Overview

Expert opinion: Already highly popular, the industry will be in even higher demand in coming years

IBISWorld’s industry research report on Scientific & Economic Consulting provides up-to-date sales and market data, allowing you to identify the product and customer segments driving revenue growth. The report identifies the leading companies in the industry, and offers strategic analysis of the key factors influencing the market. Our data forecasts are accompanied by full analysis to illustrate how the market is responding to dominant and emerging trends.

REPORT SNAPSHOT

Market Share of Companies
There are no companies with a dominant market share in this industry
Industry Statistics & Market Size
Revenue
$37bn
Annual Growth
12-17
4.0%
Annual Growth
17-22
Profit
Employment
234,151
Business
137,417

Industry Threats & Opportunities

  • Niche scientific and financial consulting services will drive growth
  • In contrast to the private sector, demand from the federal government stagnated
  • Innovative and profitable operations in genomics and pharmaceuticals are likely to be a source of growth
  • Industry Analysis & Industry Trends

    The Scientific and Economic Consulting industry has grown over the five years to 2017, aiding in the postrecessionary recovery and subsequent growth of related industries. The industry provides consulting services to a diverse range of markets with varying degrees of specialization in products and service which allowed it to sustain growth despite declines in demand from certain markets. Continually improving economic conditions are expected to provide the industry with solid growth over the next five years. Rising consumer sentiment and household disposable income are forecast to increase corporate profit margins, creating demand for scientific and economic consultants.

    Industry Report - Industry Investment Chapter

    A low level of capital intensity characterizes the Scientific and Economic Consulting industry. The provision of industry services is highly labor intensive and high labor costs are a reflection of the high level of education and experience employees require before working in the industry. Consultants become experts in their field and demand high wages to provide solutions to other businesses. In 2017, wages are expected to account for 35.1% of industry revenue, while depreciation costs are expected to account for only 0.9%. Consultants use capital equipment to increase efficiency; however, this is generally limited to basic computer systems and software.

    In 2017, for every dollar spent on labor, industry operators are estimated to spend $0.02 on capital investment. Thi

    Additional Insights for the Scientific & Economic Consulting Industry

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

  • Effective cost controls
  • Access to niche markets
  • Ability to compete on tender
  • IBISWorld analysts also discuss how external factors such as Corporate profit and Research and development expenditure in the Scientific & Economic Consulting industry impact industry performance..

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    Industry Products

    What is the Scientific & Economic Consulting Industry?

    Companies in this industry provide advice and assistance to businesses and other organizations on scientific and technical issues. The industry includes a range of specialist consulting activities, primarily in the areas of economic, energy and mineral, security and agricultural analysis. This industry excludes establishments that derive their revenue primarily from environmental consulting and remediation, geophysical surveying and mapping or oil and gas exploration.

    Industry Products
    Energy, mining and geological consulting services
    Agricultural, fisheries and biological consulting services
    Economic consulting services
    Safety and security consulting services
    Other consulting services
    Industry Activities
    Economic consulting services
    Agricultural, agrology and agronomy consulting services
    Biological consulting services
    Scientific (i.e. physics/chemistry) consulting services
    Energy consulting services
    Horticultural consulting services
    Livestock breeding consulting services
    Nuclear energy consulting services
    Safety consulting services
    Security 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
  • Research and development expenditure
  • Government consumption and investment
  • Demand from mining
  • Demand from scientific research and development

  • Current Performance
  • Private sector growth
  • Other market performance
  • Industry structure and profit
  • Chart: Revenue Growth

  • Industry Outlook
  • Growth segments
  • Consolidation and specialization
  • Table: Scientific & Economic Consulting Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Scientific & Economic Consulting Industry Lifecycle vs The Economy

  • Products & Markets
    Supply Chains
    Key Buying Industries
  • Agriculture, Forestry, Fishing and Hunting
  • Utilities
  • Manufacturing
  • Transportation and Warehousing
  • Real Estate and Rental and Leasing
  • Professional, Scientific and Technical Services
  • Public Administration
  • National Security and International Affairs

  • Key Selling Industries
  • Commercial Leasing
  • Computer & Packaged Software Wholesaling
  • Computer Stores
  • Finance and Insurance
  • IT Consulting
  • Laboratory Supply Wholesaling
  • Office Supply Stores

  • Products & Services
  • Other consulting services
  • Agricultural, fisheries and biological consulting services
  • Economic consulting services
  • Energy, mining and geological consulting services
  • Safety and security consulting services
  • Chart: Scientific & Economic Consulting Industry Products and Services Segmentation

  • Demand Determinants
  • Growth in outsourcing
  • Research and development expenditures
  • Downstream demand

  • Major Markets
  • Businesses and farms
  • Federal government
  • State and local governments
  • Nonprofit organizations
  • Individuals
  • Chart: Major Market Segmentation for the Scientific & Economic Consulting Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Competitive Landscape
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
    ProfitWagesPurchases and depreciationRent and utilitiesOther
  • Chart: Cost Structure Benchmarking – Sector vs Scientific & Economic Consulting

  • Basis of Competition
  • Internal competition
  • External competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Scientific & Economic Consulting Industry

  • Industry Globalization
    Major Companies
    There are no major players in this industry
    Operating Conditions
    Capital Intensity
  • Chart: Level of Capital Intensity for the Scientific & Economic 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 Scientific & Economic 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
    Agronomy
  • Research and development related to studying and improving plant-based agriculture.
  • Private And Public Litigation
  • Litigation involving companies that are facing lawsuits from clients or interested third parties; economic consultants are often called in to help.
  • Research And Development (R&D)
  • Creative work undertaken by a company in order to increase the stock of knowledge, which can then be applied to developing a new product or improving an existing one.
  • Sequestration
  • Automatic budget cuts caused by excessive budget deficits.
  • Why buy this report?

    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 Scientific & Economic 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 Scientific & Economic 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 Scientific & Economic Consulting, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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