Management Consulting

Consulting Industry Trends

So what is the big picture in consulting?

The Croixstone Consulting team dedicated some time last week to dig into the latest research to provide some fresh perspectives in answering this question. Here’s what we found.

Global Consulting Market: Was estimated at $132 billion USD in 2020 (Statista)
North America: Is the largest consulting services market worldwide with annual revenues estimated at $64.4 billion. (Statista)
Regional Analysis: North America and Europe are highly mature markets contributing to 75% of the global consulting market revenue. (Beroe)
Number of Management Consultants in USA: 768,450 (Statista)
Growth Rate: Management consulting is anticipated to grow at a CAGR of more than 6 percent from 2021 to 2026 (Beroe)
Growth Drivers: The demand for operational efficiency, regulatory compliance and technology improvements. (Beroe)
Demand by Industry: Financial Services (25%), Manufacturing (16%), Public Sector (14%), Natural Resources & Power (12%), Wholesale & Retail (10%), Healthcare (7%), Communications & Media (7%), Aerospace & Defense (4%), Other Industries (5%) (Beroe)
Profits: Over the next 5 years, management consulting industry profitability is expected to remain steady as rising global business sentiment and profit drive new businesses. (Beroe)
Disruption: New business models such as crowdsourcing and network-based consulting are evolving in the industry, which can be disruptive in nature. Think of Wikistrat, HourlyNerd, and Business Talent Group as examples. (Beroe)

Croixstone Consulting is a boutique management consulting firm known for connecting the brightest minds in business and community. Learn how we drive business outcomes by accelerating and sustaining transformations here.

Management Consulting Factoids + Trends

The team at ReportLinker (a tech-driven market research firm) has published a new report entitled “Management Consulting Services Global Market 2021: COVID-19 Impact and Recovery to 2030.” Highlights of the report include:

The global management consulting services market is expected to grow from $819.79 billion in 2020 to $895.46 billion in 2021.

This represents a compound annual growth rate (CAGR) of 9.2%.

The market is expected to reach $1201.06 billion in 2025 at a CAGR of 8%.

While COVID-19 constrained growth in the industry in 2020, it is expected that management consulting will recover from the shock.

Learn more here.

What it takes to become a successful management consultant.

Last month Forbes published a great article that provides a high-level overview of the management consulting industry, and what it takes to succeed as a consultant.

Because the article is written from the vantage point of a consultant who is embedded in the traditional management consulting model, there are aspects that don’t apply to Croixstone’s disruptive business model. Our consultants, for example, don’t travel frequently, and Croixstone doesn’t deploy a proprietary methodology.

That said, the article nicely captures the core work of a management consultant along with the skills and expertise you need to succeed.

R ead the article here.

PRESS RELEASE

FOR IMMEDIATE RELEASE

CROIXSTONE ANNOUNCES NEW PRACTICE AND LEADERSHIP APPOINTMENT

Emily Lopez Joins as Division Director to Lead Croixstone Solutions

Charlotte, NC (June 10, 2019) – Croixstone Consulting (Croixstone) announced today that Emily Lopez, MA, has joined the organization in the newly-created role of Division Director. Lopez leads the management consulting firm’s new human capital services practice, Croixstone Solutions.

“We are thrilled to welcome Emily to our team as we launch our new human capital practice,” said Patti Weber, Croixstone Consulting’s Chief Executive Officer. “With unemployment rates at a 50-year low, businesses and organizations are exceptionally challenged today at meeting their human capital needs. As a workforce transformation expert with more than 20 years experience in talent acquisition, retention and culture-building, Emily is uniquely positioned to address these challenges.”

A multi-industry professional who has fueled start-ups and has engineered turnarounds, Lopez has expertise in preparing, equipping and supporting organizations and individuals to successfully adopt change in order to drive organizational success and outcomes. Her background includes key leadership roles in the nonprofit, public education and leadership training sectors. An active leader in the Charlotte community, Lopez currently serves on the board as secretary with Youth Development Initiatives (YDI, Inc.) and as School Leadership Chairperson for Oakhurst STEAM Academy (a Charlotte-Mecklenburg Schools magnet school). Additionally, she is a 2018 graduate of the Jewish Federation of Greater Charlotte’s Bernstein Leadership Group.

Lopez holds a masters degree in Organizational Leadership from Columbia University and a bachelor’s degree from the University of Vermont.

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About Croixstone Consulting

Croixstone Consulting is a boutique consulting firm known for connecting the brightest minds in business and community. The firm serves the greater Charlotte region with two practices – Croixstone Consulting and Croixstone Solutions. Croixstone Consulting provides project MBAs to help companies reduce costs, improve efficiencies, reduce complexity and increase customer satisfaction. Croixstone Solutions provides a suite of curated services, anchored by SEARCH, that delivers a competitive talent advantage to propel organizations into the future. For more information, visit www.croixstone.consulting, follow us on Twitter at twitter.com/CroixstoneCLT, visit our blog at www.croixstone.consulting/blog or find us on LinkedIn at linkedin.com/company/croixstone-consulting.

Media Contact

For further information, images and interviews, please contact:

Mark Weber, Managing Partner – Croixstone Consulting | (980) 263-0234 | mweber@www.croixstone.consulting

What’s the Future of Management Consulting?

Recently, Croixstone Consulting participated in a thought-provoking webinar about the state of the management consulting industry. Hosted by ALM Intelligence, the webinar provided insights into the future of the industry and featured proprietary research and analysis from ALM’s team of analysts. View the webinar (it is an hour-long) to learn answers to the following questions:

What is the size and growth rates for consulting globally and by region?
What’s the future of consulting?
What will the profession look like in the next decade?
How are client expectations changing the game?
What will a successful firm look like in 2020?

A Disruptive Force…Smart Technology

Smart technology is a disruptive force in the business world and promises to impact every industry – including knowledge-based industries like management consulting. MIT Sloan Management Review published a great article last month that highlighted 5 rules that consulting companies should follow to remain relevant in the age of AI and other smart technologies. Read it here.

A Compelling Argument

Many (if not most!) companies view “change” as an extraordinary event that must be dealt with using change management techniques and special skills. A leading management consulting author (Robert Schaffer) offers a compelling argument that this common view of “change” is outdated. He argues that rather than view change as a subspecialty of management, companies should consider the fact that “all management is the management of change.”

Read this article to learn more.