Number of management consultants employed in the U.S. 2012-2022
Management consultants provide external advice to organizations on how they can improve their performance. The business areas which management consultants advise on can broadly be divided into three categories: operational improvements, business strategy, and staff development. Together, these three segments account for the majority of revenue generated by the consulting services industry worldwide The annual revenue growth of management consultancies has grown consistently over the last two years. Environmental consulting is sometimes also considered a form of management consulting; however, revenue generated from environmental consulting is considerably lower than revenue from other business areas.
U.S. and global market
Revenue generated by management consulting grew consistently through the 2010s in both the United States and the global consulting market. This growth has created its own challenges though. In a recent survey, market consultants listed increased competition as the biggest challenge they face.