Industry revenue of business and other management consultancy activities in Sweden 2011-2023

The Nordic region, which is made of four North European nations including Sweden, Norway, Finland and Denmark, has witnessed strong growth in its consulting market over the last few years. Sweden is the main driver of this growth with revenues expected to double between the period 2011-2023, from 9.2 billion U.S. dollars to almost 18 billion. The smallest market in the region is Finland which is expected to see only marginal growth till 2023. The public sector is the biggest cash cow in Sweden’s and indeed the Nordic region’s consulting industry, contributing as much as 25% of the total market.

Like many other mature markets around the world, growth in the Swedish consulting sector is being fueled by activities surrounding digital transformation, a service line estimated at over 50 billion U.S. dollars currently. In fact the country’s IT-consulting and implementation services market is expected to increase from just 413 million U.S. dollars in 2016 to over 516 million U.S. dollars in 2021, at a CAGR of 4.6%.

This strong performance has attracted many global firms who are now setting up offices in the Nordic region. Capco, a Belgian based consulting company focused on financial services, opened an office in Stockholm in 2017, to not only focus on the region but also to expand its services in the technology domain. London based Analysys Mason is yet another example, having entered the market through the acquisition of Nexia Management Consulting based in Norway.

Industry revenue of business and other management consultancy activities in Sweden from 2011 to 2023

Revenue in billion U.S. Dollars
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Sources

Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

Currency conversion factor: (EUR -> USD) = 1.186

The industry classification is based on the NACE Rev.2 - system in Sweden. The industry “business and other management consultancy activities“ has the code “M7022“.

Details on the methodology can be found here.

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