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DOUBLE DIGIT GROWTH EXPECTED TO CONTINUE IN CONSULTING AS CLIENTS ACROSS THE GLOBE TURN TO THE UK FOR EXPERTISE: Management Consultancies Association (MCA) Reports

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  • 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

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“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.

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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):

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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

Savanta is a fast-growing data, research and advisory firm. We inform and inspire our clients through powerful data, empowering technology and high-impact consulting. All designed to help our clients make better decisions and achieve faster progress. Get in touch:

Savanta – www.savanta.com 

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Blockchain Press Releases

MALAYSIAN FOUNDERS BRING WEB3 TO MALAYSIAN SHORES WITH MALAYSIAN BLOCKCHAIN WEEK (MYBW) 2024

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KUALA LUMPUR, Malaysia, July 15, 2024 /PRNewswire/ — The country’s inaugural Malaysia Blockchain Week (MYBW) is poised to bring mainstream Malaysia into the world of Web 3. MYBW boasts strong Malaysian roots in an international digital space, featuring Malaysian founders and bringing together key Malaysian industry players well-known in the digital space.

The week-long event hosted by Malaysian Web3 powerhouse Lydian Labs will be held in partnership with the Malaysia Digital Economy Corporation (MDEC) and kicked off by Minister of Digital, YB Tuan Gobind Singh Deo.

MEET THE MALAYSIAN FACES OF THE BLOCKCHAIN SPACE

The Web3 space transcends international borders, attracting dedicated Malaysians to push the unexplored frontier of the industry.

As such, many Malaysians have become industry giants in the blockchain space, commanding significant influence and expertise in the industry. Despite their elusive real-life presence, lucky participants at MYBW will be able to rub shoulders with these Malaysian founders of key Web3 companies.

Youths and young-at-heart builders keen on exploring Web3 ventures as well as seasoned international investors will benefit from the congregation of blockchain experts and Web3 veterans.

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Expect to see local industry giants at MYBW, who will be present in support of the Malaysian-led initiative as well to provide unique industry insights at the event’s keynote presentations and panel discussions.

Present at the event will include Matthew Tan, the founder and CEO of the leading Ethereum block explorer, API and Analytics Platform, Etherscan.io. Prior to Etherscan, Tan founded and developed one of the earlier token-based blockchain explorers, Blockscan, for Counterparty, a smart contracts blockchain built on top of Bitcoin. He has around 15 years of industry experience, consulting and developing bespoke line of business solutions when he was a co-founder of a data/web applications solutions provider.

Next is Bobby Ong, the co-founder and COO of CoinGecko, an analytics platform for tracking cryptocurrencies and blockchain assets. CoinGecko was established in April 2014 and is one of the largest cryptoasset data aggregators in the world. Additionally, Ong is a contributing author in two digital currencies books – Handbook of Digital Currency, 1st Edition and Handbook of Blockchain, Digital Finance, and Inclusion, Volume 1. He was also included in the Forbes 2019 30 Under 30 Asia list and graduated with a Bachelor of Science in Economics from University College London in 2012.

Other Malaysian founders include, but are not limited to:

  • Siong, co-founder of Jupiter, a decentralised exchange aggregator on the Solana blockchain platform using an extensive liquidity network and advanced algorithms.
  • Shawn Chong, co-founder of Salus, a holistic Web3 security company with experience in traditional and blockchain security focusing on user protection and strategic initiatives at the intersection of blockchain and cybersecurity.
  • TN Lee, founder of Pendle Finance, a DeFi platform that enables users to tokenize and trade future yield on Ethereum assets.
  • Dr Ian Tan, co-founder of Lydian Labs, a full stack Web3 Solutions Provider focused on advisory, tech, and marketing specialised in the APAC region.
  • Nicole Yap, founder of 8SIAN NFT which artfully tokenizes the rich tapestry of Asian heritage into NFTs which celebrate the history and depth of Asian women while building a global and inclusive Asian community.
  • Julian Koh, co-founder of Aevo, a high-performance decentralised derivatives exchange focused on options.

These Malaysian powerhouses will also be joined by international industry names such as Chess, CEO of GM Network; Dr Kang Li, CSO of CertiK; Victor Ji, Co-Founder of Manta Network; Gracy Chen, CEO of Bitget; Yoann Turpin, co-founder of Wintermute; Moshe, chairman of Oobit; Mark Rydon, CEO of Aethir; John Yao, CEO of Team Secret and many more.

MINTING THE FUTURE OF MALAYSIAN WEB3

MYBW will set the tone and future for Web3 growth and widespread adoption in Malaysia, featuring 33 panel discussions, 15 keynote talks, and more than 150 speakers which will open the curtain on important blockchain topics such as regulatory issues, the decentralised finance & syariah digital economy, blockchain traceability, NFTs & Web3 Gaming, and the impacts of Artificial Intelligence (AI) on the Malaysian landscape.

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The event, anticipated to draw more than 2,500 participants, will facilitate discussions between key stakeholders, bringing together decision-makers from the government and industry leaders to mint the future of Web3 for Malaysia.

Tickets for MYBW are already available on the official website.

EVENT DETAILS:

Date: 31 July – 1 August 2024 | 10am – 6pm
Location: World Trade Centre Kuala Lumpur (WTCKL)

Website details: https://myblockchainweek.com/

About Lydian Labs

Lydian Labs is a full stack Web3 solutions provider focused on the APAC region and China, providing 3 main pillars of services: Advisory, Tech, and Marketing.

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####

To know more about Lydian Labs, visit https://bit.ly/LydianLabs or find them on X (formerly known as Twitter).

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Blockchain Press Releases

BlockScholes X Bybit Crypto Derivatives Analytics Report Reveals Investors More Bullish on ETH Than BTC

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DUBAI, UAE, July 15, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, in partnership with BlockScholes, has released its latest Crypto Derivatives Analytics Report, highlighting a notable divergence in investor sentiment between Ethereum (ETH) and Bitcoin (BTC).

The report, analyzing market trends and trading signals across spot trading volume, futures, options, and perpetual contracts, underscores a growing bullish sentiment toward ETH. Key findings indicate that investors are increasingly optimistic about ETH, particularly in anticipation of the imminent launch of the first Ether Spot ETFs in the United States. This optimism is reflected in ETH’s sustained volatility premium over BTC, which has persisted amid heightened market activity.

Key Highlights from the Report:

  • Bullish Sentiment Toward ETH: BlockScholes’s Senti-Meter Index reveals a bullish sentiment among investors toward ETH compared to BTC. This sentiment is influenced by expectations surrounding the imminent ETF launch for Ethereum.
  • ETH Futures Outperforming BTC: Despite recent market fluctuations, ETH futures have shown a quicker recovery in open interest compared to BTC. This recovery trend suggests a robust market narrative focused on ETH’s ETF prospects.
  • Strong Perpetual Trading in ETH: Significant trading volumes in ETH perpetual contracts indicate substantial long positions, possibly driven by strategic positioning ahead of anticipated market developments.
  • High ETH Option Volatility: ETH options market volatility remains elevated, especially in anticipation of ETF approval, contrasting with BTC options, which exhibit a more defensive posture.

In response to the findings, Bybit’s Head of Institutions, Eugene Cheung, commented: “The latest data underscores ETH’s resilience and market appeal as we approach key regulatory milestones. Investors are demonstrably positioning themselves favorably amidst growing market expectations.”

#Bybit / #TheCryptoArk

About Bybit

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Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 33 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

For more details about Bybit, please visit Bybit Press.

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

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Blockchain Press Releases

Apply and Win the Dream Getaway to Austria and Cutting-edge Gadgets with Bybit Card

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DUBAI, UAE, July 15, 2024 /PRNewswire/ — Bybit, the world’s second-largest crypto exchange by trading volume, is excited to announce the launch of its Bybit Card campaign, offering users the opportunity to win extraordinary prizes, including a dream getaway to Austria and cutting-edge tech gadgets including an iPhone 15 Pro and more.

To participate in the campaign, users need to apply and spend at least 500 EUR/USD with their Bybit Card. By completing both steps, they will automatically enter the Lucky Draw, where they stand a chance to win a guaranteed prize. The first 1,000 users who fulfill the requirements will be eligible for the Lucky Draw.

The campaign will run from Jul 15, 2024, 10:00 AM UTC to Aug 18, 2024, 11:59 PM UTC. During this period, users can take advantage of this exciting opportunity to win fantastic rewards.

In addition, VIP users will receive a 30 EUR/USD card bonus, enhancing their overall Bybit Card experience.

Joan Han, sales and marketing director at Bybit, said, “With the Bybit Card, individuals can seamlessly incorporate digital finance into their everyday lives, whether they’re shopping online or covering routine expenses. By providing users with convenience and flexibility, we aim to enhance their financial experiences. Furthermore, we are thrilled to introduce a range of diverse rewards and campaigns to our global user base, thereby creating greater accessibility and convenience for utilizing digital assets.”

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The Bybit Card blends the world of digital finance with everyday transactions, offering users a seamless spending experience. For more information about the Bybit Card and how to apply, visit:https://www.bybit.com/en/promo/campaign/Apply-Card-Win-Big

#Bybit / #TheCryptoArk

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 33 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

For more details about Bybit, please visit Bybit Press.
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

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Bybit Logo

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