Management Consultants - Market Research Report

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.

Global Management Consultants provide advisory services to clients to help improve organizational performance. Consultants focus on organizational design, process management and corporate strategy topics. Over the five years to 2023, demand for management consulting services has increased, despite the onset of the COVID-19 pandemic in 2020. However, industry profit is expected to decline as wage pressure, competition, and reduced demand weigh on profit growth in recent years. Global economic growth was the primary driver of industry revenue throughout most of the period. In addition, while the COVID-19 pandemic drastically affected the global economy, the industry did not fare as poorly as other industries. Over the past five years, industry revenue has been expanding at an annualized 1.0%, and is expected to reach $860.3 billion in 2023. Revenue is estimated to fall 0.2% in 2023 alone amid falling business sentiment and rising economic uncertainty. Management consultants provide advice and assistance to organizations on strategic and organizational planning; financial planning and budgeting; marketing objectives and policies; human resource policies, practices and planning; production scheduling; and control planning. Although this industry does not encompass information technology (IT) or computer consulting services, any revenue generated from IT strategy services is included.