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Spanish Consulting Market Valued at $13 Billion    [Date Added : 09/07/2017 ]
Spanish consulting firms earned US $13.4 billion from sales during 2016, 4.9% up on the previous year. In line with the rest of the global consulting market, the Spanish market has witnessed a gradual recovery since the credit crunch of 2007 and the global financial crisis of 2008. While the success of the Spanish consulting sector is partially linked to the general recovery of the economy, firms have been able to increasingly win business from abroad.

The financial services sector is a major reason for the growth in the Spanish consulting sector, with strong demand for services ranging from cost cutting and efficiency to customer experience improvements. Assistance in implementing digital technology also is driving demand from financial institutions. Last year, financial institutions accounted for 30% of all income - a position they are likely to retain into the future as demand from this sector has proved less dependent on economic cycles.

Two other major industries driving demand are government (15% of the market) and telecoms & media (13% of the market). Turnover in these sectors peaked in 2009. Despite an income spike in 2011 and 2012, demand from the telecoms & media for consulting continues a long-term steady decline.

Financial cutbacks have affected all levels of Spanish government and has led to an important reduction in the demand for consulting services. Governmental demand for consulting services is now at the lowest since 2004, partially because following the financial crisis, demand spiked as the Spanish state drafted in external advisors to help find efficiency savings (resulting in a peak of 27% of the total market share in 2009). Since then, demand has rapidly fallen back to previous levels, with income from sales of services to government again falling slightly last year.
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