Norway’s consulting market grows twice as fast in 2018 compared to 2017

The Nordics consulting market has recorded its strongest growth for seven years—increasing 7.8% to almost €3bn (€2,995m) in 2018. Although Norway was the slowest-moving market for consultants across the Nordic region, it doubled its growth rate from 3% in 2017 to 6% in 2018.

This data is published in a report by Source Global Research, the leading research and strategy firm for the global professional services industry.

Andreas Jonason, Partner at Simon-Kucher & Partners, said:
“Demand in Norway has definitely picked up in the second half of the year. The inflow of money into the economy has affected all sectors and boosted demand across the board.”

The Source report also found that digitisation remains a key driver of work in the Nordics. Already considered a leading market for customer-facing initiatives, there was an uptick in opportunities around back-office work and even full-scale digital transformation. Data & analytics remains a hot topic, and consultants report a growing interest in AI and RPA.

B.J. Richards, Senior Editor at Source Global Research, said:

“The Nordics consulting market has performed very strongly off the back of digital work, but while consultants were very positive about the market in 2018, they sounded more cautious when talking about prospects for 2019. The most pressing challenges this market faces are macroeconomic in nature—primarily the increasingly volatile international trade picture and persistent uncertainty around Brexit.”

The Nordics consulting market also saw stronger growth in every sector in 2018. Healthcare was once again the region’s fastest-growing market, with consulting revenues increasing amid ongoing digitisation efforts, stronger cybersecurity demand, and continued M&A activity.

Sigurd Skjæveland, Managing Director at A-2 Norge AS, added:

“There’s an important national strategy to achieve change in public healthcare and quite a lot of money is being put into this work. In particular, the sector is trying to be more integrated, to find new ways of treating patients, and to deal with complex processes and efficiency.”

The Source report also revealed that the Nordic region’s second largest consulting market—financial services—was also its second fastest growing, with clients seeking consulting support for an array of services including digital transformation, regulatory changes, anti-money laundering initiatives, and Brexit preparation.

Hans Christian Westlye, Director of Virke Knowledge and Technology, concluded:

“It’s very encouraging to see that consulting market growth is picking up and the industry has a positive outlook for the rest of 2019, and into 2020. The financial services sector in particular will be interesting, with PSD2 being implemented this year; demand for consulting support is expected to increase in both the financial services sector and the connected industries, such as retail.

A growing interest from the public sector is also driving growth and creating new business opportunities. The talent crunch is still challenging firms, but it is good to see that workplace satisfaction continues to improve. Recently, three consulting firms featured in the top six companies identified as the ‘best places to work in Norway’, demonstrating how this sector can also offer its talent a very enjoyable and rewarding career path.”

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