An African Consulting Market already significant and with huge Potential
Know the Market
In 2016, the Consulting Industry in Africa was valued at $2.2 billion. Although the market is relatively small in terms of size from a global perspective, it has grown strongly over the past years, with a 6.3% growth rate. The African consulting market is bigger in size than many of the European markets such as that of Spain and Italy.
Consulting services can be found in over 30 markets in Africa. The Top 3 Locations with the greatest number of consulting firms are: 1) South Africa, 2) Nigeria and 3) Morocco.
Among these regions, Southern Africa alone makes up around two thirds of the Africa’s entire consulting market. Africa continues to position itself as an attractive geography with a double-digit growth in West Africa, particularly in Nigeria, and East Africa, benefiting from the reduced attractiveness of the Asian countries.
The African market as a whole is forecasted to continue its impressive growth, thanks to the rapidly growing economy and governmental push on innovation. Despite of being a market with a huge potential, there are risks for consulting business in the region including political stability and difficulty in getting paid.