The GCC consulting market is estimated to cross $4 billion in revenues this year, recording a nearly $1 billion increase in two years, as regional economies accelerate major transformational projects to support diversification strategies, London-based Source Global Research said in a new report.

“The GCC is rapidly emerging as one of the world’s most profitable destinations for foreign direct investments, bolstering the consulting market,” the report added.

The regional consulting market is poised to continue its double-digit growth in 2023, with technology and strategy services remaining in high demand.

According to the report, the revenue of the regional consulting market rose 15.9% year-on-year (YoY) to $3.87 billion in 2022, with all sectors registering double-digit growth.

Consulting market in Saudi Arabia - the largest economy in the Arab world - grew at the fastest pace, rising 17.5% YoY as revenues hit a new record of $2.1 billion, thanks to the Kingdom’s sweeping economic diversification drive under the Vision 2030 agenda.

In terms of sectors, financial services and public sector consulting advanced by 15.4% annually in 2022, with cybersecurity consulting services recording the fastest growth at 19.4% YoY.

The healthcare and pharmaceutical sectors posted robust growth for consulting services, the report stated.

(Editing by Seban Scaria seban.scaria@lseg.com )