India's consultancy business is expected to grow at a rate of over 30 per cent annually to touch Rs 22,000 crore by next year on account increasing demand and opportunities in the sector, Assocham said.
The current market size of the sector stood at Rs 16,500 crore, the chamber said. Currently, about 7,000 consultancy firms are in operations in major cities like Delhi, Bangalore, Hyderabad, Chennai, Mumbai, Pune and Chandigarh.
"The rising opportunities and growing consultancy spectrum as a result of high demand, consulting industry in India is well poised to grow at CAGR of over 30 per cent to carry forward its size to over Rs 22,000 crore," it said.
The industry body said that Delhi followed by Mumbai, Chennai, Bangalore and Kolkata have emerge as the lead centers for extension of consultancy services.
Assocham President Dilip Modi said that the overseas countries in which Indian consultancy firms have started getting acknowledgement includes the US, UK, Japan and China.
In the European Union also Indian consultancy is witnessing demand growth due to their competitive edge over their rivals, it added.
The major strengths of Indian consulting organisations include professional competence, low cost structure and quick learning capability of local consultants, Modi said.
Indian consultancy capabilities are strong in several areas like civil engineering, telecommunication, power, chemical, petrochemicals and computer software.
The services provided by the firms include feasibility and market studies, commissioning of plant and machinery and system designing.
