Consulting Industry Market Research

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Consulting OVERVIEW

Global consulting industry revenues (including HR, IT, strategy, technical, operations, management and business advisory services) will be an estimated $925 billion in 2023, according to Plunkett Research estimates.  In the U.S. alone, consulting of all types, including management, scientific and technical, generated $307.3 billion during 2022, up from $303.3 billion the previous year.  Accounting and related services (such as tax return preparation) generated an additional $198.9 billion during 2022, according to the U.S. Bureau of the Census and Plunkett Research estimates.  Over the mid-term, structural changes in technologies, regulations, global markets and government will create opportunities for many types of consultancies, particularly those able to give their clients a true return on investment along with innovative ways to cope with rapid change.

Positive factors for the consulting industry over the mid-term:
1) Continued growth in health care expenditures, along with significant changes in health services companies’ ownership will create demand for consultants.  This includes a focus on greater operating efficiencies and cost controls for care providers, creating a perfect environment for consulting.  Also, consultancies that assist enterprises in big data projects, in such areas as personalized medicine and patient outcomes analysis, will be in demand.
2) In nearly all business sectors, consultancies that focus on projects that clearly reduce business costs and enhance operating profits in a reasonably short period of time will find a ripe corporate market (such as consultants who focus on cash flow enhancement, supply chain efficiency and automation).
3) Vast labyrinths of government regulation in the U.S. and in the UK/EU, for example in the ecommerce, consumer privacy and banking and investment industries, are creating numerous opportunities for consultants who can show companies how to navigate rapidly changing relationships between government and business, or how to deal with government oversight.
4) Consultants who assist firms in lowering employee costs are in high demand, as are those who specialize in change management (such as work-from-home) and employee productivity enhancement.
5) Consultants and advisors in information technology will be in high demand in the hot areas of artificial intelligence (AI), automation, the internet of things (IoT), data analytics, cybersecurity and technologies that enable remote/mobile workers.
6) Defense spending in the U.S. and some EU nations may lead to additional opportunities for defense-related consulting.
7) Generative AI is enabling operating efficiencies in consultants’ own research, writing and presentation creation.  This will speed up project completion, increase the scope and nature of assignments that consultancies are able to complete, while at the same time increasing consultancies’ profitability.
Source: Plunkett Research, Ltd.

     The top specialties in the consulting field are management consulting and technology consulting.  Management consultants assist companies and major organizations with restructuring or strategy development, in order to enhance operating efficiencies, increase productivity and increase return on assets, as well as significant assistance in identifying and merging with other firms that are targeted for acquisitions.
Technology consultancies offer skilled services across the full spectrum of technology needs.  This includes consulting in telecommunications, software development, supply chain enhancement, factory automation, logistics, systems implementation and enterprise-level databases.  In recent years, much of this work has shifted to projects involving cloud computing, data analytics, mobile apps and mobile tools for workers in the field.  Machine learning and artificial intelligence (AI) work are leading the fastest-growing specialties for the long-term.  Consulting firms based in India have carved out a very significant market share in the technology consulting field.  Other significant sectors within consulting include human resources and employee benefits consulting; risk management; and environmental and regulatory compliance.

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PLUNKETT PROVIDES IN-DEPTH STATISTICS TABLES COVERING THE FOLLOWING INDUSTRY TOPICS:

Top Companies Profiled

The following is a partial listing for this industry. As a subscriber, you will have access to the leading companies and top growth companies. This includes publicly-held, private, subsidiary and joint venture companies, on a global basis as well as in the U.S.


Hundreds of Top Companies Profiled, Including:

PLUNKETT PROVIDES UNIQUE ANALYSIS OF THE FOLLOWING TRENDS THAT ARE DRIVING THIS INDUSTRY:

Key Findings:

A complete market research report, including forecasts and market estimates, technologies analysis and developments at innovative firms within the Consulting Industry. Gain vital insights that can help shape strategy for business development, product development and investments.

Key Features:

  • Business trends analysis
  • In-depth industry overview
  • Technology trends analysis
  • Forecasts
  • Spending, investment, and consumption discussions
  • In-depth industry statistics and metrics
  • Industry employment numbers

Additional Key Features Include:

Industry Glossary

Industry Contacts list, including Professional Societies and Industry Associations

Profiles of industry-leading companies

  • U.S. and Global Firms
  • Publicly held, Private and Subsidiaries
  • Executive Contacts
  • Revenues

  • For Public Companies: Detailed Financial Summaries

  • Statistical Tables

Key Questions Answered Include:

  • How is the industry evolving?
  • How is the industry being shaped by new technologies?
  • How is demand growing in emerging markets and mature economies?
  • What is the size of the market now and in the future?
  • What are the financial results of the leading companies?
  • What are the names and titles of top executives?
  • What are the top companies and what are their revenues?

This feature-rich report covers competitive intelligence, market research and business analysis—everything you need to know about the Consulting Industry.

Plunkett Research Provides Unique Analysis of the Following Major Trends Affecting the Consulting Industry

  1. Introduction to the Consulting Industry

  2. Consulting in Emerging Nations/The Offshoring of Consulting Projects

  3. Management Consulting and Consulting to Major Corporations

  4. Consulting to Governments/U.S. Federal and State Consulting Contracts

  5. Federal Government Consulting Contracts Are Massive in IT, Defense & Facilities

  6. IT Consulting/Software Consulting/Computer Operations Consulting

  7. Trends in Manufacturing, such as Original Design Manufacturers (ODMs), Lead to Collaboration and Consulting-Like Services

  8. Consulting Firms Accept Assignments with Contingency Fees

  9. Consulting Firms Acquire Digital Advertising Agencies, Extending Their Marketing Services

  10. Accounting Firms Taking Large Market Share of Consulting Contracts

  11. Many Industry Sectors Seek Consulting and Outsourcing Income, Competing with Pure Consultancies

  12. Major Corporations and Organizations Develop Internal Consultants and Seek Outside Clients

  13. Corporate Clients Want Solid Returns on IT Investments

  14. Consultancies Position Themselves to Serve Global Markets and Multinational Corporations

  15. Offshoring to India Drives Changes in Global Consulting

  16. BPO and KPO: White-Collar and Professional Tasks such as Law and Accounting Are Offshored/Call Centers Become More Sophisticated

  17. Robotic Process Automation (RPA) Is Replacing Human Workers

  18. Consulting and Accounting Firms Rapidly Adopt Generative AI

  19. New MBAs Desire Consulting and Accounting Jobs

Plunkett Research Provides In-Depth Tables for the Following Consulting Industry Statistics

  1. Consulting Industry Statistics and Market Size Overview

  2. Consulting Industry Revenue & Expenses, U.S.: 2017-2022

  3. Management Consulting Companies: Estimated Sources of Revenue, U.S.:2018-2022

  4. Consulting Industry Employment, U.S.: 2018-February 2024

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This industry onlyPublication date: Jul 2024
ISBN-13: 978-1-64788-532-8
ISBN-13: 978-1-64788-040-8
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