Global Management Consultants - Market Research Report (2014-2029)
New York, United States
Last Updated: March 2024
L6712-GLRevenue
$1.0tr
Past 5-Year Growth
Profit
$XX.Xbn
Employees
7m
Businesses
3m
Wages
$XXX.Xbn
Global Management Consultants industry analysis
Global Management Consultants provide advisory services to clients to help improve organizational performance. Consultants focus on organizational design, process management and corporate strategy topics. Over the five years to 2023, demand for management consulting services has increased despite the onset of the COVID-19 pandemic. However, industry profit is expected to decline as wage pressure and price competition weigh on growth. Global economic growth was the primary driver of revenue growth throughout most of the period. While the COVID-19 pandemic drastically impacted the global economy, the industry fared well relative to other industries. Over the five years to 2024, industry revenue has been expanding at an annualized 3.5% and is expected to reach $1.0 trillion in 2024, including 1.7% during the current year.
The United States has been the backbone of the industry, accounting for most North American revenue, which has an estimated global share of 40.0%. Improving business conditions has resulted in businesses attaining extra funds to spend on consultants. Emerging markets like Brazil, Russia, India, and China, also known as the BRIC nations, have provided a source of growth as they seek to expand their commercial sectors and increase operational efficiency, thereby creating new opportunities for management consultants. The increasing accessibility of data, both internally and externally, has exposed the industry to competition from in-house analytics and strategy teams of multinational companies. Nonetheless, establishment growth has remained as new sole proprietors and partnerships have entered the industry and have provided services to local markets.
The industry will continue expanding over the next five years. While companies across large swaths of the global economy have continued to digitize, the pandemic accelerated this trend. This digitization is expected to persist, creating new avenues of growth. Meanwhile, companies in emerging economies will hire consultants at a greater rate to strategize company growth. Furthermore, financial activity and consulting opportunities will remain strong in developed markets, where merger and acquisition activity are likely to increase. Overall, industry revenue is forecast to grow an annualized 0.6% to $1.1 trillion over the five years to 2029.
Trends and Insights
- In the past, management consults offered businesses a wide range of services. However, companies have begun to specialize in areas like digital transformation, sustainability, or data and analytics.
- Management consultants have a wide range of expertise and experience in various areas, like strategy, operations, marketing, finance, and technology. This expertise and experience can be valuable to businesses looking for help addressing a wide range of challenges.
- Management consultants often choose to operate in a region with a large population and a growing economy. This region may offer a large pool of potential clients for the consultant, and the growing economy may provide opportunities for businesses to expand and grow.
- The industry is highly competitive. There are several firms vying for a share of the market, and they are constantly innovating and developing new services to stay ahead of the competition.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has grown at a CAGR of 3.5 % over the past five years, to reach an estimated $1.0tr in 2024.
Trends and Insights
Management consultants have been pivotal in guiding organizations through the complexities of digital transformation
- Consulting firms have helped companies select and implement appropriate digital technologies to meet their needs. This includes advising on cloud computing, artificial intelligence (AI), the Internet of Things (IoT), big data analytics, cybersecurity and other emerging technologies.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
The industry is expected to grow in the coming years
- The industry is well-positioned to benefit from the growth of the global economy and the increasing demand for consulting services from businesses of all sizes.
Biggest companies in the Global Management Consultants
| Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
|---|---|---|---|---|
Accenture plc | 30,871.0 | 4,655.6 | 15.1 | |
KPMG International Limited | 15,485.0 | N/A | N/A | |
McKinsey & Company | 12,043.9 | N/A | N/A |
To view the market share and analysis for all 3 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Business strategy consulting services, Operations and supply chain management consulting services and Financial management consulting services. Business strategy consulting services is the largest segment of the Global Management Consultants.
Trends and Insights
Business strategy consulting services help enterprises navigate the digital transformation
- Business strategy consulting services include the provision of strategic management consulting, which primarily involves the development of an organization's overall business direction and objectives.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Global Public Relations Agencies
- Global Accounting Services
- Global Graphic Designers
- Global Advertising Agencies
- Global HR & Recruitment Services
Complementors
- There are no industries to display.
International industries
- Management Consulting in the US
- Expert Networks in the US
- Occupational Health & Workplace Safety Services in the US
- Healthcare Consultants in the US
- Pharmaceutical Contract Management Consulting in the US
Table of Contents
About this industry
Industry definition
Management consultants provide advice and assistance to organizations on strategic and organizational planning; financial planning and budgeting; marketing objectives and policies; human resource policies, practices and planning; production scheduling; and control planning. Although this industry does not encompass information technology (IT) or computer consulting services, any revenue generated from IT strategy services is included.
What's included in this industry?
Business strategy consulting servicesOperations and supply chain management consulting servicesFinancial management consulting servicesMarketing management consulting servicesHuman resources management consulting servicesOther management consulting servicesCompanies
Accenture plcKPMG International LimitedMcKinsey & CompanyPurchase this report to view all 3 major companies in this industry.
Related Terms
CHANGE MANAGEMENTSTRATEGIC CONSULTINGHUMAN RESOURCES CONSULTINGPerformance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
In the past, management consults offered businesses a wide range of services. However, companies have begun to specialize in areas like digital transformation, sustainability...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Management consultants have a wide range of expertise and experience in various areas, like strategy, operations, marketing, finance, and technology. This expertise and exper...
In this chapter
- Products & Services
- Major Markets
Key metrics
- Largest market segment and value in 2024
- Product innovation level
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Management consultants often choose to operate in a region with a large population and a growing economy. This region may offer a large pool of potential clients for the cons...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each region
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each region in 2024
- Number and share of revenue each region accounts for in 2024
- Number and share of wages each region accounts for in 2024
- Number and share of employees in each region in 2024
Detailed analysis
- Business Locations Charts
- Share of global output by region in 2024
- Share of population compared to output in each region in 2024
- Data tables
- Share of global output by region in 2024
- Detailed analysis
- Geographic spread of the industry across Global, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
The industry is highly competitive. There are several firms vying for a share of the market, and they are constantly innovating and developing new services to stay ahead of t...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Major companies provide many services in addition to management consulting. Major companies will continue to outcompete smaller consulting practices, especially in gaining bu...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of Accenture plc's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of KPMG International Limited's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of McKinsey & Company 's performance by revenue, market share and profit margin from 2018 through 2024
Detailed analysis
- Description and key data for Accenture plc, and factors influencing its performance in the industry
- Description and key data for KPMG International Limited, and factors influencing its performance in the industry
- Description and key data for McKinsey & Company , and factors influencing its performance in the industry
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Nonexistent barriers to entry spur competition for skilled employees. A labor-intensive industry with no significant barriers to entry increases competition for seasoned, hig...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Management consulting companies can widen profits by focusing on high-value services. These are services that are in high demand and that can deliver significant results for ...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources globally include:
- United Nations Comtrade
- Organization for Economic Cooperation & Development
- World Bank
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Global Management Consultants industry in Global in 2024?
The market size of the Global Management Consultants industry in Global is $1.0tr in 2024.
How many businesses are there in the Global Management Consultants industry in 2024?
There are 3m businesses in the Global Management Consultants industry in Global, which has grown at a CAGR of 8.9 % between 2019 and 2024.
Has the Global Management Consultants industry in Global grown or declined over the past 5 years?
The market size of the Global Management Consultants industry in Global has been growing at a CAGR of 3.5 % between 2019 and 2024.
What is the forecast growth of the Global Management Consultants industry in Global over the next 5 years?
Over the next five years, the Global Management Consultants industry in Global is expected to grow.
What are the biggest companies in the Global Management Consultants market in Global?
The biggest companies operating in the Global Management Consultants market in Global are Accenture plc, KPMG International Limited and McKinsey & Company
What does the Global Management Consultants in Global include?
Business strategy consulting services and Operations and supply chain management consulting services are part of the Global Management Consultants industry.
Which companies have the highest market share in the Global Management Consultants in Global?
The company holding the most market share in Global is Accenture plc.
How competitive is the Global Management Consultants industry in Global?
The level of competition is high and increasing in the Global Management Consultants industry in Global.
