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)
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