Help wanted: Improved economic conditions will boost consulting demand

Over the past five years, the Management Consulting industry has been successful as rising corporate profitability and increasing business expenditure resulted in higher demand for advisory services. In recent years, demand for this industry has come from a variety of sectors. Demand was strong from financial institutions and professional firms, and healthcare companies have also been a boon to the industry as well. Additionally, the ongoing transition toward digital technology has provided new opportunities for operators. Over the next five years, the industry is expected to grow with the general US economy. Information technology is expected to continue to be a key growth area for firms, while other sectors, such as healthcare, will also provide new business opportunities...purchase to read more.

Industry Statistics & Market Size
Revenue
$229bn
Annual Growth 12-17
3.6%
Forecast Growth 17-22
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Profit
x.x%lock
Employment
1.6m
Businesses
711,210
Market Share of Companies

Industry Threats & Opportunities

  • An increase in high-value services has enabled industry profitability to improve
  • Management consultants are playing a larger role in assisting US company strategy
  • Persistent strong macroeconomic conditions are expected to help drive growth

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    Industry Report - Industry Analysis Chapter

    Operators in the Management Consulting industry provide advice and assistance to businesses, organizations and government bodies on organizational planning, financial planning, budgeting and strategic marketing objectives. The industry is reliant on strong economic conditions and high corporate profit, factors that encourage investment in advisory services as businesses expand and attempt to maximize efficiency. When corporate profit rises, businesses often seek out new ways to invest their profit and expand their business. Consultants are often brought in to advise on these endeavors, so industry operators benefit when corporate profit rises. However, the industry can also grow when corporate profit falls. A d...purchase to read more.

    Additional Insights for the Management Consulting Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Management Consulting Industry are

  • Ability to compete on tender
  • Well-developed internal processes
  • Access to highly skilled workforce

    • IBISWorld analysts also discuss how external factors such as Corporate profit and Aggregate private investment in the Management Consulting industry impact industry performance..

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    What's in this report

    Industry Products

    What is the Management Consulting Industry?

    Management consultants advise businesses, nonprofits and public-sector agencies in the following areas: organizational design, human resources, corporate strategy, information technology strategy, marketing and sales, finances and logistics. This industry excludes establishments providing day-to-day administrative services and establishments that are concentrated in recruitment, training, public relations, market research, engineering design, computer systems design and investment advice.

    Industry Products
  • Corporate strategy
  • Marketing and sales
  • Organizational design
  • Process and operations management
  • Human resources advisory
  • Financial advisory
  • IT strategy
    • Industry Activities
  • Actuarial, employee benefits and compensation consulting services
  • Administrative and general management consulting services
  • Marketing consulting services
  • Process and logistics consulting services
    • Table of Contents

    About this Industry

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources

    Industry at a Glance

    Industry Statistics Snapshot
    Industry Structure
    Executive Summary

    Industry Performance

    Executive Summary
    Key External Drivers
  • Corporate profit
  • Aggregate private investment
  • Number of businesses
  • Government consumption and investment

    • Current Performance
  • Business conditions and demand
  • Clients seek digital opportunities
  • Addressing investment and equity gaps
  • Industry consolidation
  • Chart: Revenue Growth

    • Industry Outlook
  • Business conditions and demand
  • Industry consolidation
  • Table: Management Consulting Industry Revenue Outlook

    • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Management Consulting Industry Lifecycle vs The Economy

    • Products & Markets

    Supply Chains
    Key Buying Industries
  • Utilities
  • Manufacturing
  • Finance and Insurance
  • Healthcare and Social Assistance
  • Public Administration

    • Key Selling Industries
  • Commercial Leasing
  • Computer Stores
  • Office Supply Stores

    • Products & Services
  • Corporate strategy
  • Marketing and sales
  • Organizational design
  • Process and operations management
  • Financial advisory
  • Human resources advisory
  • IT strategy
  • Chart: Management Consulting Industry Products and Services Segmentation

    • Demand Determinants
    Major Markets
  • Consumer products and manufacturing companies
  • Financial services companies
  • Government organizations
  • Technology and media companies
  • Life science and healthcare companies
  • Individuals and non-profit organizations
  • Energy and utilities companies
  • Chart: Major Market Segmentation for the Management Consulting Industry

    • International Trade
    Business Locations
    Chart: Business Locations by State

    Competitive Landscape

    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
    ProfitWagesPurchasesRent and utilitiesDepreciation and other
  • Chart: Cost Structure Benchmarking – Sector vs Management Consulting

    • Basis of Competition
  • Internal competition
  • External competition

    • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Management Consulting Industry

    • Industry Globalization

    Major Companies

    Accenture PLC, Deloitte Touche Tohmatsu LLC, McKinsey & Company,
  • Table: Accenture PLC - financial performance
  • Table: Deloitte Touche Tohmatsu LLC - financial performance
  • Table: McKinsey & Company - financial performance

    • Operating Conditions

    Capital Intensity
  • Chart: Level of Capital Intensity for the Management Consulting Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

    • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

    • Regulation & Policy
    Industry Assistance

    Key Statistics

    Table: Industry Data for the Management Consulting Industry
    Includes:
  • Industry Revenue (2008-2022)
  • Industry Gross Product (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • Corporate profit (2008-2022)

    • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Table: Industry Financial Ratios

    Jargon & Glossary

    Defined Benefit Pension Plan
  • A retirement pension plan in which an employer commits to paying its employee a specific benefit for life beginning at his or her retirement.
    • Defined Contribution Pension Plan
  • A retirement pension plan in which an employer's annual contribution is specified. The value of future benefits at the time of retirement is not specified.
    • Human Resources Consulting
  • The contracting of a consultant for advice on structuring human resource and personnel policies, employee benefits, compensation systems and wage and salary administration.
    • Management Consultant
  • A consultant who provides advice and assistance to businesses and other organizations on various issues, including management.
    • Strategic Consulting
  • The contracting of a consultant to advise on long-term planning with an eye toward minimizing costs and maintaining profit, often in conjunction with the development of new products and services.
    • What Our Customers Say
    Why buy this report?

    IBISWorld’s industry research report on Management Consulting can be used to help you understand the industry’s market size, growth potential and major companies. Five-year forecasts provide insight into the industry’s prospects, so you can make decisions with confidence. This information is perfectly suited to informing your business plans, pitch books, benchmarking and SWOT analysis.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Management Consulting:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Management Consulting market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Management Consulting, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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