Blockchain Press Releases
DOUBLE DIGIT GROWTH EXPECTED TO CONTINUE IN CONSULTING AS CLIENTS ACROSS THE GLOBE TURN TO THE UK FOR EXPERTISE: Management Consultancies Association (MCA) Reports
- Consulting sector grew 23% in 2022 with a further increase of 13% expected in 2023 as clients turn to management consultants for their expertise in digital technology, AI and business transformation
- Global clients continue to turn to the UK’s leading sector for expert advice with over £5.6 bn of services exported overall
- Number of MCA member firms collecting diversity and inclusion data improves while there are advances in the number of female partners (28%) and/or identifying as coming from a non-white background (17%) however, more to be done in a number of areas
- Increase of 35% of graduates joining the profession as well as 11% more trainees, school-leavers and apprentices as firms increase headcount by 16% to help meet client demand
LONDON, July 3, 2023 /PRNewswire/ — The consulting sector in the UK is expected to grow this year following record growth of 23% in 2022. The latest research from the Management Consultancies Association (MCA) also revealed an increase in headcount and more graduates, trainees and apprentices joining the profession from across the country. The MCA Annual Industry Report 2023, conducted with the independent research firm Savanta, showed strong growth by MCA member firms as clients turn to management consultants during uncertain times. Industry leaders in the sector also expect this double-digit growth to continue in 2023 with a forecast of 13% increase in services. Overall, the UK total management consultancy fee income for last year was £18.6bn in 2022, compared to £14.4bn in 2021 and £12.5bn in 2020, reflecting the 4.5% growth in 2020 and 18% in 2021. Firms of all sizes experienced an increase led by medium sized firms (26%), followed by large (23%) and small (19%) as both the private and public sector used the services of consultants to help drive digital transformation, transform operations and put in place plans for meeting sustainability targets.
Contributing to this success is the increased use of UK consulting firms by clients from across the globe. The uplift in the exporting of services, first seen during the pandemic, has continued as 31% of UK fee income now comes from overseas, bringing in an extra £1.4bn in consulting services per year. Fee income from Europe has seen a significant increase (15%, up from 6% in 2021) while the majority of income beyond Europe comes from North America (9%) and Asia Pacific (3%). Popular markets include the US, Saudi Arabia and UAE as well as China, Singapore, Canada and Australia. Businesses are not seeing the absence of a UK base or link as a barrier and are turning to the expertise and experience of the sector to help.
Tamzen Isacsson, MCA Chief Executive, said:
“Over the next few years, we expect our industry to experience double digit growth assisting clients with some of their greatest challenges during a period of significant global disruption from seizing the advantages of working with new technologies, to making real impacts on confronting climate change.
“The UK consulting sector is forecast to increase in size by around 13% in 2023 while the number of people we employ has jumped by 16% with 25% more graduates and 11% more school leavers and apprentices joining our industry. Part of that growth is because our profession is widening the services we offer to clients, increasingly in the digital space with more demands placed on us by firms from tackling cybersecurity threats to providing critical support on adopting artificial intelligence. Our responsibility on AI will be helping our clients with the appropriate use of this technology managing data and confidentiality and upholding the highest ethical standards and integrity so that we can help society deploy this emerging and powerful technology.”
Nusrat Ghani MP, Minister for Industry and Investment Security, added
“It is great to see the continued strength and growth of the vibrant UK consulting sector. Growing demand in areas such as digital transformation and sustainability advice is creating thousands of new jobs across the UK, including opportunities for school leavers and young apprentices, advancing the latest technologies and helping grow the economy.”
Consulting in Financial Services and Government and Public Sector remain the largest areas as they have been for many years. Manufacturing (43%), Infrastructure (36%) and Retail and Leisure (28%) sectors saw the largest growth in 2022 and were all sectors that were significantly impacted by the pandemic. Digital and technology consulting and programme and project management continue to be the two largest services for businesses as they look to re-evaluate their strategies, including procurement and plan for the future. Especially pertinent is the impact of AI as rapid technological progress impacts on both clients and consulting firms themselves. This is in addition to the increasing component of sustainability across all service lines as businesses look to achieve their green goals.
This demand from clients has understandably led to a requirement for more staff across firms of all sizes. Overall, there has been a 16% increase in headcount with medium sized firms in particular hiring more employees from across the UK. One in three (35%) of consultancy jobs were created outside London, with the North West and South West having the highest proportion of staff based in regional offices while Manchester, Leeds, Bristol and Edinburgh were the most common locations. Hybrid working continues to evolve with each consultant spending on average two days in the office or two days client site – but there are vast differences across different client sectors.
Due to hybrid-working and as part of this increased headcount, MCA member firms hired 2,809 graduates and 795 trainees, school-leavers and apprentices in 2022, a 35% and 11% increase respectively from 2021.The opening up of the talent pool is positive news and coincides with more experienced professionals also joining the consulting sector after careers in the private sector.
More firms than ever are collecting diversity and inclusion statistics to help ensure that their workforce reflects the clients and society that they serve. Although the overall gender split has been declining, at partner level, there were 28% identifying as women compared to 21% in 2019 showing gradual progress but at least in the right direction. 29% of consultants come from a minority ethnic background while at partner level, 17% identify as coming from a non-white background, an 8% increase since 2021. There continues to be under representation though on the number of partners and senior leaders identifying as Black African, Caribbean or Black British.
Tamzen Isacsson, MCA Chief Executive, added:
“It is encouraging to see that more member firms than ever before are tracking their data and analysing their progress on diversity and inclusion however the results show we have more to do.
We are making some progress in some areas and in others we are not. As a growing sector, bringing in tens of thousands of people each year into our industry we have a huge opportunity to move the dial now on diversity and inclusion.”
The MCA’s Annual Industry Report 2023 provides an unrivalled assessment of the performance of the leading consulting firms in the UK which are part of the trade body the Management Consultancies Association. The report examines fee income data provided by member firms over recent years to identify the size, diversity, and growth trajectory of consulting activity of MCA members, as well as the wider consulting industry. Independent market research agency Savanta, partnered with the MCA to collect and analyse industry data for the 2023 report.
Notes to Editors: The Management Consultancies Association (MCA):
The MCA is the representative body for the UK’s leading management consulting firms. For over 65 years, the MCA has been the voice of the consulting industry, promoting the value of consulting to business, the public sector, media commentators and the public. The MCA’s mission is to promote the value of management consultancy for the economy and society. The MCA’s member companies comprise over 50% of the UK consulting industry work with the vast majority of the top FTSE 100 companies and almost all parts of the public sector. The UK consulting industry is amongst the best in the world and a vital part of the business landscape. Click to see the full list of current MCA members see link.
Compliance with the MCA’s tough entry criteria and adherence to the principles of Consulting Excellence means that MCA member companies are widely acknowledged to provide high quality services to their clients. Many of their achievements are recognized in the annual MCA Awards.
Savanta
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Blockchain Press Releases
Bybit Web3 Wallet Integrates Tonstakers: The First of Its TON Staking Offerings to Expand DeFi Opportunities
DUBAI, UAE, Dec. 27, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange,is excited to announce the integration of Tonstakers, the leading liquid staking protocol on the TON blockchain, into its Web3 Wallet. This marks the first of Bybit Web3’s TON staking offerings, reinforcing its commitment to expanding decentralized finance (DeFi) opportunities for its users.
With this integration, Bybit Web3 Wallet users can now seamlessly stake Toncoin ($TON) and receive $tsTON (Tonstakers LST) in return. The value of $tsTON increases relative to $TON every 26 hours, ensuring competitive rewards while contributing to the growth and success of the TON ecosystem. The integration also opens the door for 130 million users in the TON ecosystem to access TON staking directly within the Bybit Web3 Wallet.
Bybit is dedicated to simplifying DeFi adoption by providing intuitive and user-friendly staking experiences. This milestone partnership with Tonstakers enables users to unlock annual returns estimated between 3% and 5% APY, with rewards automatically compounded, further cementing Bybit’s role as a leader in DeFi accessibility.
Why Tonstakers Matters: The First of Its Kind
Tonstakers is the inaugural partner in Bybit Web3’s TON staking initiative, setting a new standard for staking services. With a total value locked (TVL) exceeding $260 million and a significant market share in the liquid-staked TON sector, Tonstakers offers Bybit Web3 Wallet users unparalleled access to TON staking benefits:
- Effortless Staking: Securely stake $TON with ease, thanks to the user-friendly interface within the Bybit Web3 Wallet.
- Earn $tsTON Rewards: Receive tokenized staked Toncoin ($tsTON), which can be leveraged within DeFi applications across the TON ecosystem.
- Explore DeFi Liquidity: Engage with Tonstakers Earn to provide liquidity using $tsTON, unlocking diverse earning opportunities.
“Bybit Web3 is proud to deepen our integration with the TON blockchain, a crucial step in our mission to foster a thriving and interconnected Web3 ecosystem,” said Emily Bao, Head of Bybit Web3. “This integration empowers our users with seamless and trusted access to TON liquid staking pools and unlocks valuable earning opportunities. As a strong believer in DeFi adoption, Bybit Web3 is committed to bridging the gap between Web2 and Web3, creating simple, easy, and accessible solutions that bring the benefits of decentralized finance to a wider audience. We believe this integration will significantly contribute to the growth and success of the TON ecosystem.”
Start Staking Today To begin staking your $TON and earning with $tsTON, visit https://www.bybit.com/en/web3/staking and discover the power of Bybit Web3 Wallet’s integration with Tonstakers. Bybit Web3 Wallet currently supports a wide range of staking services beyond TON tokens, including ETH, USDT, USDC, bbSOL, SUI, and more.
#Bybit / #TheCryptoArk / #BybitWeb3
About Bybit Web3
Bybit Web3 is redefining openness in the decentralized world, creating a simpler, open, and equal ecosystem for everyone. We are committed to welcoming builders, creators, and partners in the blockchain space, extending an invitation to both crypto enthusiasts and the curious, with a community of over 130 million wallet addresses across over 30 major ecosystem partners, and counting.
Bybit Web3 provides a comprehensive suite of Web3 products designed to make accessing, swapping, collecting and growing Web3 assets as open and simple as possible. Our wallets, marketplaces and platforms are all backed by the security and expertise that define Bybit as the world’s second-largest cryptocurrency exchange by trading volume, trusted by over 60 million users globally.
Join the revolution now and open the door to your Web3 future with Bybit.
For more details about Bybit Web3, please visit Bybit Web3.
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
For more details about Bybit, please visit Bybit Press
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Blockchain Press Releases
Nodepay Raises $7M Total Funding To Power AI Growth with Real-Time Data Infrastructure
SINGAPORE, Dec. 27, 2024 /PRNewswire/ — Nodepay, a decentralized AI platform transforming unused internet bandwidth into real-time data pipelines for AI training, today announced it has raised a second round of funding, bringing its total to $7 million.
The latest funding round welcomed new strategic investors IDG Capital ($23 Billion AUM), Mythos, Elevate Ventures, IBC, Optic Capital, Funders.VC, Matthew Tan (Etherscan founder) and Yusho Liu (CoinHako Co-founder & CEO) as notable angels. They join an impressive roster of previous backers that includes Animoca Brands, Mirana, OKX Ventures, JUMP Crypto, Tokenbay Capital and more.
Nodepay’s network taps into a global community of users running privacy-protected nodes. By sharing their spare internet bandwidth, these participants earn rewards for creating a real-time data source that improves AI inference with accurate, timely information—an approach known as Retrieval Augmented Generation (RAG).
Darren Nguyen, co-founder of Nodepay commented: “Our mission is to develop solutions that create tangible value for both AI developers and its end users. We give contributors a share in the AI ecosystem they help fundamentally build.”
Nodepay’s infrastructure platform integrates real-time data retrieval, a Web3-focused decentralized answer engine, reinforcement learning for more accurate model output, and gamified human verification. Together, these components combine to create a fair, collaborative, and innovative AI ecosystem.
Eric Le, investment director of IDG Capital, said, “The team at Nodepay is democratizing the AI economy by providing a platform that allows users to share directly in the value they create. We’re proud to support their vision of making AI more accessible and beneficial to all.”
With this funding, Nodepay will continue to commercialize its infrastructure to benefit both its community and partner AI labs. As it prepares to launch on Solana, Nodepay stands ready to lead the next era of decentralized AI development and training.
Already serving over 1.5 million active users worldwide, Nodepay continues to expand its reach, solidifying its role as a leader in the integration of AI and blockchain technology. Users can expect further updates and new announcements through their social channels and official website.
About Nodepay
Nodepay is a decentralized AI platform dedicated to democratizing AI training through real-time data retrieval. By turning idle internet bandwidth into a valuable resource, Nodepay fuels the next generation of AI models and stands at the forefront of AI decentralization.
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Blockchain Press Releases
Markets Show Resilience Ahead of End-of-Year Options Expirations: Bybit x Block Scholes Crypto Derivatives Report
DUBAI, UAE, Dec. 26, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, released the latest Crypto Derivatives Analytics Report in collaboration with Block Scholes, highlighting the muted market volatility despite major options expirations on Friday. BTC and ETH’s realized volatility has increased, but short-term options haven’t adjusted to this change. This indicates that while spot prices are fluctuating, the options market is not fully reacting to these shifts, although BTC and ETH volumes have displayed slightly different patterns.
With more than $525 million in BTC and ETH options contracts expiring on Dec 27, 2024’s end-of-year options expiration looks set to be one of the biggest yet, yet expectations for volatility have remained subdued. The report highlights an unusual inversion in ETH’s volatility structure, but BTC has not mirrored the reaction. Additionally, a change in funding rates—sometimes turning negative as spot prices drop—signals a new market phase. Notably, BTC’s volatility structure has been less responsive to changes in spot prices, whereas ETH’s short-term options are exhibiting more noticeable fluctuations.
Key Findings:
BTC Options Expirations:
In the past month, BTC’s realized volatility has been higher than implied volatility on three occasions, each time reaching a relatively calm equilibrium. Open interest in BTC options remains high, contributing to potential increased volatility as we near the end of the year. Around $360 million worth of BTC options (both puts and calls) are set to expire soon, which can affect price movement.
ETH Options: Calls Dominate
Despite a mid-week inversion, ETH’s volatility term structure has flattened, maintaining levels similar to those seen over the past month. In the final week of 2024, calls overwhelmed puts in open interest in ETH options, although market movements and trading activities are more on the put side.
Access the Full Report:
Gain deeper insights and explore the potential impacts on your crypto trading strategies by downloading the full report here: Bybit X Block Scholes Crypto Derivatives Analytics Report (Dec 24, 2024)
#Bybit / #BybitResearch
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
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