting firm that specializes in assisting emerging markets. It delivers personalized and actionable solutions, locates scarce information or resources, and utilizes its knowledge to help organizations with hands-on transformation. Exulto Consulting is currently active in Scandinavia, Eastern Europe, China, and the Asia-Pacific region. Services offered include strategy consultancy, financial services, fintech advisory, digital strategy, digital currency council, and blockchain strategy. Exulto Consulting is a member of the Association of Crypto Currency Enterprises and Start-ups Singapore (ACCESS).
LIZANA & COMPANY ASIA-PACIFIC PTE. LTD.
Incorporated in 2012, Lizana & Company Asia Pacific Pte. Ltd. is a multinational strategy consulting firm which is headquartered in Singapore. It is a reliable partner for European medium-sized businesses that are establishing or extending their presence in Asia. Lizana & Company assists its clients in developing and implementing growth strategies in the region. Its clients include medium-sized businesses, major family-owned businesses, and international giants. Lizana & Company also focuses on organizations with manufacturing operations and provides consulting services across all functions along the value chain.
BLUEBOX CONSULTING PTE. LTD.
Bluebox Consulting Pte. Ltd., which was founded in 2011, is a diversified professional services group based in Singapore. It focuses solely on Asian entrepreneurs, high-growth businesses, and investors. Bluebox Consulting's clientele consists primarily of dynamic startups and high-growth SMEs, Asian subsidiaries of larger corporations, and Asian-focused investors, funds, and high-net-worth individuals. Bluebox Consulting offers a comprehensive range of business services, such as company incorporation in Singapore, tax planning and advising, structuring, legal, accounting, and compliance.
Top Singapore Fastest-Growing Companies in Management Consulting Sector
THOUCENTRIC PTE. LTD.
Thoucentric Pte. Ltd, which was incorporated in 2017, is a specialized management consulting organization that offers solutions for complex business problems in a variety of industries. It specializes in information technology, supply chain management, finance, and large-scale programme management. Thoucentrics is an essential management consulting firm with a wide range of industry, solution, and product experience. Thoucentric has collaborated with a range of organizations, from promising startups to huge multinational technology organizations. It has established offices across the globe, in Singapore, Australia, the United States, and the United Kingdom.
SHORELINE CONSULTING PTE. LTD.
Established in 2009, ShoreLine Consulting Pte. Ltd. is a management consulting firm that works with global asset and wealth management firms, as well as top sovereign, superannuation, and pension funds. It provides special consultation and implementation services to the asset and wealth management industries. Shoreline serves leading asset managers, asset owners, investment platforms, and superannuation and pension funds worldwide through office premises in Sydney, Melbourne, Singapore and Toronto. It offers product and distribution, operations and outsourcing, solution and service provider selection, data and analytics, digital, technology and implementation services.
JCURVE SOLUTIONS ASIA PTE. LTD.
Jcurve Solutions Asia Pte. Ltd. was incorporated in Singapore in 1997, under the name Stratatel. Jcurve is uniquely positioned to assist organizations in their business transformation journey. It offers everything from business management solutions and consulting services, to field service management and digital marketing services. Jcurve is a premier Oracle NetSuite partner, and provides world-class digital solutions as well as trustworthy consulting services. It offers its services through sub brands such as Optyc, Quicta, Vyzeri, and Dygiq, its solution suppliers.
LYNXEYE BRAND MANAGEMENT CONSULTANTS PTE. LTD.
Lynxeye Brand Management Consulting was formed in 1999 and is headquartered in Sweden. It is an independent management consulting firm that specializes in growth strategies, innovation, and design. It operates in Australia, France, Germany, Mexico, Singapore, Switzerland, and the United Kingdom. The company offers insights on future market drivers, new growth opportunities, geographical expansion and brand extension analysis. Lynxeye assists its impressive client list - which includes Unilever, Volvo, Absolut, and Spotify - with their growth strategies across North America, Europe, and the Asia-Pacific region.
PROTIVITI PTE. LTD.
Established in Singapore in 2002, Protiviti Pte. Ltd. is a consulting firm that helps executives face the future with confidence by providing deep experience, objective insights, a customized strategy, and unrivalled cooperation. Protiviti Inc. is headquartered in California, and has more than 85 offices in over 25 countries. Protiviti provides its clients with consulting and managed solutions in finance, technology, operations, data, digital, legal, governance, risk, and internal audit. Fortune and Consulting Magazine have named Protiviti as a top firm to work for.
THE BOSTON CONSULTING GROUP PTE. LTD.
The Boston Consulting Group (BCG) Pte. Ltd., which was established in Singapore in 1995, is part of the global network of the multinational advisory firm which was founded in the United States. BCG provides solutions through cutting-edge management consulting, technology and design, corporate and digital initiatives, and corporate and digital ventures. In Singapore, it works in a distinctively collaborative approach across the top Singaporean and Southeast Asian firms, government organizations, and global corporations. Boston Consulting USA has established an extensive international network, with 170 offices across the globe.
DELOITTE CONSULTING PTE. LTD.
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ERNST & YOUNG ADVISORY PTE. LTD.
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IN.CORP GLOBAL PTE. LTD.
Founded in Singapore in 2015, In. Corp Global Pte. Ltd. is a corporate solutions firm with a presence in eight countries, including Australia, Hong Kong, India, Indonesia, Malaysia, the Philippines, and Vietnam. Among the services it offers clients are Firm Incorporation, Secretarial and Compliance, Share Registry, Outsourcing, Accounting, Taxation, Immigration, Business Advisory, Risk Assurance, and Corporate Recovery. In. Corp Global is an Accredited Training Organization, which is authorized to train and develop prospective Singapore chartered accountants in accordance with the Singapore CA Qualification.
