For centuries, the global consulting sector has evolved in diverse ways. And despite the consulting industry originating way back in the 1880s, the African consulting industry hadn’t really taken off in the continent until probably the early parts of the 21st century.

Today, the African market has significant potential for expansion, particularly as the continent faces huge economic and social problems, including a move to a more diversified economy focused on both industry and knowledge.

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The Evolution of the African Consulting Industry

The introduction of strategy and management consultancies in Africa was a defining moment for the continent. Although the African market represents roughly 2% of the global 100 billion US dollar market, the advisory industry’s growth potential is remarkable, and its influence is quite significant.

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Currently, the African consulting industry is estimated to be worth over $2 billion and is growing at a rate of around 5-7% per year. This growth is being driven by several factors, including the increasing demand for consulting services from African businesses, the rise in the middle-class population in Africa, and the rise of African multinationals.

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In addition, governments of many African countries are increasingly turning to consultants to help them with their development goals. As a result of all these factors, the African consulting industry is expected to grow significantly in the next few years. This will also help African businesses to become more competitive and boost the continent’s profile in the global economy.

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Knowing the African Consulting Market

Presently, the African consulting industry or market is pretty substantial and is already regarded as a significant market because of its steady growth over the years.

In fact, the African consulting industry is actually bigger than many of the European markets such as that of Spain and Italy.

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Consulting services are available in well over 30 African countries with South Africa, Nigeria, and Morocco taking up the top three places on the list.

When you talk about the market as per region wise, then it’s not surprising that Southern Africa alone accounts for around two-thirds of the whole consulting market in Africa.

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With double-digit growth in West Africa, particularly in Nigeria, and East Africa, benefiting from the lessened appeal of Asian countries, Africa continues to position itself as an attractive region.

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As a result of the fast-expanding economy and the government’s push for innovation, it is anticipated that the African market as a whole will continue to expand significantly. Of course, there are hazards for consulting businesses in the region, including political instability and troubles of getting paid. Even, despite these factors, the market has enormous potential.