The management consulting industry was valued at roughly ************ U.S. dollars in 2023. The market value of the industry peaked in 2022 and was expected to grow to an even higher figure in 2024. The industry also reached its first evaluation of more than ************ dollars in 2022.

Management consultants continue to benefit from the demand for strategic planning and marketing services across commercial and individual markets. Providing varied services to diverse downstream markets with unique needs allows management consultants to weather changing economic conditions. Core business interests, such as strategic planning, came into extra demand when inflationary spikes in 2022 and interest rate increases in 2023 accelerated business costs. Major consultancy firms such as Deloitte and Accenture PLC pivoted to business strategy and financial management consultation services due to businesses’ desire to secure capital and hedge against an increasingly uncertain tariff landscape when pursuing a new investment or acquisition. However, while economic turbulence curtailed consultants’ growth rate, the high service diversification and accelerating adoption of new technologies, such as artificial intelligence (AI), reduced manual labor dependence and strengthened service quality across competitive sectors such as finance. Revenue grew at a CAGR of 3.7% to an estimated $407.3 billion over the past five years, including an estimated 1.1% boost in 2025 alone. Technological change in client markets drove spending on tech-centered consulting services, such as IT design and strategic planning. Companies aiming to advance sustainability, embrace digital transformation and leverage big data analytics expand the need for expert consultants. The ability to hire remote workers broadens the labor pool's quality and scope, but also lessens consultants' negotiating power as other companies can now access previously restricted markets and recruit top talent. Consulting firms are no longer tethered to densely populated areas, allowing relocation to cities with lower rent and labor costs. While technology offers cost savings and expanded markets, it also intensifies competition for labor and clients, curtailing profitability. Moving forward, management consultants are poised to take advantage of favorable economic conditions and a larger digital market that will change how marketing is conducted. While there are low barriers to entry in consulting, with the top 20 firms representing almost one-quarter of firm revenue, small-sized entrants face stiff competition. As consolidation continues, the entry of niche firms specializing in new technology (IT, VR, AR and AI) is expected to increase, as these companies can better compete with larger consulting firms. Broader adoption of social media and digital advertising will provide lucrative opportunities for specialized marketing management consultants, particularly as 54.0% of consumers procure information via social media platforms, per 2024 data from the Pew Research Center. Revenue is poised to grow at a CAGR of 1.1% to an estimated $429.5 billion over the next five years.

In 2024, the market size of the management consulting industry in the United Kingdom reached ** billion British pounds. The was a significant increase compared to the previous year of almost *** billion British pounds. This was the highest market value ever recorded for the management consulting industry in the United Kingdom.

Expert industry market research on the Management Consulting in the US (2025-2030). Make better business decisions, faster with IBISWorld's industry market research reports, statistics, analysis, data, trends and forecasts.

US Management Consulting Services Market is Segmented by Service Type (Operations Consulting, Strategy Consulting, and More), Client Organization Size (Large Enterprises and Small and Medium Enterprises), Consulting Domain (Enterprise Strategy, Front-Office Transformation, and More), and End-User Industry (BFSI, Life Sciences and Healthcare, and More). The Market Forecasts are Provided in Terms of Value (USD).

In 2024, the management consulting services industry in the United States was worth a total of roughly *** billion U.S. dollars. Between 2013 and 2024, the management consulting services industry grew exponentially and was worth more than *** billion U.S. dollars more in 2024 than in 2013.

The Management Consulting Services Market Report Segments the Industry Into by Service Type (Strategy Consulting, Operations Consulting, HR Consulting, and More), End-User Industry (IT and Telecommunications, Healthcare and Life Sciences, and More), Organization Size (Large Enterprises, and Small and Medium-Sized Enterprises), Delivery Model (On-Site Consulting, On-Site Consulting, and Hybrid Consulting), and Geography.

The Australian Management Consulting industry is navigating a challenging period of subdued growth, with revenue expected to contract slightly in the short term due to external pressures. For 2024-25, the industry is expected to generate $45.8 billion in revenue, marking a 3.6% decrease from the previous financial year. This decline continues a trend of weakening performance, with the industry's revenue expected to have contracted at an annualised 0.9% over the five years through 2024-25. Key factors contributing to this downturn include reduced public sector spending on consulting services and continued business caution in the face of economic uncertainty, which has led many businesses to cut back on discretionary spending. Employment within the industry has also struggled, reflecting the broader economic slowdown and increased automation. Consulting firms are streamlining operations and reducing their workforce in response to rising competition, cost pressures and the need to maintain profit margins. The shift towards digital solutions, like AI and automation, has contributed to this trend, as firms rely more on technology to deliver services efficiently. The industry's overall employment figures have fallen, with firms prioritising technological investment over headcount expansion. Profit margins in the Management Consulting industry remain under pressure, primarily due to rising competition and the impact of government budget cuts. Increased consolidation activity, with larger firms acquiring smaller boutique consultancies, has elevated the market’s concentration, which may reduce profitability for smaller players. However, the emphasis on high-value, specialised advisory services, including digital transformation, sustainability and risk management, presents opportunities for firms that can adapt to the changing landscape. Despite these challenges, the industry is set to recover moderately over the coming years. Over the five years through 2029-30, revenue is projected to grow at an annualised 1.3% to reach approximately $49.0 billion. Underpinning this recovery will be increasing private sector capital expenditure, improving business confidence and a rebound in financial activities. Ongoing demand for digital transformation, emerging technologies like AI and demand for cybersecurity consulting will help to offset the losses seen in other sectors.

The global consulting market reached a value of *** billion U.S. dollars. Due to the coronavirus outbreak, this figure is estimated to decrease to *** 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 2020, 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 2019 there were nearly ******* 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 ** percent of senior managers citing this a leading challenge.

The Global Management Consultants industry has thrived during a volatile economic period because its strategic guidance is essential to businesses' ability to navigate disruption. Although the global economy has grown, the pandemic, inflation and geopolitical shocks have forced businesses to significantly overhaul their supply chains amid ongoing technological advancements that are reshaping business operations. Consultants have been key to assisting companies with tech-driven solutions, informing companies how to maintain competitiveness in an evolving landscape. Consequently, industry revenue is forecast to expand at an annualized rate of 3.6% to $1.0 trillion over the past five years, with growth slowing to 1.1% in 2025 because of global trade disruptions.The United States has been the backbone of the industry, accounting for the majority of North American revenue, which has an estimated global share of 40.0%. However, emerging markets in Asia and Latin America have been a key source of growth as they seek to expand their commercial sectors, creating new opportunities for management consultants. Across the world, management consulting firms have been tasked with helping the world’s largest corporate players adapt to disruption. This has been especially true in China, where manufacturers’ supply chains have come under political scrutiny. Consultants have been key to navigating this landscape, helping companies adjust their strategies as they reorient their supply chains. However, these costly services have forced firms into competition for highly skilled employees, raising wage costs at the expense of profit.Consultants will remain essential in the years to come as businesses worldwide adapt to the digital economy. While the US will remain the industry’s lynchpin with opportunities in tech, healthcare and finance sectors, consultants will also be essential to Europe’s green transition. And as global markets continue to fare with substantial disruption to global trade from wide-ranging tariffs imposed by the second Trump administration, management consultants will be essential to helping businesses reorient supply chains. Despite a bumpier economic outlook, industry revenue is forecast to grow at an annualized rate of 1.1% to $1.1 trillion through 2030.

Market Size statistics on the Management Consulting industry in the US

The European Management Consulting Market is Segmented by Consulting Service Line (Strategy Consulting, Operations Consulting, Digital Consulting, and More), Client Industry (IT and Telecommunications, Manufacturing, and More), Firm Size (Large Enterprises, and SMEs), Delivery Model (On-Site Consulting, Hybrid, and Fully Remote Consulting), and Geography. The Market Forecasts are Provided in Terms of Value (USD).

MEA Management Consulting Services Market is Segmented by Service Type (Operations Consulting, Strategy Consulting, and More), Consulting Theme (Digital Transformation, ESG / Sustainability, and More), End User Industry (Financial Services, Life Sciences and Healthcare, and More), Enterprises (Large Enterprises, Small and Medium Enterprises), and Geography. The Market Forecasts are Provided in Terms of Value (USD).

Europe’s Management Consultants industry plays a vital role in shaping businesses by offering expert advice and strategies. In recent years, IT strategy and environmental consulting have seen significant growth, supporting industry revenue. Management consultants have faced setbacks due to volatile economic conditions and subdued business spending, though countercyclical services have provided a buffer and supported revenue. Industry revenue is expected to climb at a compound annual rate of 5.4% to €473.4 billion over the five years through 2025, including a forecast hike of 3.7% in 2025. A growing number of enterprises across Europe has expanded the potential client pool for management consultants. Rising digitalisation and significant technology adoption among businesses and consumers fuel demand for IT strategy consulting. However, industry players face strong competition from computer consultants. Growing environmental awareness and sustainability targets in the EU and nations outside of the bloc are driving demand for environmental consulting, with businesses seeking ways to make operations more sustainable. Changing regulations and the introduction of new rules also provide support as management consultants help businesses navigate these regulatory changes. Growth in revenue has been subdued by economic headwinds, which have weighed on business sentiment and squeezed business budgets, weakening spending on non-essential external consulting services. However, revenue has been supported by resilient business demand for countercyclical services like risk management and cost optimisation. Competitive pressures have weighed on the industry’s profit margin. An anticipated improvement in economic conditions will pave the way for higher business activity and greater spending on management consultants as companies seek to make their operations more efficient. Revenue is forecast to surge at a compound annual rate of 8.1% to €698.4 billion over the five years through 2030. As digitalisation continues, demand for IT strategy consulting will fuel demand. The ongoing shift toward sustainability and ESG compliance will drive demand for high-value advisory opportunities related to environmental consulting. However, ongoing political scrutiny of government consulting contracts may hinder growth and prompt firms to pivot focus toward the private sector. Despite intensifying competitive pressures, management consultants will be forced to innovate, adopting technology advancements like AI and big data to enhance their offerings. Smaller firms will likely hone their focus on niche markets like IT strategy or environmental consulting.

The Malaysia Management Consulting Services Market Report is Segmented by Organization Size (Large Enterprises, Small and Medium-Sized Enterprises), Service Type (Strategy Consulting, and More), Delivery Model (On-Site Consulting, Remote/Virtual Consulting), End-User Industry (IT and Telecommunications, Healthcare and Life Sciences, and More), and by Geography. The Market Forecasts are Provided in Terms of Value (USD).

According to consultants working in the United States, Bain & Company was the best consulting firm to work for in North America in 2024, with a score of approximately 9.31. Second in the ranking came Boston Consulting Group, followed by Alvarez & Marsal. The scores for best consulting firms to work for was calculated using a weighted formula which included how competitors rated the prestige of other consulting firms. McKinsey & Company was ranked as the most prestigious consulting firm in 2024. Revenue figures of the best-rated consulting firms Many of the top management consulting firms do not publish their financial results. This is due to their private ownership structures, competitive strategy, and cultural preferences within the industry. The top firms that do, however, have generated billions of U.S. dollars in revenue. The Big Four audit/accounting firms regularly publish their financial figures. The revenue of Deloitte worldwide, for example, was over 67 billion U.S. dollars in 2024. Compare this to the combined revenue of EY worldwide, that reached 51 billion U.S. dollars in the same year. These are remarkable financial figures that have shown no sign of slowing down.

Management Consulting Services Market size was valued at USD 195.21 Billion in 2024 and is projected to reach USD 361.33 Billion by 2031, growing at a CAGR of 8% from 2024 to 2031.

Management Consulting Services Market Drivers

Increasing Business Complexity: The growing complexity of business environments, driven by factors such as globalization, technological advancements, and regulatory changes, necessitates expert guidance. Need for Strategic Planning: Organizations require strategic planning to define their goals, develop effective strategies, and allocate resources efficiently. Operational Efficiency: Management consultants can help organizations improve their operational efficiency, reduce costs, and enhance productivity.

Management Consulting Services Market Restraints

Economic Fluctuations: Economic downturns can impact spending on consulting services as businesses prioritize cost-cutting measures. Internal Capabilities: Some organizations may have sufficient internal expertise to address their consulting needs, limiting the demand for external services. Cost Considerations: Engaging management consultants can be costly, particularly for small and medium-sized enterprises.

Graph and download economic data for Total Revenue for Management Consulting Services, All Establishments, Employer Firms (REVEF54161ALLEST) from 1998 to 2022 about management, employer firms, accounting, revenue, establishments, services, and USA.

The breakdown of sales, by North American Industry Classification System (NAICS) 5416 Management, scientific and technical consulting services which include all members under breakdown of sales, annual, (percent), for five years of data.

Market Size statistics on the Management Consulting industry in China