The Forrester Wave™: Innovation Consulting Services, Q2 2026

Innovation Consulting Services Vendor Product Comparisons 2026

Key features and pros and cons of top Innovation Consulting Services products:

Boston Consulting Group - Leaders

Pros:

Superior capabilities across innovation strategy, portfolio management, and innovation horizons
Well-developed approach to AI-powered innovation clearly linked to organizational change
Excellent capabilities in organizational design, talent strategies, and culture change
Outstanding capabilities to deliver AI-powered innovation through blend of people-centric focus with bespoke development and standardized accelerators

Cons:

Some clients note that engagement teams could be leaner

EY - Leaders

Pros:

Large suite of accelerator assets spanning most critical dimensions of innovation with industry-specific versions
Superior capabilities in people and culture change as well as talent and skill strategies supported by EY Workforce Platform
One of the largest sets of innovation labs in the field
Capabilities in process innovation among the best in the market

Cons:

Focus on prebuilt accelerators can limit ability to upskill client organizations
Services innovation remains an area for improvement, currently lagging other providers

McKinsey & Company - Leaders

Pros:

Particularly strong at communicating innovation strategy that aligns to business ambitions
Excellent playbooks for innovation horizons reflecting emphasis on strategy renewal
Great depth with dedicated accelerators and data assets
Strong capabilities in physical product, process, and business model innovation leveraging adjacent practices
Well-developed approach to AI-powered innovation using AI to support insight generation and decision-making

Cons:

While McKinsey ties revenues to outcomes, some clients say contract discussions can be complex

Accenture - Strong Performers

Pros:

Stands out in physical product and process innovation
Performs well across all phases of innovation lifecycle
Supported by scale, delivery discipline, partner ecosystem, and impressive range of innovation labs
Most effective when clients prioritize execution and scale rather than exploration

Cons:

Approach to AI-powered innovation remains less ambitious and integrated across lifecycle than on-par competitors
Customers note complexity of navigating the firm's many offerings
Did not provide reference customers for this evaluation

Bain & Company - Strong Performers

Pros:

Deep, industry-specific, and asset-assisted capabilities to articulate innovation strategies
Translates strategies into balanced innovation portfolios reflecting clients' investment capacity and risk appetite across all innovation horizons
Superior abilities in business model innovation reflecting PE mindset
Leading catalog of innovation-specific accelerator assets with integration via innovation copilot solution
Strong track record for flexible pricing with outcome-based pricing expected to expand

Cons:

Given overall size, supporting services aren't as deep and diversified as larger firms
Smaller number of innovation labs than on-par competitors
Some clients note certain nonstrategic deliverables are overpriced compared to competitors

Capgemini - Strong Performers

Pros:

Robust, holistic view of innovation horizons leveraging accelerators, playbooks, and adjacent practice areas
Notable rigor and speed driving ideation and incubation, especially for digital product innovation
One of highest numbers of innovation labs in the field covering wide array of industry sectors and emerging technology domains

Cons:

Ongoing measurement isn't a permanent priority, especially for people change metrics according to some customers

EPAM - Strong Performers

Pros:

Impressive capabilities in digital product innovation as product-engineering powerhouse
Superior score for evaluation phase of innovation lifecycle supported by Empathy Lab assets and synthetic audiences
Sophisticated playbooks for talent and skill strategies grounded in vision for AI-driven innovation
Effective suite of accelerator assets

Cons:

Appears to lack deep verticalization of some competitors
Less tightly integrates innovation portfolios with business ambitions and existing assets of client organizations compared to other evaluated providers
Customers note team stability as a concern

Board of Innovation - Contenders

Pros:

Thought leadership and approach to AI-powered innovation stands out seeking to inspire clients to radically rethink business
Solid capabilities for organizational design, talent and skill strategies, and business model innovation

Cons:

Lags other providers in range of capabilities showing less differentiation in accelerator assets, proprietary data, and innovation labs
Limited role in scaling and industrializing innovation
Partner ecosystem, supporting services, and pricing flexibility show less depth than more established competitors
Could benefit from deeper network of execution partners to extend reach
Did not provide reference customers for this evaluation

IBM - Contenders

Pros:

Solid capabilities in ideation and incubation where Garage approach drives speed
Engineering depth supports scaling into production

Cons:

Lacks deep and industry-specific accelerators that peers offer for evaluating and commercializing ideas
Innovation strategy and portfolio management aren't as tightly integrated with clients' overall innovation ambitions
Limited approach to innovation horizons reflecting focus on applied innovation rather than long-term exploration
Vision for innovation in context of AI is less differentiated than competitors
Did not provide reference customers for this evaluation

Tata Consultancy Services - Contenders

Pros:

Solid process and digital product innovation capabilities
Ability to redesign workflows and build tech-enabled solutions within complex enterprise environments
Delivery discipline and ability to scale initiatives across geographies

Cons:

Innovation strategy and portfolio management capabilities are less differentiated
Typically defines innovation priorities within broader transformation programs rather than in context of corporate strategy
Earlier-stage incubation and commercialization capabilities less sophisticated than on-par competitors
Innovation labs and Pace engagements focus primarily on execution
Vision for holistic innovation consulting practice covering all horizons and lifecycle stages trails competitors
Needs to invest more in innovating accelerator assets and innovation-specific talent
Did not provide reference customers for this evaluation

FAQs

Q: Which vendors are Leaders in 2026?

A: Boston Consulting Group, EY, McKinsey & Company

Q: What does "Leader" mean in Forrester Wave terms?

A: Leaders in the Forrester Wave for Innovation Consulting Services demonstrate superior current offerings and strategy. They distinguish themselves by integrating AI into the core of their innovation methods, helping clients make hard strategic choices about where to play, and redesigning the operating backbone required to sustain AI-driven innovation at scale. Leaders not only execute well today but also can help organizations institutionalize innovation as a repeatable, AI-powered capability aligned to business strategy.

Q: How do I interpret a Forrester Wave?

A: https://www.forrester.com/policies/forrester-wave-methodology/

Report:

Top Vendor Products for Innovation Consulting Services in 2026

Innovation Consulting Services Vendor Product Comparisons 2026

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FAQs

Q: Which vendors are Leaders in 2026?

Q: What does "Leader" mean in Forrester Wave terms?

Q: How do I interpret a Forrester Wave?

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