How is the consulting industry faring amidst the global pandemic?

Thanks to the hard work of our talented consultants, Croixstone Consulting celebrated a record revenue year in 2020 (and 2021 is proving to be even better)!  In light of our firm’s success, we decided to dive into Statista’s latest published consulting industry research over the weekend to see how the rest of the industry is faring.

Here are 5 fast facts about the management consulting industry.

• Industry Size:  The global consulting market delivers $132B in annual revenues while the USA market produces $64.4B.  The USA is the world’s largest management consulting market.

• COVID Impact:  After experiencing continuous growth between 2015 and 2019, the consulting industry saw a significant revenue loss (-12.5%) across all markets and segments in 2020.

• Number of Businesses:  In 2020, the number of consulting businesses in the USA reached 831,621, a slight increase over 2019.  It is estimated that this number will increase by 30,000 units in 2021.

• Number of Consultants:  Since 2012, the number of management consultants in the USA has increased every year, reaching 734,000 consultants in 2020.

• Revenue Per Consultant:  The average annual revenue per consultant of management consultancies worldwide decreased overall between 2015 and 2020.  During a 2020 survey, respondents reported an average annual revenue per consultant of $208K.

Click here to read more highlights from Statista’s latest research on the consulting services industry.