Posted on Nov 12, 2022.

Revenues for management consulting services are forecast to advance 4.9% annually in nominal dollars through 2026, according to Management Consulting Services: United States, a report recently released by Freedonia Focus Reports. Providers of management consulting services are expected to benefit from gains in nonresidential fixed investment, in turn, propelled by continued growth in consumer spending and increased business profits after taxes. Companies will continue to use these profits to invest in new projects, which will spur demand for consulting to advise on those projects and improve market outcomes. Clients will also be incentivized to spend on consultant services due to ongoing challenges and opportunities, such as cybersecurity, increasing regulation, data privacy, the advent of Internet of Things (IoT) connected manufacturing machinery, big data, artificial intelligence, and supply chain challenges. However, faster increases will be constrained by competition from internal corporate resources, as company officers face a choice between hiring consultants or using company personnel.

Revenues for management consulting services are expected to grow 4.0% in 2022. Firms attempting to deal with and predict the ongoing repercussions of the COVID-19 pandemic, such as changes in labor relations and government regulations, as well as ongoing realignment of international relations disrupting supply chains and consumer markets, will fuel demand for consulting services.

These and other key insights are featured in Management Consulting Services: United States. This report forecasts to 2022 and 2026 US management consulting services revenues in nominal US dollars. Total revenues are segmented by service in terms of:

• strategy
• marketing
• information technology (IT)
• operations and supply chain
• human resources
• financial
• actuarial
• other consulting services such as design, sustainability, and resource productivity
• other sources of revenues such as implementation services not combined with consulting

To illustrate historical trends, total revenue, and the various segments are provided in annual series from 2011 to 2021. Employer firms, establishments, and employment are provided in annual series from 2009 to 2019.

This report represents employer and nonemployer revenues. With the exception of actuarial consulting services, the discrete consulting segments include the provision of advice and implementation thereof. This report excludes industries such as private equity, portfolio management, investment advice, professional and management development training, executive search, and market research. Also excluded are environmental and other scientific and technical consulting services (e.g., agricultural, economic, and security consulting).

Original article: Rising Business Profits to Spur Demand for Management Consulting Services