Global consulting industry revenues (including HR, IT, strategy, technical, operations, management and business advisory services) will be about $506 billion in 2019, according to Plunkett Research estimates.
This represents reasonable growth from $491 billion during the previous year.
In the U.S., consulting of all types, including management, scientific and technical, generated $274.1 billion during 2018, up from $261.0 billion the previous year.
Accounting and related services (such as tax return preparation) generated an additional $179.4 billion in 2018, up from about $175.4 billion during 2017, according to the U.S.
Bureau of the Census and Plunkett Research estimates.
In recent years, corporate profits in general have grown dramatically, meaning that executives are reasonably willing to authorize new consulting projects, as long as they see the potential for a good return on the cost.
For example, India's leading consultancies have recently enjoyed substantial growth in employee count and revenues, as have most of the global consulting firms based in the U.S.
and EU.
While corporate profits have been growing, government budgets in the U.S.
and much of Europe have been under tremendous pressure at the national, state and local levels.
While recent years have seen a general rebound in state and local tax collections, sharp increases in government employee pension and health care costs are having a devastating effect on finances.
Government spending and debt have been called in question, and
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Global consulting industry revenues (including HR, IT, strategy, technical, operations, management and business advisory services) will be about $506 billion in 2019, according to Plunkett Research estimates. This represents reasonable growth from $491 billion during the previous year.
In the U.S., consulting of all types, including management, scientific and technical, generated $274.1 billion during 2018, up from $261.0 billion the previous year. Accounting and related services (such as tax return preparation) generated an additional $179.4 billion in 2018, up from about $175.4 billion during 2017, according to the U.S. Bureau of the Census and Plunkett Research estimates.
In recent years, corporate profits in general have grown dramatically, meaning that executives are reasonably willing to authorize new consulting projects, as long as they see the potential for a good return on the cost. For example, India’s leading consultancies have recently enjoyed substantial growth in employee count and revenues, as have most of the global consulting firms based in the U.S. and EU.
While corporate profits have been growing, government budgets in the U.S. and much of Europe have been under tremendous pressure at the national, state and local levels. While recent years have seen a general rebound in state and local tax collections, sharp increases in government employee pension and health care costs are having a devastating effect on finances. Government spending and debt have been called in question, and in some cases curtailed. This has been particularly hard on some consulting firms, since governmental agencies are prime clients for consultancies.
Positive factors for the consulting industry over the mid-term:
1) Continued growth in health care expenditures and significant changes in health care coverage are creating demand for consulting projects. This includes a focus on greater operating efficiencies and cost controls, creating a perfect environment for consulting.
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 manufacturing efficiency).
3) Vast labyrinths of government regulation in the U.S. and in the UK/EU, for example in the ecommerce, banking and investment industries, are creating numerous opportunities for consultants who can show companies how to navigate rapidly changing relationships between government and industries, or deal with government oversight, particularly in financial services, environmental matters and health care.
4) Consultants who assist firms in lowering employee benefits costs are in high demand, as are those who specialize in change management, employee retention and employee productivity enhancement.
5) Consultants and advisors in information technology and mergers and acquisitions will be in high demand.
Source: Plunkett Research, Ltd.
The top specialties in the consulting field are led by management consulting and technology consulting. Management consultants assist companies 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, 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 work will be among the fastest-growing specialties for the long-term. Consulting firms based in India have carved out a very significant market share in this field. Other significant sectors within consulting include human resources and employee benefits consulting; risk management; and environmental and regulatory compliance.
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