North America, and in particular the United States, is the largest consulting services market worldwide. So it should not come as a surprise that the U.S. are home to some of the most prestigious and successful consulting services companies across the world. The so-called Big Four - Deloitte, Ernst & Young (EY), PricewaterhouseCoopers (PwC), and KPMG - have become household names in recent years. These companies boast steadily growing revenue streams and operate in nearly all countries worldwide, where they employ thousands of consultants.
The impact of the coronavirus (COVID-19) pandemic appears to not have spared the consulting services sector. Like many other industries not classes as so-called essential services, the consulting industry is estimated to have suffered significant losses across all markets and industry segments in 2020. However, concerns about the future among consulting companies worldwide appear to be more related to a lack of talent availability in addition to fierce competition in the sector from both incumbents and new players.