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United States Management Consulting Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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    Report

  • 130 Pages
  • August 2022
  • Region: United States
  • Mordor Intelligence
  • ID: 5640833
The consulting industry provides professional advice to organizations in a variety of specialized fields. After experiencing continuous growth between 2015 and 2019, due to the impact of the COVID-19 pandemic in 2020, the consulting sector is estimated to have suffered a significant revenue loss across all markets and segments. In the United States, the consulting revenue decreased by approximately 12.5%. The market is projected to benefit from a broad-based economic recovery from the coronavirus pandemic and heightened demand from the Healthcare- and Information Technology-related markets.

North America, and in particular the United States, is the largest consulting services market worldwide. The US is home to the most prestigious and successful consulting companies worldwide. According to consultants, the most prestigious consulting firm in the United States in 2020 was McKinsey & Company. Other consulting firms in the ranking included the so-called Big Four accountancy and auditing firms - Deloitte, PricewaterhouseCoopers (PwC), Ernst & Young (EY), and KPMG. Deloitte ranked the highest out of the four. Headquartered in New York, Deloitte is a professional services company specializing in auditing, tax, consulting, enterprise risk, and financial advisory. In 2020, the company's revenue reached approximately USD 47.6 million- over a third of which came from consulting.

Key Market Trends


COVID-19 Crisis also had Positive Impact on US Clients


As demand picked up in the second half of 2020, clients increasingly focused on accelerating broader transformation initiatives in an effort to come out of the pandemic in the best possible organizational and financial shape. There are a few reasons why the crisis positively impacted US clients. Some of those are increased demand for products/services, customers have been more loyal, and organizations being more innovative and introducing new products and services.



Growth of New Market Research Market


The 'new' generation of market research firms has grown in prominence in the last decade. One of the major factors is that management consultancy firms are fast becoming expensive to partner with. The growth of 'new' research firms and the availability of various databases have resulted in the rise of business analytics tools. This has enabled businesses to collect important and actionable data at a fraction of the cost management consultancy firms would charge. This could act as a huge disrupter in the management consultancy market.

However, management consultancies still have their niche as the majority of fortune 500 companies would still prefer partnering with a management consultancy firm over a market research firm, citing credibility and the fact that these firms act as a one-stop destination for all their consultancy needs ranging from strategy consulting to legal consulting.



Competitive Landscape


Competitive landscape analysis provides a detailed strategic analysis of the company’s business and performance, including financial information, revenue, risk analysis, key facts, company overview, business strategy, key offerings, and recent news.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support


This product will be delivered within 2 business days.

Table of Contents

1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain / Supply Chain Analysis
4.5 Porter's Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Impact of COVID-19 on the Market
5 MARKET SEGMENTATION
5.1 Application
5.1.1 Financial Services
5.1.2 Manufacturing
5.1.3 Energy
5.1.4 Healthcare
5.1.5 Public Sector
5.1.6 Retail
5.1.7 Others
5.2 Service Line
5.2.1 Strategy
5.2.2 Operations
5.2.3 HR
5.2.4 Technology
5.2.5 Financial Advisory
6 COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Deloitte
6.2.2 EY
6.2.3 KPMG
6.2.4 PwC
6.2.5 McKinsey
6.2.6 Boston Consulting Group
6.2.7 A.T Kearney
6.2.8 Booz Allen Hamilton
6.2.9 Bain & Company
6.2.10 Accenture Strategy*
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing mergers and acquisitions in the market
7.2 Growth of Consulting 4.0
8 DISCLAIMER9 ABOUT US

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Deloitte
  • EY
  • KPMG
  • PwC
  • McKinsey
  • Boston Consulting Group
  • A.T Kearney
  • Booz Allen Hamilton
  • Bain & Company
  • Accenture Strategy*

Methodology

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