Size of the management consulting market worldwide 2011-2020

This statistic presents the size of the management consulting market from 2011 to 2019 and gives a forecast for 2020. Due to the coronavirus outbreak, the size of the consulting market is estimated to decrease to 132 billion U.S. dollars in 2020.

Management consulting market

Management consulting is the industry and practice of helping organizations improve their performance by analyzing existing problems and development plans for improvement. Organizations hire management consulting firms to gain external advice or when they need specialized expertise and services which are offered by consultants include strategy, operations, financial advisory, human resources and internet technology. The largest markets for consulting services include operations and financial advising, more than double the human resources and strategy markets. However, all the management consulting markets are seeing average growth each year.

In 2019, the top consulting firms in the United States by prestige rating were McKinsey & Company, followed by the Boston Consulting Group and Bain and Company. McKinsey & Company also was ranked as the best employer to work for. The Boston Consulting Group came second, followed by Bain & Company.

The number of people employed in management consulting in the United States has grown annually over the past five years and in 2018 there were around 684,470 management consultants employed in the U.S. Despite the increasing number of consultants, finding and keeping good employees was one of the leading business challenges for management consulting firms. The most pressing issue for companies was, by far, attracting and developing new businesses, with 79 percent of senior managers citing this a leading challenge.

Size of the global management consulting market from 2011 to 2020

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Sources

Release date

2020

Region

Worldwide

Survey time period

2011 to 2019

Supplementary notes

* Forecast
Data has been complied by Statista using the following sources: values for 2011 through 2017 were taken from a report which can be accessed here. Data for 2018 through 2020 can be accessed here.

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Statistics on "Consulting services in the U.S."

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