, consulting of all types, including management, scientific and technical, generated $295.9 billion during 2020, up from $284.5 billion the previous year.
Accounting and related services (such as tax return preparation) generated an additional $174.1 billion in 2020, down from about $180.0 billion during 2019, according to the U..
Bureau of the Census and Plunkett Research estimates.
The Coronavirus pandemic dampened budgets and
spending at many types of corporations, government agencies and other
enterprises.
ome consulting projects were
postponed or reduced.
At the same time,
however, consultants who work in the areas of ecommerce, online systems,
employee systems, HR, cybersecurity, strategy, supply chain and other areas may
have seen booming business.
Going
forward, structural changes in business, industry, education and government
will certain opportunities for many types consultancies that can deliver 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 and significant changes in health care coverage are creating
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 data analysis in such
areas as treatments and patient outcomes 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
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