The consulting industry in India has grown over the past few years in terms of both size and portfolio of offerings. A favorable business environment, low operational costs, the government’s efforts to establish India as the global investment destination, rapid economic growth, etc., are some of the factors driving the market forward. The growing consulting market in India has opened up opportunities for freelance consultants in the country.
Growing Demand for Consulting Services
The importance of consulting is growing day by day in the business world, characterized by intense competition among various companies in the market. Prompted by the cut-throat competition, more and more businesses are looking for consultants and consulting services. The consultants with domain expertise across various areas can help enterprises address their challenges and take the path of growth.
The consulting industry in India is dominated by the presence of prominent players such as PwC, Deloitte, EY, KPMG, McKinsey & Company, Bain & Company, Boston Consulting Group, etc. These consulting firms with operations across the world in different countries primarily serve Fortune 500 companies and other well-established enterprises. Small and medium companies with limited financial resources cannot afford to avail consulting services from these big consulting firms.
Also, unlike many large companies, small and medium companies cannot hire and maintain in-house experts to address challenges by paying them monthly salaries. Hence, the MSMEs prefer to collaborate with freelance or independent consultants who can offer services as per their requirements on the ‘pay as you go’ model.
Also Read: Tips to Succeed as an Engineering Consultant
Increasing Trend of Freelancing
Therefore, the demand for freelance consultants is increasing rapidly. So, a lot of experts are opting for freelance consulting as a career option instead of 9 to 5 regular jobs. Currently, India is the second-fastest growing freelance market in the world.
Freelancing offers many benefits for consultants over conventional jobs. Some of the advantages of freelancing are the flexibility of work timings and location, chance to work on multiple projects, control pricing overrun, personal branding, etc. This is the primary reason why freelancing is the first choice for many consultants in the industry.
While freelance consulting seems a better career option that allows earning money easily, it also has its own drawbacks. As a freelance consultant, it is not so easy to get regular consulting projects. Like every other industry, there exists severe competition in the consulting industry with the presence of a large number of freelance consultants.
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